MoneyLion offers a paycheck advance to users who show a history of regular direct deposits from their employer. There’s no mandatory fees for this service, and advances are repaid automatically on your next payday.
In this review, I cover how the MoneyLion app works, what it costs, who qualifies and how it compares to similar cash advance apps.
⚠️ Before you borrow
Cash advance apps can seem like a quick and easy way to get money. But since most apps charge fees, you’ll likely end up owing more than you originally borrowed. This can trap you in a cycle of repeat borrowing that’s hard to break.
At a glance: MoneyLion app cash advance
Amounts available
$10 to $500 (up to $1,000 for some MoneyLion users)
Free delivery
Express delivery timing and fees
Instantly to an external or RoarMoney account: $0.49 to $8.99
Mandatory fees
No mandatory fees
Eligibility requirements
Must show 60 days of history and at least three recurring direct deposits from the same employer in your checking account
Repayment
Automatically withdrawn on the date MoneyLion determines to be your next payday
State availability
Undisclosed
MoneyLion works by giving you an advance on your paycheck up to $500. This feature is known as MoneyLion Instacash.
You’ll first need to download the MoneyLion mobile app and create an account with your email address. You’ll be asked to link your primary checking account.
After requesting an advance, you’ll receive the funds in one to five business days, depending on where you have the money deposited.
If you have a RoarMoney account (MoneyLion’s version of a checking account), it may take up to two business days. For an external checking account, it may take up to five business days.
If you need the money sooner, you can pay a “turbo delivery” fee, and the money will be deposited in the account of your choosing within minutes.
You’ll then repay the advance amount, plus any fees or tips, on the date of your next payday.
You can request a later payment date or defer payment for up to two weeks. Deferment is allowed once per repayment cycle.
If you don’t have enough money in your account, MoneyLion will attempt partial repayment, withdrawing what you have available until you’re caught up. You won’t be able to use Instacash again until your advance is fully repaid.
Customers can access larger advances if they opt into other MoneyLion products. For example, if you add a MoneyLion credit builder loan with disbursement, you can get up to $700. If you switch your direct deposits to a RoarMoney account, you can get up to $1,000.
How much does MoneyLion cost?
MoneyLion Instacash doesn’t have any mandatory fees.
If you want the advance funds immediately, you’ll pay a turbo delivery fee ranging from $0.49 to $8.99. The amount depends on the size of the advance and where you want the money deposited. Smaller advances deposited in a RoarMoney account have the lowest turbo fees.
MoneyLion requests an optional tip for its service, which not all cash advance apps do. NerdWallet recommends avoiding tipping for a cash advance in order to reduce costs.
🤔 What does that really cost?
MoneyLion is a legitimate financial services company. Here’s what we know:
At the time of writing this review, MoneyLion is not accredited by the Better Business Bureau.
The MoneyLion app is rated 4.5 stars on Google Play (212,000 reviews) and 4.8 stars on the App Store (309,000 reviews).
[1]
, which primarily protects servicemembers from high-interest loans.
Though MoneyLion has mostly positive reviews on the app stores, the recent penalty from the CFPB is worth noting, particularly for servicemembers.
Who qualifies for MoneyLion?
To qualify for MoneyLion Instacash, you’ll need to meet the following requirements:
Must be a United States resident.
Must be at least 18 years old.
Must provide your full legal name and have a valid and unique email address.
Must open a RoarMoney Demand Deposit Account or link an external checking account and associated debit card to your Instacash account.
The external checking account must be at least 60 days old, receive regular income deposits and be registered in your name.
Must show at least three recurring direct deposits from the same employer on a consistent schedule (weekly, biweekly, semi-monthly or monthly).
Identity verification may be required, so MoneyLion suggests keeping a photo ID nearby. You may also need to snap a picture of yourself.
🤓 Nerdy Tip
To maximize your Instacash limit, you should maintain a positive balance in your linked bank account and pay back all previous Instacash advances in full and on time (meaning by the original due date).
Pros and cons of using MoneyLion
Offers large advances: MoneyLion’s cash advance amounts may help you pay for a large unexpected expense. Users with an external checking account can access up to $500, but if you open a RoarMoney account, you could qualify for up to $1,000. This maximum is higher than most of MoneyLion’s competitors.
No mandatory fees: Unlike other cash advance apps, MoneyLion has no mandatory fees, so you won’t pay anything extra to receive a portion of your paycheck early. The only fee is an optional Turbo delivery fee, which you can avoid by choosing the standard delivery option.
Disbursement limits: In addition to your overall advance limit, MoneyLion imposes a disbursement limit, which is the amount of money you can request at one time. Your disbursement limit may be less than your advance limit, so you’ll have to make multiple requests. For example, if your overall credit limit is $300, but your disbursement limit is $150, you would need to take out two advances to get the full $300. If you need the money immediately, this increases the cost, since you’ll pay Turbo delivery fees on both.
Slow funding time: If you link an external checking account to get an Instacash advance, MoneyLion may take up to five business days to deposit the money in your account. This is much longer than other cash advance apps, which tend to promise funds in one to three days, even with an external account.
MoneyLion vs. EarnIn vs. Brigit
Compare MoneyLion to other cash advance apps like EarnIn and Brigit, which fund advances faster, but may have other drawbacks.
Brigit offers advances up to $500, also with faster funding than MoneyLion. But you’ll pay a pricey membership fee unless you email Brigit to opt out.
MoneyLion
EarnIn
Brigit
Max advance
Mandatory fees
Free delivery
Express delivery
Alternatives to using MoneyLion
There are other ways to get quick cash besides taking out a cash advance.
Explore other ways to make money: Instead of borrowing money, consider a temporary gig to cover small gaps in your budget. You can make money at home or online by selling things you don’t need, taking surveys and testing websites, among other options.
Download a BNPL app: If you need cash to purchase an essential item, like a laptop or mattress, “buy now, pay later” apps like Affirm and Klarna may be a good option. These apps split your purchase into smaller installments, usually with no interest and no fees if you pay on time, and you don’t need good credit to qualify.
Take out a friend or family loan: Friends and family are often an untapped resource for small loans. Though it may be difficult to ask for help, you can make it easier by drawing up a contract that clearly lists when you’ll repay the loan and if you’ll pay interest.
Consider a pawnshop loan: A pawnshop loan lets you borrow money by using a valuable item, like jewelry or electronics, as collateral. You leave the item with the pawnshop and receive a loan based on the item’s value. If you repay the loan, including fees, by the due date, you get your item back. If you don’t repay, the shop keeps the item.
Frequently Asked Questions
Instacash is a cash advance product offered by the mobile app MoneyLion. It lets you borrow up to $500 on your next paycheck, with free delivery in one to five business days. If you want faster funding, you’ll need to pay a fee up to $8.99. Some MoneyLion users may have access to cash advance amounts as high as $1,000.
MoneyLion doesn’t do a credit check for its Instacash product. It also doesn’t report Instacash repayment to the credit bureaus, so there’s no effect on your credit score.
As long as you show consistent income from the same employer, MoneyLion may approve gig workers for an Instacash advance. This income must be directly deposited in your bank account on a regular schedule, meaning weekly, biweekly, semi-monthly or monthly.
MoneyLion Instacash is a cash advance product that lets you borrow from your upcoming paycheck. A MoneyLion credit builder loan is a type of installment loan that reserves some or all of the loan funds in a separate account until you’ve paid off the loan. Then, any remaining loan funds and interest are disbursed to your bank account. Your loan payments are also reported to the credit bureaus, which can help you build your credit score.
MoneyLion doesn’t charge interest or fees if you can’t repay an Instacash advance. However, you’ll lose access to the service until you’re caught up. If you need more time, MoneyLion offers the option to either change your payment due date or defer payment for up to two weeks.
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