MoneyLion App Review – Borrow, Save & Invest in One Handy App

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MoneyLion’s app is an easy way to borrow, save, invest and earn. Its most popular feature is Instacash, which provides no interest cash advances for up to $250, with no credit check. See if MoneyLion is right for you in our full MoneyLion app review.

Moneylion review

MoneyLion is on a mission to rewire the banking system to positively change the path of ordinary, hard-working Americans like you.

Founded in 2013, MoneyLion’s features were created to support Americans who felt ignored or left behind by traditional banks (with expensive overdraft fees just one aspect of this).

Packed with a suite of personal finance features including digital banking, cash advances, automated investing, credit builder loans and financial tools, MoneyLion can help you save money that’s otherwise going to overdraft fees or high-interest loans while building credit to unlock more borrowing options in the future.

However, MoneyLion is one of many mobile personal finance apps offering cash advances – many of which can put funds in your hand quicker or for FREE.

Get cash advances up to $250 with no interest >>> Check out MoneyLion

Instacash – No interest cash advances with no credit check

MoneyLion cash advances for up to $250 on phone screen

MoneyLion is best known for Instacash1, which offers cash advances for up to $250 with just a few taps in the app. There is no credit check, no interest and you can use Instacash with no fees.

You will need a recurring direct deposit from employment or benefits payments to qualify for Instacash. Your initial cash advance limit may just be $25, however you’ll be able to access $50 – $250 right away if MoneyLion detects recurring deposits. it can take about three to eight weeks to become eligible for the maximum amount of Instacash.

You can increase your Instacash limit to up to $300 by adding a MoneyLion Credit Builder Plus membership or RoarMoney account (keep reading this MoneyLion review for more details on those.)

You can use Instacash for free – there is no interest, monthly fee, or any other mandatory fees. However, you may choose to pay two optional fees for a MoneyLion cash advance. If you’d like to receive your money within minutes, you’ll need to pay an Instacash Turbo fee, which costs up to $5.99 to have your funds sent to your RoarMoney account or up to $8.99 if you prefer to use your bank account. If you don’t want to pay the Turbo fee, it will take 12 – 48 hours to receive your cash advance via RoarMoney or 3 – 5 business days for it to reach an external bank account.

MoneyLion will also ask if you’d like to leave a tip for your cash advance, similar to apps like Earnin and Dave. The tip is completely optional and declining to leave a tip won’t impact your ability to access Instacash or your cash advance limit. (Since MoneyLion is a public company worth approximately $250 million, we think they’ll be fine without your tip.)

MoneyLion automatically handles repayment of your Instacash advance, so you don’t need to worry about forgetting to make a payment. The amount you borrowed (plus any Turbo fees and tips) is automatically deducted from your account on the due date of your next direct deposit, though you can change the date via the app with no late fees.

Once you’ve repaid your cash advance, you can again be eligible for another no interest Instacash advance!

Get cash advances up to $250 with no interest >>> Check out MoneyLion

Credit Builder Plus – Loans for up to $1,000 that can help build credit

Credit builder loans have become a wildly popular tool to help people with poor credit (or no credit history) boost their credit score. Your on-time payments these small, affordable loans are reported to the three major credit bureaus (Equifax, Experian, Transunion) which can help deliver a significant bump to your credit score in just a few months.

The problem with most credit builder loans is that you don’t get any cash until you’ve repaid your entire loan, which can take ten years with some lenders!

MoneyLion Credit Builder plus is a great alternative. You can get a loan for up to $1,000 and you’ll get some of your funds right away – often several hundred dollars. Plus, you can also access no interest Instacash cash advances when you need them, and your maximum advance limit is increased to up to $300!

More than half of Credit Builder Plus borrowers see a 42 point increase in their credit score after about 60 days!2

You can apply online or through the MoneyLion app in just a few minutes to see what you qualify for instantly. There is no hard credit check, so no impact to your credit score. 

MoneyLion Credit Builder Plus loan terms

For example, you may qualify for a $899 Credit Builder Plus Loan where you’ll receive $200 today and have $699 placed in a Credit Reserve Account for later. You would make twelve monthly payments of $83.56. After making your last payment, your reserve account would be unlocked and you’d get access to the $699, which you can use however you like.

Your payments would total $1,003 over twelve months, which includes $104 in finance charges – a 23.99% APR. MoneyLion will schedule them automatically so you’ll build up a track record of on-time payments that can boost your credit score.

As a Credit Builder Plus member, you can also access no interest cash advances each period and your advance limit is increased to up to $300. There is no credit check, and using Instacash won’t impact your credit score.

Your Credit Builder Plus membership also gives you access to credit score monitoring tools to help you track your progress, and the monthly fee for RoarMoney is waived for Credit Builder Plus members. The membership costs $19.95 per month, however you can bring that down to $0 by simply logging into your MoneyLion account regularly and using a MoneyLion debit or virtual card for everyday purchases through MoneyLion’s loyalty program 

You can repay your Credit Builder Plus Loan at any time and then withdraw the funds in your Credit Builder Plus Account. There is no prepayment penalty or early withdrawal fee.

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

RoarMoney – Mobile banking with low fees, heaps of rewards and early payday

MoneyLion’s top features

MoneyLion offers an all-in-one app to open a checking account, access cash advances, build savings and improve your credit. MoneyLion does offer bank and investment accounts, but these aren’t necessary to access up to $300 using the Instacash feature.

Here are the top features we found using this app.


RoarMoney is a free checking account with zero hidden fees (seriously, you won’t be stung with a single “gotcha” charge). Coming with a handful of useful features, creating a RoarMoney account unlocks Safety Net features designed to help navigate life’s unplanned expenses. This includes up to $1,000 in cash advances at 0% APR – as long as you add recurring deposits to your RoarMoney account. You can also use RoarMoney to get paid up to two days early, invest your spare change with automatic round-ups, and enjoy cash back rewards using your RoarMoney debit card at select merchants.

Instacash Advance

Link your checking account to access up to $250 in cash advances at 0% APR. With no credit check required, the amount you request is automatically deducted from your account on your next deposit, so you don’t have to worry about a thing. You’ll need to pay a Turbo Fee for funds to be available in a few minutes (this amount varies based on your cash advance request) but you don’t need a RoarMoney account to qualify, so there’s no need to change your direct deposit if you don’t want to.

Get cash advances up to $250 with no interest >>> Check out MoneyLion

MoneyLion Crypto

Looking to jump on the crypto bandwagon? The MoneyLion app lets you invest your automatic round-ups in Bitcoin or Ethereum so you can break into crypto just by grabbing a cup of coffee or grabbing brunch with friends. You can also trade cryptocurrencies through the app, though you’ll need a RoarMoney account to make this happen.

Need to up your crypto knowledge? Check out MoneyLion’s free crypto resources

Investment Account

Keen to get into the world of investing but don’t know where to start? MoneyLion’s Auto Investing feature lets you add and withdraw funds 24/7 if you want to be hands-on. Or, if you’d rather have someone else invest for you, you can use debit or credit card roundups to invest your spare change in a mix of stocks and bond ETFs on autopilot. 

Credit Builder Plus

Frustrated by your poor credit? MoneyLion offers a loan program called Credit Builder Plus designed to help you take control of building your credit. As payment history is the top driver of your credit score, you’ll get a competitive rate credit builder loan (5.99% to 29.99% APR) and access a portion of your funds immediately. By setting up automatic loan repayments, your on-time payments are reported to all three credit bureaus to help boost your credit score. Simple!

MoneyLion will check your top four credit score factors each week and send you the results with more than half of their members raising their credit score by 42+ points in 60 days.

How much does MoneyLion cost?

MoneyLions offers 100% transparency when it comes to prices… but that doesn’t mean every service is free. Below is a breakdown of fees to access MoneyLion’s suite of services.

RoarMoney InstacashInvestment AccountCredit Builder Plus
Monthly Fee$1$0$1$19.99

You can also pay an express fee between $0.99 and $7.99 depending on your RoarMoney account status and your borrowing amount. For more information, check out MoneyLion’s pricing page here.

How much can you borrow from MoneyLion?

MoneyLion customers can access up to $250 in fee-free cash advances (0% APR) using the Instacash feature or up to $1,000 in fee-free cash advances (0% APR) after opening a RoarMoney account.

Credit Builder Plus loans are also available to help you build credit while you save – with no credit check. Borrow limits are capped at $1,000 though it’s worth noting a portion of this will be locked in a savings account until the loan amount is repaid. 

See how MoneyLion’s cash advance limits compare to other apps:

Initial Overdraft LimitKey Requirements for First OverdraftMaximum Overdraft
Chime$20$200 in qualifying direct deposits$200
Cleo$70$5.99/month subscription and linked bank account$100
Current$25$500 in qualifying direct deposits$200
Go2Bank$10Complete one direct deposit$200
MoneyLion$25Link to an established checking account$200
Varo$100$1,000 in direct deposits after 30 days$100

Get cash advances up to $250 with no interest >>> Check out MoneyLion

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

Loan Apps like Money Lion

Borrowing up to $1,000 through MoneyLion’s Credit Builder Plus option can help when you’re short of funds and struggling with bad credit, but you may be looking for alternate options that don’t lock a portion of your funds until you’ve repaid your loan.

One alternative to MoneyLion is PockBox. With PockBox, you can borrow anything from $100 to $2,500 even if your credit history isn’t perfect. How much you can borrow depends on the state in which you live, your credit file and the information you supply in your credit application.

Another useful borrowing app worth downloading is Earnin, which links repayments to your payday. Earnin is a helpful payday loan provider because it’s 100% free. Earnin works on an optional tips system, but the amount you tip won’t affect your future cash out options, so what you pay is entirely up to you. 

Is subscribing to MoneyLion worth it?

MoneyLion offers plenty of financial products in services inside one app to help you manage, borrow, and invest your money… but there are a few drawbacks to be aware of.

We loved the $250 cash advances through Instacash. However, you’ll need to set up a RoarMoney account to increase your borrowing limit and if you want your funds immediately you’ll have to fork out a Turbo Fee, which can add up over time.

Although we think the MoneyLion app is a safe and solid addition to any phone, many of the perks aren’t free (Roar Money, Investing and Credit Builder Plus), so you may be able to save fees by comparing some apps like MoneyLion.

Before you go… we’ve rounded up the best money borrowing apps available to compare your options, cut back on fees, and put more money in your pocket.

Watch: How to get a cash advance with MoneyLion Instacash

YouTube video

WAIT! High overdraft fees aren’t the only way your bank is costing you money.

With inflation overheating, you’ve probably heard that interest rates are climbing sharply. That means that for the first time in years, it’s a great time to shop around for a high interest savings account.

The national average interest rate for savings accounts is currently 0.18% APY – that means that if you have $2,500 in a savings account, you’d earn just $4.50 after one year! Move those hard-earned savings to an FDIC-insured bank paying 3.00% APY and you’d earn $71.63 more!

Don’t let your hard-earned savings sit there doing nothing. Check out the rates that you can earn at other banks:

Latest posts by Mitchel Harad (see all)
  1. 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 Membership Agreement and for additional terms, conditions and eligibility requirements.
  2. Credit score improvement is not guaranteed. A soft credit pull will be conducted that has no impact to your credit score. Credit scores are independently determined by credit bureaus. Data was sourced from credit score data from over 74,000 Credit Builder Plus members with an active loan between August 7, 2019, and February 18, 2021. Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus. MoneyLion is not a Credit Services Organization. Credit Builder Plus is an optional service offered by MoneyLion.

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