MoneyLion Instacash: 2024 Review

MoneyLion pros and cons

Best for RoarMoney account holders

MoneyLion’s Instacash feature doesn’t require you to have a RoarMoney account to use it. If you have a RoarMoney account with recurring deposits, you get access to a higher cash advance limit of up to $1,000 instead of the standard $500 cap.

RoarMoney account holders can also get their funds quicker — within one to two business days instead of up to five business days — without paying a fee. Account holders also get a discount on turbo delivery fees, which compensates the $1 fee you pay each month for having the RoarMoney account.

How to qualify for a MoneyLion advance

To qualify for MoneyLion’s Instacash feature, you’ll need to download the app and link a checking account that meets the following criteria:

• Is registered under your name.
• Has been active for at least 60 days.
• Has a positive balance.
• Receives regular deposits.

Additionally, you may need to present an official ID to verify your identity or submit a selfie holding your ID. Some of the requirements may be waived if you choose to open and use a RoarMoney account instead.

How this app compares

MoneyLion vs. EarnIn

EarnIn offers all its users a cash advance limit of up to $750 per pay period, and no fees. That said, the app does have a daily $100 withdrawal limit. MoneyLion, on the other hand, allows you to withdraw up to your $500 limit that same day — through different transactions. MoneyLion also allows you to increase your Instacash to up to $1,000, but only with a RoarMoney account. 

All-in-all, EarIn is a better choice if you need to cover a larger expense and don’t want to set up another account just for the sake of getting a higher dollar amount.

MoneyLion vs. Brigit

While Brigit may offer quicker standard funding than MoneyLion, its cash advances are capped at just $250. Additionally, to access the Brigit’s Instant Cash feature, you’ll need to pay a monthly subscription fee of $9.99 for its Plus plan or $14.99 for its Premium plan. This can be quite steep considering that MoneyLion doesn’t charge a subscription fee and has a cash advance limit double the amount of Brigit’s. 

What we like and what we don’t like

What we like

• No monthly fees: MoneyLion users can take advantage of its Instacash feature, without paying any monthly subscription or late payment fees. a
• Payment deferment available: If you’re tight on money and can’t pay your Instacash balance by your due date, you can defer your payment for up to two weeks.
• Peer boost feature: Users can send and receive up to five boosts to friends and family who are also using the app to increase their Instacash limit by $5 per instance, each calendar month. 

What we don’t like

• High express funding fees: Turbo fees — which allow you to get the funds within minutes instead of days — can be as high as $8.99 for each $90 to $100 withdrawal. This can be steep, as you can only withdraw a maximum of $100 per instance, so you may have to pay this amount multiple times if you withdraw the full $500.
• Instacash limit increases can take a while: When you first open the Instacash account, you get access to a reduced amount until the app determines the amount and frequency of your recurring deposits.
• Membership required for higher advance limits: Though not required, if you want access to a higher cash advance limit than the standard $500, you’ll need to get a RoarMoney account or a Credit Builder Plus membership.

MoneyLion features and perks

Consumers who open and link a RoarMoney account with recurring deposits can increase their Instacash limit to up to $1,000 — one of the highest cash advance caps in the market. Although the company charges a $1 monthly administration fee on this account, the perks may be very well worth it.

With a RoarMoney account you get access to exclusive rewards and get your paycheck up to two days earlier. RoarMoney account holders also get a discount on turbo delivery fees and price protection. The latter allows you to get a reimbursement if something you bought decreases in price within 90 days of purchasing with your RoarMoney card. 

How Bankrate rates MoneyLion