Business Insider's personal finance team compared MoneyLion Instacash to other fast funding personal loans and found it to be in need of improvement. MoneyLion's Instacash feature offers maximum convenience with cash advances up to $500 that arrive in five business days or less and don't require a credit check.
However, when considering other small personal loans and emergency loan companies, MoneyLion Instacash only offers quick solutions for limited expenses. You'll likely need to look elsewhere for larger sums and more flexible repayment terms. This MoneyLion Instacash review will cover what you need to know before getting started.
MoneyLion Instacash Pros & Cons
MoneyLion Instacash Pros
- High cash advance: A $500 cash advance is higher than most competitors. You can tap into the extra funds before your next payday to cover any expenses. MoneyLion gives you the opportunity to build your banking history if you don't yet qualify for the full $500 Instacash limit.
- The only fee is optional: Some fintech companies require that you pay a monthly fee to access cash advances. However, MoneyLion doesn't require any monthly fee to use Instacash. The turbo fee is optional and only applies if you need the funds right away. You also have the option of opening a RoarMoney account to raise your cash advance limit to $1,000.
- MoneyLion's suite of financial products: MoneyLion has far more than Instacash. You can also use a MoneyLion Credit Builder Plus Membership to increase your FICO score, invest in stocks and crypto, and choose from several loans and credit cards. While some cash advance apps have limited features beyond the cash advance, MoneyLion can be an all-in-one resource for your financial management.
MoneyLion Instacash Cons
- You won't get a higher limit right away: It can take a while to reach a $500 limit if you don't reach that level on your first try. MoneyLion offers Instacash boosts that raise your limit based on achieving certain milestones, such as taking out a specific amount of cash advances or referring friends. While $500 is the limit for free accounts, you can technically end up with a much lower limit in the beginning.
- Low amount relative to personal loans: While Instacash is competitive for a cash advance app, you can borrow a lot more money with a personal loan.
- Limited repayment terms: MoneyLion Instacash cash advances are set to be repaid by your next paycheck. Compared to many personal loans, this is a fairly short repayment window. Also, in many instances, MoneyLion will ask you to authorize automated repayments so that MoneyLion can automatically withdraw the repayment amount on the scheduled date.
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up to $1,000
- Can access up to $500 at 0% APR
- No credit check
- No monthly fees
- Upgrade to paid account required for a higher limit
- Highest Instacash limit not available to all customers
- Your next paycheck will go toward repaying your Instacash balance
MoneyLion Instacash Overview
Overview of MoneyLion's Cash Advance Feature
MoneyLion is a fintech company that offers several financial products and services. MoneyLion's cash advance feature, Instacash, lets you access up to $500 for your paycheck early for any reason. If you are a RoarMoney member, the Instacash limit goes up to $1,000. You get approved right away and don't have to worry about a credit check.
Additionally, you don't have to take out the maximum cash advance. MoneyLion lets you access a cash advance that's as low as $10 for smaller purchases.
You will have to pay a turbo fee for instant transfers, but you can save money with a MoneyLion WOW membership. With this membership, your next turbo transfer is free, and every tenth turbo transfer is also free.
A MoneyLion WOW membership doesn't only offer Instacash turbo fee reimbursements. It also gives you access to managed investment accounts, premium insurance on card purchases, extra cashback, weekly giveaways, and other perks.
How Does Instacash Work?
To use MoneyLion Instacash, you'll have to download the MoneyLion app and link a bank account. MoneyLion will then review your banking history to determine how much you can access via Instacash.
You can link an external bank account, but it's better to link a RoarMoney account. You'll save money when moving a cash advance to a RoarMoney account if you ever need to make an instant transfer.
The funds will arrive in a MoneyLion checking account faster than they will arrive in an external bank account. It only takes one to two business days to receive cash in your RoarMoney account, while the same process takes two to five business days for external accounts.
Recurring direct deposits will increase the likelihood of qualifying for a $500 cash advance. You'll also have a better chance of getting the maximum cash advance if you have a large number of direct deposits.
Essentially, MoneyLion wants to make sure you can pay back a $500 cash advance on your next payday. Consumers who take out a MoneyLion cash advance cannot use Instacash again until the next cycle (i.e., when you receive your paycheck), assuming the balance has been paid in full.
If you do not yet qualify for the full $500, MoneyLion will help along the way and offer an initial Instacash amount.
MoneyLion partners with Pathward, National Association, Member FDIC, to offer debit cards and bank accounts. These financial products are FDIC-insured. If you have any questions, you can call MoneyLion at (516) 916-5466 or open a chat through the MoneyLion Contact Us page online. Representatives are available 24/7.
MoneyLion Instacash Features and Benefits
The MoneyLion app features Instacash, a cash advance tool that is particularly appealing if you need a small amount of cash fast. Instacash offers users the following benefits:
- Up to $500 paycheck advance
- Get your cash within one to five business days (an instant option is available for an additional fee)
- No credit check is required
- No interest payments
- No mandatory fees
- Automated repayments
The MoneyLion app also gives you access to various other features, such as MoneyLion Credit Builder Plus, which is a monthly membership designed to help you rebuild your credit.
Is MoneyLion Instacash Right for You?
Best for People Seeking Quick, Small Cash Advances
MoneyLion Instacash could be a great resource when you have small expenses and are a little short on cash. A $500 cash advance is higher than most apps allow, and you won't have to worry about a credit check. If you need to tap into $1,000 of your paycheck early, you can upgrade to a RoarMoney account and enjoy the additional perks.
However, Instacash falls short if you need to borrow thousands of dollars for an emergency. Furthermore, Instacash has a short term, requiring that you pay off the balance with your next paycheck. If you can't do that, MoneyLion will work with you and allow you to make incremental payments toward the balance.
Personal loans have lengthier terms. Many lenders let qualifying individuals borrow more than $10,000 for a personal loan with monthly payments spread across two to seven years. Terms and rates vary for each lender. MoneyLion Instacash is great for small expenses, but you will feel the impact of a $500 limit if the costs add up.
How to Apply for MoneyLion Instacash
Steps to Set Up Instacash
To set up MoneyLion Instacash, you will first have to download the MoneyLion app and create an account. It's also possible to set up your MoneyLion account on your laptop. MoneyLion will then request some personal information and let you link your bank account.
After you establish a repayment method, you can start using Instacash. MoneyLion will go through your bank account history to determine your limit.
Instacash Repayment
Repayments are automated, so once they're set up, you don't have to worry about scheduling them. You have the option to leave a tip to show your appreciation for the service, but MoneyLion says this will not affect your Instacash limit or eligibility either way.
Moneylion will choose your repayment date based on when you receive direct deposits. If necessary, you can request to defer your repayment date by up to two weeks as long as you haven't already deferred this repayment and you don't have any other pending Instacash payments.
Bank Account and Direct Deposit Requirements
The bank account you link to MoneyLion must be at least two months old to qualify for Instacash. Furthermore, it must be an active account with a positive balance that shows a steady stream of income deposits.
Instacash only works for checking accounts. Savings accounts and money market accounts do not qualify for this feature.
MoneyLion Instacash Interest Rates and Fees
Is Instacash Really Fee-Free?
Yes, MoneyLion Instacash is fee-free if you're willing to wait a few days to receive funds. You won't even pay interest on the cash advance. This feature sets Instacash apart from other cash-advance services, which often come with fees or lower limits for how much cash you can access. If you take a cash advance on a credit card, for instance, you'll generally be charged a fee of up to 5%.
However, there is a turbo fee for MoneyLion Instacash if you need cash right away. The turbo fee depends on the disbursement amount and where you are moving the funds. The fee is lower for transfers to RoarMoney accounts than it is for transfers to an external account. You'll pay $0.49 to $8.99 for a MoneyLion cash advance turbo delivery, depending on how much money you request and whether or not you have a MoneyLion RoarMoney account (which lowers the fee slightly).
Cash Advance Limits and Requirements
You can access up to $500 in funds with a regular MoneyLion account and avoid monthly fees in the process. However, a RoarMoney account will let you tap into up to $1,000. Upgrading to RoarMoney costs $1 a month and comes with other perks, such as a rewards debit card, weekly reports that track your spending, and crypto investing.
MoneyLion Customer Experience
Despite a low rating from the Better Business Bureau, MoneyLion customers tend to leave positive reviews. The MoneyLion app has a 4.7 rating among more than 204,000 App Store reviews. The company's average rating is 4.7 stars in Google Play. That average rating comes from over 161,000 reviews.
Overall, the MoneyLion customer experiences seemed positive. Several reviews on the popular review site Trustpilot left high praise regarding the MoneyLion Instacash feature and the app's easy-to-use interface. Many complaints were from customers who had been locked out of their MoneyLion accounts and experienced trouble getting in touch with customer service.
Is MoneyLion Trustworthy?
MoneyLion is not accredited by the Better Business Bureau (BBB), a nonprofit organization that aims to keep consumers informed and safe. The fintech company currently has a C- rating with the BBB despite having an average of 4.29 stars from 1,147 customer reviews. Some MoneyLion customers have complained to the BBB about the fulfillment of transactions, billing errors, and customer relations.
MoneyLion got in trouble with the Consumer Financial Protection Bureau (CFPB) in 2022 for its lending practices. The lawsuit alleges that MoneyLion committed multiple violations of the Military Lending Act and misled consumers.
MoneyLion Instacash Alternatives
MoneyLion Instacash vs. Dave
The fintech company Dave also lets you take out a $500 cash advance, which has requirements similar to MoneyLion. You can pay an Express Transfer fee to receive funds sooner, but you won't pay a fee if you wait a little longer. Dave's cash advances have 0% APR.
The Dave cash advance app also offers FDIC-insured bank accounts and a side hustle hub that lets you find more than 1,000 work opportunities. However, you must pay a Dave membership fee of up to $5 a month to use any of the app's features.
MoneyLion Instacash vs. Empower
The Empower cash advance app has a $300 limit that doesn't come with any interest or late fees. While that's not as much as MoneyLion, Empower also offers Empower Thrive, a credit line that typically starts with a $200 to $400 limit. Paying off the credit line will improve your FICO score.
Empower will raise your credit limit over time, and it can get as high as $1,000. Empower lets you tap into more cash than MoneyLion, but it comes at a cost. After a 14-day free trial, Empower costs $8 a month.
MoneyLion Instacash vs. Klover
You can access up to $200 in early pay with a Klover cash advance. The app doesn't charge any interest or late fees. Klover does not let you create a bank account, so you will have to link an external account to receive funds.
Klover has a creative points system that lets you increase your cash advance limit, even if you don't qualify for the maximum $200. The Klover app also has personalized financial tools that help with budgeting.
Why You Should Trust Us: How We Rated MoneyLion Instacash
We rate all personal loan products in our reviews and guides on a 1 to 5 scale. The overall rating is a weighted average that considers seven different categories. Some of these categories are judged more heavily than others. The categories are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees directly impact the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but are not directly tied to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans »
Frequently Asked Questions about Moneylion Instacash
How fast can I get money with MoneyLion Instacash?
If you pay the turbo fee, you can receive Instacash funds within a few minutes. Otherwise, receiving the cash advance can take up to five business days. You will receive cash sooner if you send the money to a RoarMoney checking account instead of an external checking account.
Does MoneyLion Instacash charge any fees?
MoneyLion Instacash does not charge any mandatory fees. An optional $1-per-month RoarMoney membership increases your maximum cash advance to $1,000. You can also pay an optional turbo fee if you want to receive the funds sooner.
What are the eligibility criteria for MoneyLion Instacash?
MoneyLion requires that your bank account has a positive balance and is at least two months old. It must also be an active account with regular direct deposits. The amount of direct deposits and money going into your account each month will determine your Instacash limit.
How much can I borrow with Instacash?
You can potentially borrow up to $500 per month with a free account. Upgrading to RoarMoney increases your potential Instacash limit to $1,000. MoneyLion will review your banking history to determine your limit. MoneyLion will give you the opportunity to raise it over time if you don't initially qualify for the maximum cash advance.
Is Instacash a payday loan?
Instacash is not a payday loan. MoneyLion's cash advance does not have any APR or late fees. Meanwhile, payday loans are notorious for high APRs and late fees, two details that make them some of the most risky financial products available. Instacash has the perks of payday loans without the downsides.
SoFi Personal Loan Disclosures: Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi's underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
