MoneyLion App Review

MoneyLion’s Instacash feature offers interest-free cash advances up to $500—or even $1,000 if you set up qualifying direct deposits—to help you cover expenses between paychecks. To be eligible, you need a checking account that's been open for at least 60 days, receives regular income deposits, and maintains a positive balance. There's no credit check involved, so your banking activity is what counts.

Repayment is automatic and usually scheduled around your next payday, but you can defer it by up to two weeks if needed. If you want your cash instantly, you can opt for the Turbo delivery for a fee ranging from $0.49 to $8.99, depending on the amount and your account type. Otherwise, standard delivery is free and takes 1–2 business days to a RoarMoney℠ account or 2–5 business days to an external checking account.

MoneyLion doesn't charge any mandatory fees or interest on Instacash advances, and while they offer the option to leave a tip, it's entirely up to you and won't affect your eligibility or advance amount. Beyond cash advances, the app provides a range of financial tools like credit builder loans, cashback rewards, and investment options to help you manage and grow your money.

MoneyLion might work well for you if:

• Quick cash: You need instant access to cash up to $500 or $1,000 without any interest or mandatory fees
• No credit checks: You want to avoid credit checks and keep your credit score unaffected
• Flexible repayment: You appreciate the option to defer your repayment date if needed
• Extra features: You're interested in additional tools like early payday, cashback rewards, and credit builder loans
• No monthly fees: You prefer not paying monthly fees to access cash advances

When MoneyLion might not be a good fit:

• Irregular income: If you don't have regular income deposits into a checking account, you might not qualify
• Account requirements: If your checking account is less than 60 days old or lacks regular activity
• Instant fees: If you need cash instantly but want to avoid optional Turbo delivery fees
• No bank account: If you don't have a qualifying checking account in your name

To qualify, you must meet the following criteria:

1. Age and Residency: Be at least 18 years old and meet residency requirements.
2. Identity Verification: Pass MoneyLion's identity verification checks.
3. Checking Account: Link a checking account that has been open for at least 60 days, is registered in your name, is actively used, maintains a positive balance, and receives regular income deposits. Note that savings and money market accounts do not qualify.
4. Regular Income: Have at least three recurring direct deposits from the same employer or income source on a consistent schedule (weekly, biweekly, semi-monthly, or monthly). Qualifying deposits include payroll paychecks, government benefits, pension payments, or income from independent contracting.
5. Good Standing: Be a MoneyLion user in good standing, meaning all previous Instacash advances and associated fees have been repaid, and there are no late or missed loan payments if you're a Credit Builder Plus member.
6. No Credit Check: No credit check is required, so your credit score does not affect your eligibility.

MoneyLion will determine your cash advance limit based on factors like your direct deposits and transaction history, and it may change over time.

You will typically get the money in your RoarMoney account within 1–2 business days, or in 2–5 business days to an external checking account, using the free standard delivery.

If you need the money faster, you can opt for Turbo delivery to get the funds within minutes. This will cost you $0.49–$8.99, depending on the amount of the advance and where you're sending the money. You will pay:

• For transfers to a RoarMoney account:
  • $0.49 for a $5 advance
  • $1.99 for advances up to $25
  • $3.99 for advances up to $65
  • $6.99 for advances up to $100
• For transfers to an external account:
  • $1.99 for a $5 advance
  • $3.99 for advances up to $25
  • $5.99 for advances up to $65
  • $8.99 for advances up to $100

MoneyLion will automatically deduct your repayment on your scheduled repayment date, which usually lines up with your next payday. Here's what you need to know:

1. Defer repayment: If you need more time, you can defer your repayment date by up to two weeks directly in the app (if eligible).
2. Insufficient funds: If there's not enough money in your account, MoneyLion might make partial deductions or try backup payment methods you've added.
3. Future advances: You'll need to repay your current advance to access new Instacash advances.

On top of the cash advances that MoneyLion offers, there are a few other features that you might find useful.

RoarMoney Account

MoneyLion's RoarMoney account comes with some handy perks. You can get your paycheck up to two days early with direct deposit, and you can automatically invest your spare change from purchases with the Round Ups feature. Plus, setting up qualifying recurring deposits can increase your Instacash limit up to $1,000.

Credit Builder Loan

If you're looking to improve your credit score, MoneyLion offers a Credit Builder Loan of up to $1,000. This can help you build credit over time as you make on-time payments.

Cashback and Rewards

With MoneyLion, you can earn cashback on your everyday spending and even on big financial decisions. There's also MoneyLion Games, where you can play games and earn real money, with opportunities to earn up to $50 cashback per game.