MoneyLion App Review: Save, Invest & Borrow up to $1,000 in One Simple App

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30-SECOND SUMMARY: MoneyLion strives to become the king of the money app jungle with its Instacash cash advances for up to $1,000. With no interest, credit checks, or mandatory fees, the Instacash app could be the ultimate option to access extra cash whenever you need it while avoiding costly overdraft fees or loans.

But are these beastly cash advances as roaring as they seem or will the lion show its claws with hidden fees and extra hoops to jump through? Read our full review of MoneyLion, the Instacash app, and find out.

Get cash advances up to $1,000 with no interest >>> Check out MoneyLion

Watch our MoneyLion app review on video

What is MoneyLion Instacash?

Frustrated by apps that say they have your back, but then set your advance limit so low that it will barely cover a cheap lunch?

With MoneyLion, you can access up to $500 in just a few minutes, with no interest and no credit check.  With Boosts, you can increase your own borrowing limit (or your friends’ limit!) when you need a bit of extra cash.  

Need even more? MoneyLion is one of the few cash advance apps where you can qualify for up to $1,000 through its InstaCash feature!

But MoneyLion is much more than just an Instacash app. It offers a wide variety of financial services that go from helping you find loans to offering banking services through its RoarMoney feature2, as well as credit-building and budgeting tools. This makes it a great all-in-one financial app, especially for gig workers and young users.

MoneyLion’s Instacash cash advances: how they work

MoneyLion’s Instacash feature offers cash advances for up to $500 with no credit check, no interest, and no mandatory fees. You heard that right, you can get cash advances without paying anything above the advance itself. So, what’s the catch?

If you wish to get your cash advances without an extra fee, it will take you anywhere from 1 to 5 business days to get the money, which is a pretty long time if you find yourself in a pinch. Your money will be available in minutes if you pay a turbo delivery fee3

If you have a RoarMoney account (MoneyLion’s unique banking service), these fees will be lower and you may be able to increase the limit of your cash advances to a whopping $1,000! (more on this below).

How much does a MoneyLion cash advance cost?

If you are willing to wait 1-5 business days, your cash advance will have no fees. However, if you want to receive your cash advance in minutes, you’re gonna have to pay a turbo delivery fee.

The turbo fee varies depending on whether you send the money to a RoarMoney account or an external account.

RoarMoney is MoneyLion’s bank-like checking account with zero hidden fees. By subscribing to this service, you’ll get lower prices on turbo delivery fees for your cash advances and raise the amount you can borrow to an astounding $1,000. 

This is the payment schedule for the turbo delivery fee with and without RoarMoney:

Disbursement amountRoarMoney Account External Account
$5 or less$0.49$1.99
$10 – $25$1.99$3.99
$30 – $45$2.99$4.99
$50 – $65$3.99$5.99
$70 – $85$5.99$7.49
$90 – $100$6.99$8.99

For any advances above $100, there’s a pretty noteworthy catch (which MoneyLiononly discloses in the fine print). There’s a $100 maximum disbursement amount at a time, and you can only get one advance per day

So, if you need a $200 cash advance, for example, you’ll have to make two $100 transfers over two days. This also means you’ll need to pay 2x the 8.99 delivery fee. If you need $300, you’ll have to make three $100 advances over three days, and so on (provided your Instacash limit allows it). 

When comparing the prices of different cash advance apps, we use a $100 advance as the baseline. With MoneyLion, you’ll be paying $8.99 in turbo fees for a $100 advance, or $6.99 if you have a RoarMoney account, plus the $1.00/month that the RoarMoney account itself costs.

This is well below the $19.08 average that other apps like MoneyLion charge for a $100 advance based on our calculations. However, due to the $100 maximum disbursement, fees can really add up if you intend to get anything above that. 

How do you qualify for a MoneyLion cash advance?

One of the main advantages of using Instacash on the MoneyLion app is that it requires no credit checks

This means that you’ll be able to access cash advances even if you have a poor credit score or no credit life at all, making it a great option for gig workers and people on benefits, as well as stable salary earners.

To be eligible for an Instacash advance, you’ll need to have a bank account registered under your name. The account must’ve been used in the last 60 days, and it needs to have regular deposits from your paycheck or other sources.

MoneyLion will assess the limit of your Instacash cash advances based on the recurring payments on your banking account. The higher and more predictable your recurring deposits, the better.Note that, even if you don’t qualify for a regular cash advance, you may still qualify for a trial Instacash with a $10 borrowing limit. It’s not much, but it will let you qualify for higher amounts as you make successful on-time payments.

A $1,000 cash advance with no interest?!? >>> Check out MoneyLion 👈

What is MoneyLion’s cash advance limit?

In theory, it’s possible to qualify for the $500 maximum limit right away if you have regular and predictable deposits in your bank account that are sizable enough to qualify you. 

However, if the deposits in your account are irregular, unpredictable, and small, your initial borrowing limit could be as low as $25 if you don’t receive regular direct deposits, or $50 if you do.

It’s possible to increase the maximum borrowing limit of $500 under certain conditions.

The cash advance “boost” feature4 lets you temporarily increase your borrowing limit for taking certain specific actions every so often in the app. 

The action you need to do to earn a boost might be things like buying from a certain vendor using your MoneyLion credit card or making deposits of specific amounts under given deadlines. Boosts only increase your limit for a month.  You can also share Boosts with friends (there are quite a few online forums where people swap Boosts, too.)

Likewise, If you are a user of MoneyLion’s banking service, RoarMoney5, and you get recurring payments into your RoarMoney account, your maximum borrowing limit could go as high as $1,000 6. However, such high advances aren’t granted instantly, and it could take weeks or even months to qualify.

You’ll need to have recurring payments in your RoarMoney account that are high and regular enough for you to qualify for the higher borrowing limits. Still, a $1,000 limit for a cash advance with no credit checks is quite impressive, and it’s a much higher amount than most apps will give you.

Alternatively, If you have an active credit builder loan with MoneyLion, your maximum limit could go as high as $700.

🤓 Overdraft Apps Tip: We recently compared the cost of borrowing $100 from the 15 most popular cash advance apps and found the average to be $19.08. With a $1/month RoarMoney account, and a $6.99 turbo fee, borrowing $100 using MoneyLion’s Instacash will cost you $7.99, which is less than half the average cost!

How do Instacash repayments work?

The amount you borrowed (plus any Turbo Fees and tips) is automatically deducted from your account on the date of your next direct deposit.

If you are unable to repay on the due date, the app gives you the option to defer the repayment date as long as your payment isn’t already pending. This, however, will affect your borrowing limit for future cash advances.

In case the due date comes and your account doesn’t have the funds to repay, the app will simply wait until you have some funds and repay itself.

Luckily, MoneyLion doesn’t charge any interest or late fees. They will not report you to credit bureaus or use debt collectors. The app will just keep waiting until you get funds in your account and automatically collect the debt. 

You won’t be able to get any new cash advances for as long as you have pending payments on the app, and your limit could be reduced. A $1,000 cash advance with no interest?! >>> Check out MoneyLion

MoneyLion’s additional features

The MoneyLion app offers great features, like InstaCash no-fee cash advances

You can access many of MoneyLion’s features without paying for a monthly subscription or administrative fee. However, it doesn’t mean that these features are free. Many of them charge other types of fees based on the services offered.

These are some of the products that you’ll be able to access without a monthly subscription:

  • Refinance for student and auto loans.
  • Help you find personal loans for up to $50,000.
  • Cryptocurrency investments.
  • Comparing auto insurance policies.
  • High yield savings.

Get funds upfront and build credit and savings >>> Check out MoneyLion Credit Builder Plus 👈

MoneyLion’s paid subscription services

MoneyLion offers a plethora of paid subscription models which can be hard to wrap your head around if all you’re looking for are one of two features of the app.

This is what each of the paid subscriptions offers. 

  • RoarMoney – $1.00/month
  • A checking account with no hidden fees.
  • Lower turbo delivery fees and higher borrowing limits on Instacash advances.
  • No-fee access to over 50,000 in-network ATMs
  • Cashback on purchases from certain vendors.
  • Managed Investment Account  – $1.00 – $5.00/month 
  • Asset management for small investments.
  • Customizable investment portfolios set up by industry experts.
  • MoneyLion WOW – $9.99/month
  • A RoarMoney account.
  • Access to credit builder loans and investment accounts.
  • Insurance for cellphone damage, trip cancellations, carry-on baggage, rental cars, and event tickets.
  • Cashbacks on purchases and investments.
  • Credit Builder Plus – $19.99/month
    • A competitive rate MoneyLion credit builder loan (5.99% to 29.99% APR), with immediate access to your funds.
    • Credit builder loans for up to $1,000 with money upfront 7.
    • You can bring your Credit Builder Plus subscription down to $0 using MoneyLion’s loyalty program.
    • Don’t want your subscription anymore? Don’t just delete the app, you’ll keep getting charged! We’ve got step-by-step instructions on how to cancel MoneyLion.

Get cash advances up to $500 with no interest >>> Check out MoneyLion

Is MoneyLion legit?

MoneyLion is a New York-based company founded in 2018. As of today, they provide their services to over 10 million users and their stocks are publicly traded on the NASDAQ stock exchange. 

While MoneyLion is a technology company and not a bank, their banking services are provided through a partnership with FDIC-member Pathward, which issues the MoneyLion Debit Mastercard and the RoarMoneySM virtual card. Pathward is a long-standing US bank with 70 years in the market. 

Furthermore, if user reviews are a good indicator, most of MoneyLion’s customers are satisfied with the company’s services, as shown by their 4.5/5 Trustpilot score with almost 28k ratings, and their Google Play review score of 4.5/5 based on 112k ratings. 

Although some users on sites like BBB and Reddit have claimed that MoneyLion is a scam, such claims are based on anecdotal experiences that have, for the most part, received helpful responses from customer service. MoneyLion is a legitimate app.

Overall, is MoneyLion worth it?

If you’re looking to get out of a pitch with a quick cash advance, MoneyLion provides a great alternative thanks to its reasonable turbo fees and impressive borrowing limit of up to $1,000. 

With no credit checks, interest, or late fees, this is a rather friendly lion and not the type that will catch you and eat you alive. 

Thanks to its stunning number of features, MoneyLion could turn into your go-to choice for an all-in-one money app that gives everything you could ask for. 

If all you’re looking for is a quick cash advance, the Instacash feature holds well compared to most other apps. However, there are still some other apps like MoneyLion that offer cash advances at lower costs. 

You got this far, but decided this isn’t your jam? Check out these apps like MoneyLion instead.

  • Albert: $250 and the help of real Albert “geniuses” inside your app
  • Brigit: $250 with no interest or late fees to worry you (ahhhhh, that’s nice))
  • Dave: $500 cash advance available inside 60 seconds and for new users
  • Pockbox: $2,500 (or more) available even if your credit score is poor

WAIT! Why borrow quick cash when you can earn it?!

Cash advance apps can be a great tool for getting a little extra cash when you need it, but you’ll need to repay it – plus fees – wihtin a week or two. Did you know there’s an easy way to earn extra cash that’s yours to keep?

KashKick is a wildly popular service that lets you earn money for playing games, completing surveys, signing up for trial offers and more. (You’ll even earn cash for just completing your profile!) You can earn cash today and withdraw your earnings through PayPal once you’ve reached $10. You can earn over $100/month with KashKick – and you don’t need to spend a dime or take out your credit card to do it.

There are dozens of high-paying offers available on KashKick, and if you’re into playing new games on your phone, you can earn some serious cash for doing what you love. Though offers change regularly, there are currently1 more than three dozen offers available where you can earn cash – sometimes over $100 – just by downloading and playing popular games like Coin Master, Monoply Go, Bingo Blitz, and more. These games are all free to download, and no in-app purchases are required to earn with KashKick.

Get paid to play on your phone >>> Check out KashKick

Mitchel Harad
  1. As of February 13, 2024. Offers may change and may not be available to all users. Eligibity requirements apply. See KashKick's Terms of Service for full details.
  2. Powered by Pathward®, N.A., Member FDIC.
  3. Turbo Fees vary based on the advance amount and disbursement account you choose
  4. The $5 Instacash Boost will increase your Instacash advance limit for the calendar month in which it is received and can only be utilized by users with maintained Instacash eligibility. The $5 Instacash Boost can only be used once. You may only receive one Boost from up to 5 friends per month.
  5. There is a $1 monthly administrative fee associated with your RoarMoney Account. Please see FAQ on administrative fee for additional information. Other fees associated with the RoarMoney Account apply. See the Account Agreement for more information.
  6. Increased Instacash limit with Safety Net requires recurring direct deposit into RoarMoney account. Instacash is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. See Instacash Terms and Conditions for more information and eligibility requirements
  7. . A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by DriveWealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV. Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.

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