MoneyLion App Review

MoneyLion’s Instacash feature offers interest-free (but not always fee-free) cash advances from $10 up to $1,000 to users with a qualifying bank account and regular income deposits. There are no credit checks or interest charges, making it accessible if you need quick cash without the usual hassles. To qualify, your checking account must be at least two months old, actively used, and show regular deposits from the same employer or benefits provider.

You can choose free standard delivery, which takes 1–2 business days for a RoarMoney account or 2–5 business days for external accounts. If you need funds instantly, you can opt for Turbo delivery for a fee ranging from $0.49 to $8.99, depending on the amount and where the money is sent. Repayment is automated and scheduled around your next payday, but if you can't repay on time, it won't affect your credit score. However, you won't be able to take out another advance until the previous one is repaid.

MoneyLion doesn't charge monthly fees for the Instacash service, and while the app does ask for optional tips, these are entirely voluntary and don't affect your eligibility. If you're looking for a cash advance app that offers flexibility without interest or mandatory fees, and you meet the eligibility requirements, MoneyLion could be a convenient option.

MoneyLion might work well for you if:

• Quick cash, no interest: You need fast access to cash without worrying about interest or monthly fees.
• Regular income: You have a consistent paycheck going into your bank account.
• Instant funds: You want the option to get cash advances instantly, even on weekends, by paying a Turbo fee.
• No credit check: You want to avoid a credit check or impact on your credit score.
• Free standard delivery: You're okay with waiting 1-5 days for your funds to avoid fees.

When MoneyLion might not be a good fit:

• Irregular income: If you don't have regular direct deposits or your income is inconsistent, you might not qualify.
• New bank account: If your checking account has been open for less than two months.
• Overdrawn account: If you frequently overdraw your account or have negative balances.
• No checking account: If you don't have a personal checking account in your name.
• Avoid fees: If you need instant funds but want to avoid Turbo fees, as instant delivery comes with a cost.

Some of the MoneyLion cash advance requirements include:

1. MoneyLion account: Be a registered user with a verified identity matching your bank account and public records.
2. Active checking account: Have a personal checking account in your name that's been open and active for at least 60 days, showing regular use and a positive balance. Note that savings or money market accounts don't qualify.
3. Regular income: Receive at least three recurring direct deposits from the same source on a consistent schedule (weekly, biweekly, semi-monthly, or monthly). This includes paychecks, government benefits, pensions, or income from freelance work.
4. Good standing: Ensure all previous Instacash advances and any associated fees are fully repaid. If you're a Credit Builder Plus member, you should have no late or missed loan payments.
5. No credit check: Your credit score isn't a factor—MoneyLion doesn't require a credit check for Instacash advances.

Once you meet these criteria, MoneyLion will determine your eligibility and set your Instacash advance limit, which can be up to $1,000. Alternatively, being approved for a Credit Builder Loan with an upfront disbursement may automatically qualify you for Instacash advances.

You can get your cash advance in 1 to 5 business days for free with MoneyLion's standard delivery. If you have a RoarMoney account, the free standard delivery is faster, taking 1 to 2 business days.

If you need your money sooner, you can opt for Turbo Delivery to receive your funds in minutes. The Turbo Delivery fee depends on the amount of your advance and where you're sending the money. For transfers to a RoarMoney account, the fees are lower:

• $0.49 for $5 or less
• $1.99 for $10 – $25
• $2.99 for $30 – $45
• $3.99 for $50 – $65
• $5.49 for $70 – $85
• $6.99 for $90 – $100

For transfers to an external checking account, the fees are slightly higher:

• $1.99 for $5 or less
• $3.99 for $10 – $25
• $4.99 for $30 – $45
• $5.99 for $50 – $65
• $7.49 for $70 – $85
• $8.99 for $90 – $100

MoneyLion will automatically schedule your repayment for your next paycheck or direct deposit date. Keep in mind that:

1. Automatic repayment: MoneyLion automatically deducts the repayment amount (including any optional tips and Turbo fees) from your linked account on the scheduled date.
2. Early repayment: You can choose to repay early through the MoneyLion app before the scheduled date.
3. New advances: You will not be able to take a new Instacash advance until previous ones are fully repaid.

In addition to Instacash advances, MoneyLion provides several other features that might be useful to you.

RoarMoney Account

Opening a MoneyLion RoarMoney account can unlock extra benefits. This checking account allows you to receive your funds faster, with standard Instacash advances delivered to your RoarMoney account in 1–2 business days for free. You can also increase your Instacash limit up to $1,000 by setting up qualifying recurring direct deposits. Plus, choosing a RoarMoney account can help you save on Turbo delivery fees when you need instant access to your cash.

Boosting Your Instacash Limit

If you need more than the standard advance, MoneyLion offers options to increase your Instacash limit. Aside from setting up direct deposits to your RoarMoney account, you can participate in actions within the app and take advantage of promotions to temporarily raise your limit. There's also a Peer Boost feature, where you can team up with friends to boost each other's limits—a handy way to get more funds when you need them.

Flexible Repayment Options

Repaying your advance is straightforward with MoneyLion. Your repayment is automatically scheduled to align with your next paycheck or direct deposit date, but you can also choose to make one-time repayments whenever it suits you. Since MoneyLion doesn't charge interest or impact your credit score, you can manage repayments without added pressure.