MoneyLion Instacash Review 2022


When unexpected expenses arise, access to instant cash may seem ideal, but it often comes at a price. As a result, many are turning to a cash advance, which involves borrowing money from a credit card’s line of credit.

Although convenient, it’s a costly decision given the high interest rate you’ll have to pay in addition to the cash advance fee, which is usually 3% or 5% of the total amount of each cash advance. what you ask.

Fintech and MoneyLion® mobile app offers a way around this with its Instacash℠ feature, which allows users to get cash fast with cash advances of up to $250 at a time without any interest obligation.

Below, Select details how Instacash advances work, as well as the types of fees you can expect.

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How Instacash advances work

Instacash is accessible through the MoneyLion app. Users should see an “Instacash” button option when they open the app’s home screen, which they can click and “request” the amount of money they want, along with the due date. which they wish the funds to be transferred to them.

Note that you must link a current account to qualify for interest-free cash advances. The key is that his checking account must also be technically “qualified”, which basically means having any type of income or recurring deposits. It must also be open for at least two months, with a history of consistent income deposits and a positive balance, and be active.

Initially, users will be able to get a cash advance of at least $25 – if MoneyLion can detect recurring deposits in its linked checking account, these can be at least $50 and up to $250. Those who choose to link the MoneyLion RoarMoney℠ checking account or choose to become a MoneyLion Credit Builder Plus member can get up to $300.

However, it can take three to eight weeks to qualify for the maximum amount of Instacash. A user’s Instacash advance will never exceed 50% of their scheduled recurring direct deposit amount per deposit period. Users can access higher cash advances when their direct deposit amounts are higher and more consistent.

When you apply for an Instacash advance, there is no credit extraction or credit check, so your credit will not be affected.

Repay an Instacash advance

To repay the Instacash advance, the money you borrowed will be automatically deducted (interest-free) from your RoarMoney or external checking account on the due date determined by your recurring direct deposit cycle, which typically lasts around two weeks.

If there isn’t enough money in your checking account to cover what you owe, Instacash will only deduct a partial refund and try again when you have a balance or when the next direct deposit arrives. Users can also choose to manually repay their cash advance in the MoneyLion app.

Once you’ve repaid your last cash advance, you can get another as long as you still meet the eligibility requirements.


Along with no interest, there’s also no monthly fee required to access Instacash advances – you might end up paying a fee if you need your funds really fast, though.

Standard regular delivery takes 12-48 hours for cash advance funds to be deposited into a MoneyLion RoarMoney account and three to five business days to appear in an external checking account. Alternatively, to get your funds almost immediately via MoneyLion’s “turbo delivery”, there are fees ranging from $0.99 to $7.99, depending on the disbursement amount and whether the funds go to a RoarMoney checking account or an external current account.

Cash Advance Alternatives

Although cash advances can be a useful way to access cash quickly, you may need more than the $250 offered by MoneyLion. If you need a larger sum of money, consider a personal loan, some of which can provide funding as quickly as the next day. You will also be able to repay the loan over a longer period.

Select ranked on best personal loan providers, and LightStream and Avant personal loans are some of the best overnight financing and offer loan amounts up to $100,000.

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    4.99% to 19.99%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Personal Loans Before

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, major expenses, emergency expenses, home renovation

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

    Up to $25 per late payment after a 10-day grace period

However, note that you will have to pay interest if you take out a personal loan and some may even charge origination and late payment fees. Keep this in mind when considering how much money to borrow.

At the end of the line

MoneyLion’s Instacash feature offers a fairly quick way to secure funds for unexpected expenses without having to worry about interest being charged. However, the product will only best serve those with recurring cash deposits, since that is how one qualifies – and because repayment of the cash advance typically occurs within two weeks, after the loan. It’s a good option when you’re in a bind but expecting money soon.

Alternatively, those who need cash quickly but with a longer repayment period should consider taking out a personal loan. Although you have to pay interest on a personal loan, you can borrow more money than with Instacash and you will have a longer time to pay it back.

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Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.


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