MoneyLion Instacash cash advance app review

MoneyLion overview

MoneyLion lets you access at least $25 per request, and if eligible, you can borrow up to $500 per pay period. While this may be limiting, MoneyLion allows you to take out multiple advances with no cool-down period.

Features

• Borrow up to $500 per pay period — or more by opening a RoarMoney account or by paying for the Credit Builder Plus Program.
• Normal funding takes three to five business days
• Instant transfers range depending on the amount from $0.49 to $6.99 with a RoarMoney account or $1.99 to $8.99 for an external account
• $0 transfers to your bank or MoneyLion account

Requirements

MoneyLion doesn’t have any set eligibility requirements. However, your checking account will need to meet a few basic requirements, including:

• Used frequently
• Receives consistent deposits
• Open for at least two months
• Maintains a positive balance
• Have a checking account that’s at least 60 days old

Other features

• RoarMoney Account. By setting up direct deposits into a RoarMoney account, you can borrow up to 15% of your direct deposit per pay period, up to a maximum of $1,000.
• Credit Builder Plus. MoneyLion’s credit builder loan helps build your credit score by letting you take out a $1,000 loan which you pay off over 12 months. You can also borrow up to 20% of your paycheck per pay period. The service costs $19.99 a month.

MoneyLion reviews and complaints

BBB accredited	No
BBB rating	D
BBB customer reviews	4.73 out of 5 stars, based on 4034 customer reviews
BBB customer complaints	1,262 customer complaints
Trustpilot Score	4.7 out of 5 stars, based on 28,189 customer reviews
App Store Score	4.7 out of 5 stars, based on 85,000 customer reviews
Google Play Score	4.6 out of 5 stars, based on 67 customer reviews
Customer reviews verified as of	01 April 2023

Reviews about MoneyLion are mixed across Google Play, the App Store and Trustpilot. While overall app scores are high, reviewers seem divided: some praise the app, saying it’s the best they’ve used, while others report glitches with the app and poor customer service. And while some like the MoneyLion Credit Builder program, others say it’s too expensive for the benefits provided.

MoneyLion isn’t registered with the BBB and has garnered more than 1,500 complaints over the past three years – a high number compared to other cash advance companies. The BBB has issued an alert for MoneyLion due to an ongoing pattern of complaints around transactions, billing errors and customer relations starting in April 2019 and persisting into 2022.

MoneyLion faced government action

MoneyLion was ordered in February 2018 to forgive over $2.35 million in loans and fees to borrowers in Virginia. According to the lawsuit, MoneyLion illegally offered loans to residents of Virginia from January to July 2018 without obtaining a license and charged an APR for its small-dollar loans well over the maximum interest rate set by the state.

MoneyLion cash advance vs. payday loans

MoneyLion Instacash advances may come in small amounts like payday loans, but that’s where the similarities end. Its turnaround time and lack of fees make it a much better deal — especially if you already have direct deposit set up to your MoneyLion checking account.

	MoneyLion cash advance	Payday loans
Borrowing amount	Between $25 to $500 every pay period	Usually up to $1,000, though exact amounts vary by state
Turnaround time	May take up to five business days	One to two business days
Application process	No application but will need to connect bank account	Online application, usually requires a Social Security number and bank account numbers
Costs	Free with a MoneyLion membership	High fees of $15 to $25 per $100 borrowed
State availability	Available in: Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming	Prohibited in some states

Is MoneyLion safe to use?

The MoneyLion app appears safe to use. Its bank account options are FDIC-insured, and the app uses Transport Layer Security (TLS) to keep any information you enter into its app safe from hackers. Outside bank accounts are connected through Plaid to give an extra layer of security.

Is MoneyLion worth it?

MoneyLion’s fee-free, interest-free Instacash advances may make it appealing compared to other services that charge a monthly fee, like Brigit. But many customers have complained about problems with the app, so the potential hassles may not be worth it. Consider other pay advance apps or look into your short-term loan options.

Compare MoneyLion to other cash advance apps

Select your state of residence to see available lenders in your area. Explore your options by maximum amount per pay period, turnaround time and costs, or choose the Go to site button for more information about a particular lender. Or, browse our top picks for alternatives to MoneyLion.