MoneyLion is a financial services company that offers unique features like Instacash℠. Instacash allows you to get advances on your paycheck before it is deposited and allows you to do so with no interest. This feature can help those in a financial pinch. Read on to learn more about what MoneyLion Instacash is and how it works.
What is MoneyLion Instacash?
MoneyLion’s Instacash feature allows you to get up to a $250 cash advance on your paycheck at a 0% APR interest rate. The amount you borrow will then be withdrawn from your next paycheck. You can use Instacash for a cash advance with no credit check and no monthly fees.
How Do You Repay MoneyLion Instacash Advances?
Instacash is a great option for borrowing money because it charges no interest payments or additional fees. The amount you borrow will be the amount you owe. As well as having zero additional expenses, Instacash will withdraw the amount borrowed automatically, meaning you won’t have to worry about making payments on time. After you receive you Instacash advance, MoneyLion will withdraw the amount borrowed from your paycheck around14 days after. The exact due date will be clearly displayed on your app.
Who Needs Cash Advances?
Whether you’re living paycheck to paycheck or comfortable with your finances, a cash advance can be helpful.
Emergency expense: Emergency expenses can come up at any point and for those without any emergency funds, it can be detrimental to your financial wellbeing. Having the option to take out a cash advance with no interest can be a great safety net to fall back on.
Special occasions: Sometimes when special occasions arise, they can be unaccounted for in your budget. If this is the case for you, taking a cash advance from MoneyLion will allow you to enjoy the moment.
Bills: Costs associated with bills are oftentimes necessities. If you find yourself in a pinch and can’t pay your bills, an Instacash advance may be able to buy you some time.
Is MoneyLion Legit?
Yes, MoneyLion is a legit financial services platform. It operates as a reporting agency under the Fair Credit Reporting Act. MoneyLion is backed by Meta Bank and ML Wealth when providing services. It also has a high standard for customer security protection as it uses Plaid to provide safe and secure services.
About MoneyLion
MoneyLion offers many financial and banking services. Its services include RoarMoney℠, Investment Account, Credit Builder Plus, MoneyLion Crypto, GamePlan and Pricing. MoneyLion also offers loan marketplaces for personal loans, auto loan refinancing and student loan refinancing.
Frequently Asked Questions
Is MoneyLion a bank?
No, MoneyLion is not a bank; technically it is a financial technology company offering financial services.
Does MoneyLion offer loans?
Yes, MoneyLion offers credit builder loans that require zero credit checks to be approved.