MoneyLion Cash Advance App Review 2024: Cash When You Need It

MoneyLion provides a suite of financial services via its mobile app. One of the more popular services is Instacash, which provides up to $500 in cash advances for customers with a linked checking account who receive a regular paycheck via direct deposit.

Instacash requires no credit check, mandatory fees, or interest charged for the service, but other fees apply for express delivery. Repayment is automatic when your paycheck arrives. RoarMoney bank account holders with direct deposit can qualify for an increased maximum Instacash limit of $1,000.

TIME’s Take

Instacash is a way to get cash fast when you have limited options. If you qualify, the MoneyLion app makes the process straightforward and inexpensive. It can take one-to-five days to receive your funds. If that’s not fast enough, the Turbo delivery option will provide them within minutes for an additional fee.

Instacash is just one product among a suite of financial services at MoneyLion. If you only intend to use the cash advance feature, you may prefer a different app with a more simplified user experience. However, you should use cash advances sparingly. Persistent reliance on them to pay for expenses can be detrimental to your long-term financial goals.

Who is MoneyLion Instacash best for?

The MoneyLion app is an all-in-one finance app for all your banking, borrowing, and investing needs. Its Instacash service is best for people who frequently need cash in between paychecks but don’t want to use credit cards to get it.

You may find the product helpful if you live paycheck to paycheck and sometimes need extra help paying bills. However, it will not assist you in escaping the paycheck-to-paycheck cycle.

Users looking for a broad range of banking services in one account may prefer MoneyLion over other cash advance apps.

How MoneyLion Instacash works

You can open an account with MoneyLion online or by downloading the app and signing up for Instacash. Once connected to a bank account with a direct-deposit income source, you can request a cash advance of up to $500 ($1,000 if you open a RoarMoney account with MoneyLion). The maximum disbursement is $100 for each request.

Instacash has three cash disbursement options.

MoneyLion automatically debits repayments from your connected checking account on a scheduled repayment date based on your income cycle. It also provides the opportunity to leave a tip every time you use its Instacash service, though such appreciation is not required.

Requirements to get a cash advance with MoneyLion

MoneyLion has four requirements to get a cash advance through Instacash. They are:

1. A MoneyLion account.
2. A linked checking account that has been open for at least two months.
3. A verified identity that matches the checking account.
4. A history of regular income deposits.

How to get a cash advance with MoneyLion

Step 1: Open a MoneyLion account online or via the mobile app

You must have a MoneyLion account to qualify for Instacash.

Step 2: Connect a bank account

You must have a RoarMoney account or connect an external checking account to the MoneyLion app to get an advance. The identity on your MoneyLion account must match that of the primary checking account holder. The bank account must be two months old or more to qualify for Instacash, and it must receive regularly scheduled income deposits that are payroll-related, government benefits, or pension benefits.

Step 3: Request funds

To request Instacash funds, do the following:

• Open the MoneyLion app.
• Go to the Finances tab.
• Tap "Instacash."
• Tap "Request."
• Choose the desired amount.
• Choose the disbursement timing.
• Submit the request.

Step 4: MoneyLion Instacash repayment

You don’t have to think about repaying the money you have been advanced because it is automatically deducted from your checking account when your next direct deposit arrives. Once the advance is paid back in full, you can get a new one for your next paycheck cycle.

MoneyLion app details

Disbursement time options

Instacash funds can arrive in as soon as minutes with the Turbo option, or they can take from one to five days after making a request for standard delivery. The Turbo delivery option incurs a fee.

RoarMoney account holders will receive their cash in one-to-two business days; if you have connected an external checking account to MoneyLion, you’ll get your money in two-to-five business days.

Instacash Turbo fees

The regular delivery option is always free.Turbo delivery fees are apportioned according to the following schedule:

Customer reviews

MoneyLion has earned a rating of 4.4 out of five stars at TrustPilot, with more than 27,000 reviews. The Better Business Bureau (BBB) gives MoneyLion a “D-” rating and states that it is not BBB-accredited due to failure to resolve underlying causes of frequent complaints. It reports a “pattern of complaints” against MoneyLion over the years, and several more-recent reviews are negative. Nevertheless, MoneyLion has earned a BBB star rating of 4.55 out of five with more than 2,000 reviews.

Before choosing Moneylion, you should perform personalized research to find reviews specific to your planned usage or talk to a trusted friend or colleague about their experience. Start with small amounts until you are comfortable with the platform.

MoneyLion Instacash pros and cons

Benefits of MoneyLion Instacash

Fast cash advances

If you choose the Turbo delivery option, you can get money within a few minutes. This may be very helpful in times of crucial need, but you should expect to pay $0.49 to $8.99 per transaction, depending on the amount.

No interest or fees for regular delivery

No-fee cash advances are available if you are willing to wait up to five days for standard delivery. RoarMoney account holders can expect to wait up to two days.

Integrated accounts

MoneyLion stands out for having a suite of financial products available, including banking services, loans, and an investment platform. If you prefer to conduct all your financial activities under one account and login profile, you may find MoneyLion to be an attractive solution to your financial needs..

How can MoneyLion's Instacash be improved?

Higher disbursement limits

MoneyLion only allows $100 disbursements at a time for up to either $500 or $1,000 per pay period, depending on the kind of checking account you are using. A higher disbursement limit would help those who need more money fast.

Higher maximum cash advances

MoneyLion’s cash-advance limit is in the middle range compared with other apps providing the same service. Raising the minimum to $750 for external bank accounts would make MoneyLion more competitive with rivals such as EarnIn.

Lower Turbo fees

The Turbo delivery fee schedule is reasonably priced compared with its peers. However, reducing the overall fees or simplifying the tier structure would benefit customers and make them more likely to use the service.

Discourage irresponsible use of cash advances

MoneyLion’s marketing materials suggest using Instacash for a “last-minute date night” or a “surprise birthday gift.” The occasional use of cash advances for social activities may not be too harmful, but a better long-term approach is to save cash in an emergency fund before you need it. The chronic use of cash advances is harmful to achieving your long-term financial goals.

How the MoneyLion app stacks up

Who MoneyLion isn’t right for

Those who want just a cash advance service may prefer other options, because MoneyLion’s Instacash is part of a suite of financial tools. Indeed, MoneyLion frequently tries to sell users additional financial services they may not need. If you fit this profile, explore other cash advance apps for a more streamlined user experience.

Disciplined savers and people who have an emergency fund will never need a cash advance service, while those who struggle with financial discipline and may have credit problems as a result should avoid cash advance apps altogether.

Bottom line

MoneyLion is a comprehensive financial app that offers banking services, loans, and investing in addition to its cash advance component. It’s best suited to those who prefer all of their financial services under one roof. If you plan to use its Instacash service, make sure to do so sparingly, restricting it to instances of crucial need. Avoid the temptation to use it for non-emergency social events, such as last-minute date nights or birthday gifts, despite MoneyLion’s recommendations.

Frequently asked questions (FAQs)

How trustworthy is MoneyLion?

MoneyLion is a legitimate business that trades publicly on the NYSE under the stock symbol “ML.” Many customers rate MoneyLion highly for its helpful services. However, the BBB reports a high volume of complaints against the company, and MoneyLion is no longer publicly responding to complaints.

What are the complaints against MoneyLion?

Consumers report problems making loan payments, erroneous reporting to the three main credit bureaus, and unexpected bank debits. Furthermore, complaints about frozen or closed accounts without explanation are common, and customer service delays and communication issues appear frequently in reviews.

How fast do you get money from MoneyLion?

Instacash customers can receive money within minutes via the Turbo delivery option, but fees apply. Standard disbursement times range from one to five business days.

How much money does MoneyLion let you borrow?

MoneyLion lets its users borrow up to $500, increased to $1,000 if you have a RoarMoney bank account with direct deposit. It also offers traditional personal loans for up to $50,000.