MoneyLion Instacash is a powerful tool designed to help you access short-term, interest-free cash advances when you need them most. Whether you’re facing an unexpected expense or waiting on your next paycheck, here’s how Instacash works and why it might be a smart payday loan alternative:
A brief about MoneyLion Instacash
Instacash allows you to borrow up to $500 without any interest, credit checks, or mandatory fees. If you link your bank account and meet the eligibility requirements, you can receive this cash advance within minutes. The service is designed to provide fast, stress-free financial relief without the risk of falling into the debt trap.
What Makes Instacash A Smart Choice?
Interest-Free Loans: Unlike traditional payday loans, Instacash charges no interest. The no-interest feature helps you avoid the debt traps that high-interest loans can create.
Flexible Repayment: The advance is automatically repaid when you receive your next paycheck or direct deposit, so you don’t have to worry about missed deadlines or late fees.
No Credit Checks: Your credit score isn’t a factor, which means even people with lower credit scores can access funds when they need them. This is one of the best features that benefits those with poor credit. As you know, with a poor credit score, other payday lenders will charge very high interest on your loan.
Fast Access to Funds: While standard delivery can take 1-5 business days, you can opt for Turbo delivery to receive your cash instantly (for a fee). Below is a table illustrating the Turbo fee structure.
Instacash Turbo Fee
| Disbursement Amount | RoarMoney 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 | $5.49 | $7.49 |
| $90 — $100 | $6.99 | $8.99 |
Boost Your Limit: By setting up direct deposits to MoneyLion or getting Peer Boosts from friends, you can increase your limit up to $1,000.
So, how do you qualify for MoneyLion Instacash?
To qualify for MoneyLion Instacash, you need to follow these few simple steps.
Step 1: Open the MoneyLion App and Access Instacash
First, open the MoneyLion app and tap on the Instacash button located on the home screen. This is your entry point to apply for the cash advance.
Step 2: Link Your Checking Account
After tapping the Instacash button, you’ll need to link your checking account. This step is quick and secure. Linking your account allows MoneyLion to verify your financial history, which is necessary to approve your cash advance.
Step 3: Meet the Checking Account Requirements
Once you’ve linked your account, MoneyLion will review it to ensure it meets the following minimum requirements:
- Age of Account: Ensure your checking account has been open for at least two months. Newly opened accounts are less likely to qualify.
- Regular Income Deposits: You should link the checking account where you regularly receive your paychecks or other forms of income. A consistent deposit history signals financial stability.
- Positive Balance: Your checking account should have a history of maintaining a positive balance. This shows that you manage your finances responsibly.
- Active Use: Make sure the account is active—this means you regularly use it for transactions like deposits, withdrawals, or payments.Important: Accounts like savings or money market accounts cannot be used for Instacash, as they don’t meet the qualification criteria.
Step 4: Verify Your Identity
To finalize your qualification, MoneyLion will need to verify your identity. This involves matching the information you provide with your linked bank account details and electronic public records. Ensure that all the information you provide matches exactly with your bank account and public records.
Step 5: Confirm Your Eligibility
Once your account and identity are verified, you’ll be ready to receive your Instacash advance. If for some reason your account doesn’t qualify (e.g., it’s too new or lacks consistent deposits), you can try again later when your account history improves, or try linking a different checking account that meets the requirements.
*** Special Note for Credit Builder Plus Members.
If you are a Credit Builder Plus member, remember that late or missed payments on your loan may disqualify you from taking out Instacash advances until your account is in good standing.
By following these steps, you can successfully qualify for MoneyLion Instacash and access interest-free cash advances when you need them.
Bottom Line
MoneyLion Instacash could be an excellent option if you are seeking a short-term cash solution without the heavy financial costs of traditional payday lending. It’s user-friendly, fast, and helps you manage those financial bumps with ease.
Besides Instacash, MoneyLion also offers a wide range of beneficial financial services like Lowering Your Bills, High-yield Saving Accounts, Affordable Auto Refinance, and much more.
