MoneyLion Instacash Review 2024 (2024)

MoneyLion is best if you:

• Need money quickly. MoneyLion Instacash is designed as a short-term lending product. If you need funds right away, then MoneyLion may be a good option.
• Don’t need a high cash advance amount. It can take between three to eight weeks to be eligible for the highest MoneyLion limits. If you only need to take out a small amount, then MoneyLion may be the right fit.

MoneyLion may not be right if you:

• Can’t afford to repay the loan right away. MoneyLion Instacash is designed to be repaid by your next payday. If you can’t afford to do that, consider a personal loan or credit card.
• Have inconsistent income. MoneyLion is designed for people who earn money on a regular basis. If you’re self-employed or work on commission, you likely won’t qualify and will be better off with a different type of loan.

Eligibility

In general, those with consistent sources of income will qualify for MoneyLion Instacash. Also, you’ll need to link a checking account that has been open for at least two months with regular income deposits. Savings or money market accounts do not qualify.

MoneyLion will also have to verify your identity before approving you. However, there is no credit check involved.

Withdrawals

To take out Instacash, download the MoneyLion app and tap on Instacash. At first, you’ll be able to access at least $25. If it detects recurring deposits in your linked external account, you’ll unlock at least $50 and up to $500.

You can also switch your deposits into a MoneyLion RoarMoney account for access up to $500. Another option is to become a Credit Builder Plus member, which comes with a $19.99 monthly fee.

Interest and Fees

MoneyLion doesn’t charge any interest, tipping is optional and there aren’t any fees associated with regular delivery.

If you want the money delivered faster than normal, you can opt for Turbo Delivery. Turbo Delivery fees vary according to the advance amount and disbursem*nt account you choose.

MoneyLion Instacash allows you to apply for a cash advance up to 30% of your recurring cash direct deposit per pay cycle with no credit check. For example, if you have a $700 biweekly deposit, your advance will be $210. The maximum cash advance amount is up to $500. You can use a MoneyLion RoarMoney account or become a Credit Builder Plus member and get a cash advance of up to $500.

Instacash advances have a scheduled payment due date that aligns with your next expected direct deposit. If MoneyLion can’t predict your upcoming deposit, it may set your repayment date to the second Friday following the day you took out the advance. If your RoarMoney account or external checking account does not have enough money, MoneyLion will take a partial amount and attempt a new transfer the next day.

You can take out another advance once you repay your last Instacash as long as you maintain your eligibility.

MoneyLion requires you to pay no fees or interest. However, you may owe fees Turbo Delivery, Turbo Delivery fees vary according to the advance amount and disbursem*nt account you choose.

As of Sept. 19, 2022, MoneyLion has 4.7 out of 5 stars on Trustpilot with more than 27,000 reviews. They also have 4.72 out of 5 stars on the Better Business Bureau (BBB) with more than 3,700 reviews.

Some of the positive reviews from Trustpilot praise the Instacash feature and customers say they’ve never had trouble getting extra funds from MoneyLion. One reviewer says their credit score increased 36 points in five months using the Credit Builder feature.

However, a few disappointed customers said the amount they could withdraw via Instacash decreased over time or never increased. Others say they spoke with rude or unhelpful customer service representatives.

The MoneyLion app has 4.4 out of 5 stars on the Google Play Store with more than 76,000 reviews and 4.7 of 5 stars on the Apple App Store with over 91,000 reviews.

MoneyLion Instacash vs. EarnIn

Earnin lets you receive up to $100 a day or up to $750 of your paycheck during every pay period, compared to MoneyLion’s $500 limit. You may be able to increase the amount with the Max Boost feature.

Similar to MoneyLion, Earnin doesn’t charge any fees, but users have the option to tip. It also sends notifications when your bank account drops below a certain amount to help you avoid overdraft fees.

Related: Earnin App Review

MoneyLion Instacash vs. Brigit

Like Instacash, Brigit is a service that provides access to short-term loans. To borrow money with Brigit, you have to join its Plus plan for $8.99 per month. You can generally access up to $250 with Brigit.

To qualify for Brigit’s cash advance feature, you must have a Brigit score between 40 and 100. A Brigit score is its version of a credit score. It will examine your bank account to determine your Brigit score, which will include factors like your spending and bank balance. The amount you can access may depend on your current bank balance, your average balance and more.

MoneyLion Instacash vs. Dave

While MoneyLion typically only lets you get a cash advance up to $500, Dave lets you borrow up to $500. Dave also has optional tips and no fees, unless you choose express delivery.

Dave charges between 99 cents and $6.99 for express transfers to Dave Spending accounts and between $2.99 and $11.99 for express transfers to external accounts.

We reviewed MoneyLion based on eight data points in the categories of loan details, loan costs, perks, customer experience and funding speed. We rated MoneyLion based on the weighting assigned to each category:

• Loan cost: 40%
• Loan details: 25%
• Funding speed: 20%
• Customer experience: 10%
• Perks: 5%

Within each major category, we also considered several characteristics, including maximum loan amounts, repayment terms, and applicable fees. We also evaluated MoneyLion’s customer support, customer perks and reviews.