MoneyLion Instacash
- Best for: Workers with steady direct deposits who can wait a few days for a free advance
- What Sets It Apart: No subscription, though free delivery and the top limit both depend on MoneyLion’s own Spend account
- Loan Amounts: Up to $500 with direct deposits at another bank, $1,000 with them in MoneyLion Spend; $100 per advance to another bank, $200 into Spend
- Terms: Repaid automatically, usually on your next payday; one deferral of up to two weeks per pay period
- Features: Standard delivery in 1 to 5 business days, Turbo in minutes; no collections, credit reporting, or legal claim over an unpaid advance
- APR: 0% (no interest)
- Cost: Turbo fee of 7.5% of the advance into Spend, capped at $14.99, or 9% to another bank; optional tip; pricing may differ in Connecticut, Indiana, Maryland, and Wisconsin
- Credit Needed: None; no credit check
- Eligibility: An outside checking account open 60 days with three recurring direct deposits from one employer or benefits payer, or direct deposits into Spend
- Pros: Free with standard delivery into Spend; no collections or credit reporting; deferrable repayment
- Cons: No free delivery to another bank; instant costs 7.5% to 9%; low first limits; tip prompts
Use MoneyLion Instacash to cover a short gap before payday if you can wait up to five business days for its free delivery, which goes only into a MoneyLion Spend account. Instant money costs 7.5% to 9% of each advance in most states. Move your paycheck to MoneyLion Spend only if you’d use a limit above $500.
Instacash advances part of your next paycheck with no interest, credit check, or subscription, and MoneyLion collects it automatically, usually on the day that paycheck arrives. An outside checking account needs to be open 60 days and show three recurring direct deposits from one employer or benefits payer, while direct deposits into MoneyLion Spend, MoneyLion’s own checking account, qualify you sooner.
Key Features
- Up to $500 when your recurring direct deposits go to another bank, or up to $1,000 when they go to MoneyLion Spend, but never more than half your expected paycheck
- Each advance capped at $100 to another bank or card, or $200 into MoneyLion Spend
- Free standard delivery in one to five business days, only into MoneyLion Spend
- Instant Turbo delivery for 7.5% of the advance into MoneyLion Spend, capped at $14.99, or 9% to another bank
- Pricing, tips, and delivery options that may differ in Connecticut, Indiana, Maryland, and Wisconsin
Pros
- Costs nothing with standard delivery into MoneyLion Spend
- No collections, credit reporting, or legal claim over an unpaid advance, fraud aside
- Eligible users can push a repayment back up to two weeks, once per pay period
Cons
- No free delivery to another bank unless you can’t open a MoneyLion Spend account
- First limits can be as low as $10, or $50 after a first direct deposit into MoneyLion Spend
- Moving your paycheck to MoneyLion Spend can take up to three paychecks to lift your limit
- Asks for a tip with each request, though skipping it doesn’t change your limit
Instacash costs nothing for a worker with a steady paycheck who takes advances into MoneyLion Spend and waits a few days, and moving the paycheck there pays off only for someone who’d use more than $500. EarnIn is the better pick for anyone who won’t open a MoneyLion Spend account, since it sends standard transfers to the bank they already use at no cost.
Learn more about MoneyLion Instacash or see how it compares to the best cash advance apps.
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