Today I am going to be reviewing the best 8 apps like Moneylion that can help you solve your immediate cash emergencies when you need instant loan and payday is still days ahead.
No doubt, start-up entrepreneurs are looking for the best way to raise capital to start a business. For this reason, apps like moneylion are here to solve these problems for the new generation Fintec professionals.
These apps have been helpful not only for entrepreneurs but also for small payday advances. We all know what inflation has done to many households, and if you are among those who rely heavily on your paycheck to make ends meet, please keep reading.
With 64% of Americans living paycheck to paycheck, apps ike MoneyLion are growing in popularity by offering interest-free cash advances with a range of extra features including no overdrafts or hidden fees. The average American pays $250 a year in overdraft fees, according to the Consumer Financial Protection Bureau. To help solve this problem, many reputable cash advance apps have evolved in recent times to offer payday advances to workers, enabling them to essentially borrow money from their future — wealthier — selves.
What is MoneyLion App?
MoneyLion app is a mobile banking and personal finance application that helps customers get in control of their finances by providing them with tools that help them track their spending, saving, and credit usage. The app offers a membership program that includes online banking services, cash back rewards, credit-builder loans without a credit check.
MoneyLion app provies a very easy way to borrow, save, invest, and earn and then helps you take control of your financial future today. You can create a MoneyLion account for free, which will give you access to a zero-fee checking account and an investment account. And with an account, you may be eligible for 0% APR for cash advances of up to $250.
The upgraded Credit Builder Plus membership costs $19.99 per month and offers all of the above — plus access to the credit-builder loans at low interest rates.
Best Apps like Moneylion for small cash advances 2023
While MoneyLion breaks down traditional barriers to financial health and provides instant cash to hard-working Americans, it’s not the only cash advance app available to provide funds. The best apps like MoneyLion such as Brigit app, Dave app, Chime App, Klover App, Earnin App provide extra cash to cover your financial emergencies and unexpected expenses until your next paycheck. These applications have the highest yields, charge zero overdraft fees, and loan processing are generally seamless and instant.
1. Brigit App
Brigit is an app that provides small payday advances from $50 to $250, as well as budgeting, analyzes your spending, and also comes with a Plus membership of $9.99 monthly to access most of their services. Brigit will automatically advance your money if it thinks you’re in danger of overdrawing your account.
When you don’t have much in your account, Brigit, a cash advance app very similar to moneylion will be of help and try not to withdraw the payment for you. It’s still useful to monitor your account and request an extension credit if you can’t afford to pay back your advance on time.
Brigit can also send you automatic advances if it detects that you’re in danger of overdrawing on your bank account. If you prefer not to receive auto advances, you can turn this feature off. Brigit also offers other features, including budget tracking, credit monitoring, and $1 million in identity protection. You can also request a credit-builder loan if you want to build credit.
2. Dave App
If you’re considering patronizing apps similar to moneylion, Dave belongs to the list where users can get up to $100 to $500 in advance cash. Dave can help users to get small advances early to pay for their bills and also for others. Users can level up their cash with a better credit history, no monthly fees, and sign-up fees.
There’s an ExtraCash option that gives users the opportunity to borrow up to $500 with no credit check required or interest. The app will automatically deduct the payment from your bank account on your next payday or on the nearest Friday to when you took the advance. If your account doesn’t also have enough money it will take partial amounts until the debt is settled.
3. Chime App
Chime is another app like Moneylion that offers a spending account using your debit card, along with access to a myriad of credit-building tools.
SpotMe is a program Chime created and users must qualify for SpotMe by having a direct deposit of at least $200 put into their account by an employer, payroll provider, gig economy payer, or government benefits payer. The SpotMe amount starts at $40 and gradually builds to $200 with a good repayment history.
4. Klover App
Klover is an example of Apps like Moneylion that works by presenting tasks that provide you with points, such as answering a few questions. Klover helps users can easily get up to $100 in advance.
Klover is a fantastic app that gives instant and fast money lending service, wins money in daily ticket spin, and easy and less paperwork with cash advance approval.
Klover also offers other budgeting tools that allow their users to get an overview of all your financial activities at once. The app helps you to manage your income and expenses by showing how much money goes in and out of your account. Klover can also help you to achieve long-term financial goals by allowing you to set spending and saving goals and earn bonus points when you save money.
5. Avant Loan App
Avant is a loan app like Moneylion that offers unsecured personal loans for borrowers and if you qualify, you’ll receive quick funding, often by the next business day. Examples of apps like Moneylion just like Avant are good because it has quick funding timelines, lower credit requirements than most lenders, and lower income requirements than most lenders. Before considering applying for an Avant loan, prospective borrowers can check their eligibility through the platform’s website.
In order to check the availability and your loan options, provide your contact information, housing details, income, the purpose of the loan, and how much you want to borrow from them. If you are eligible for an Avant loan, applicants will move on to the verification process, which involves confirming details provided during prequalification. This prequalifying process involves a soft credit check so your credit score won’t be affected.
6. Earnin App
Earnin are similar apps like moneylion and it is a popular loan app which is the reason why it is on the list of apps like Moneylion. Earin helps its users to get notified when their balance falls below the $400 bench, and also if it falls below $100, the users will be allowed to get cash out of up to $100.
Earnin also offers a way to withdraw your wages, which means there is no wait to get to your payday. This app is free but it has a section where they made it optional for users to leave a tip.
Earnin doesn’t collect any mandatory fees, but optional tips range from $0 to $14 of the advance amount. Earnin lets their users withdraw between $100 to $500 per pay period as an advance on their next paycheck as long as they met up to their requirements.
7. Branch App
There is no doubt that the Branch app is delivering greatly with its instant loans. Branch Loan is a leading loan platform that made it to the list of apps like moneylion where you can get an instant online loan.
This app takes care of your loan needs with ease, whereas, allowing you to focus on growing your business and achieving your personal goals. In the process, it has reached more people, pulling them out of financial exclusion. The Branch app offers No advance fee, no interest charges and an instant loan option. which enables you to receive money in three business days.
8. AfterPay App
The application’s name, AfterPay, suggests what it does. This app just like MoneyLion, allows users to buy something and pay for it later. The remaining amount can be paid later in four equal installments while you get the delivery after you have paid the first.
Furthermore, the application is equipped with some of the most amazing features. This means that you don’t have to worry about rising mortgage rates or do some other stuff to make ends meet. Also, the remaining installments can be easily paid.
What is MoneyLion Instacash?
MoneyLion Instacash allows you to borrow up to 30% of your recurring cash direct deposit per pay cycle with no credit check. Instacash is an optional 0% APR cash advance service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app. The app has no mandatory fees and tries to avoid causing overdrafts with its withdrawals, but it charges a monthly $19.99 fee for credit-building and budgeting features.
The MoneyLion App free charges from cash advance payments of up to $250 is provided through Instacash. This application suits you better when you have an unusual work situation. Obviously, there are certain requirements that need to be fulfilled in order for you to qualify for the $250 cash payment. You would have to pay for the amount back when the due date arrives after your next deposit.
Why was the MoneyLion app founded?
MoneyLion app was founded in 2013 as a mobile banking platform that offers credit builder loans with limits reaching up to $1,000, interest-free cash advances, no-minimum-balance banking featuring early paycheck deposits, expertly managed investment opportunities, cashback rewards, as well as comprehensive financial tracking and educational resources.
How does the MoneyLion app works?
The MoneyLion app provides you with the flexibility to borrow up to 30% of your recurring direct cash deposit for each pay cycle, all without the need for a credit check. For instance, if your biweekly deposit amounts to $700, your advance can reach up to $210. The standard borrowing limit is set at $250, unless you opt for a MoneyLion RoarMoney account or become a Credit Builder Plus member, in which case you can access advances of up to $500.
Repayment for Instacash advances is structured around your upcoming direct deposit schedule. Should MoneyLion be unable to predict your forthcoming deposit, the repayment date may be scheduled for the second Friday following the day you secured the advance. In cases where your RoarMoney or external checking account lacks sufficient funds, MoneyLion will initiate a partial deduction and make a subsequent transfer attempt the following day.
Once you’ve settled your last Instacash advance and maintain your eligibility, you retain the option to request another advance.
MoneyLion app review
MoneyLion offers a robust mobile banking platform offering a wide spectrum of financial services, including credit builder loans, interest-free cash advances, no-minimum-balance banking with early paycheck deposits, expertly managed investments, cashback rewards, and comprehensive financial tracking and education. It is on a mission to dismantle traditional financial barriers and empower hardworking Americans to take control of their finances. The app’s standout feature, Instacash, allows users to borrow up to 30% of their recurring direct cash deposit without a credit check.
What bank is Moneylion?
MoneyLion is a financial technology company, not a bank.
Like many other so-called challenger banks, MoneyLion isn’t a bank but a fintech company. For that reason, they have to work with a traditional bank to offer some of its financial products and cash advance services, such as debit cards and paycheck advances.
RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard®️ issued by, Pathward, National Association, Member FDIC. MoneyLion has partnered with Pathward, N. A., Member FDIC. This bank is issuing MoneyLion’s debit cards, and it’s this bank’s name that you should use when setting up direct deposits.
There is still some confusion as to what bank MoneyLion uses. It stems from the fact that Pathward used to be called MetaBank until very recently, and Crestmark, Metapay, and AFS/IBEX, before that.
MoneyLion Customer Service
MoneyLion is a real company based in New York City. It has offered cash advances since 2018. See below its
Contact MoneyLion
Find below customer service details of MoneyLion, including phone and email. You can reach the customer service below for support, complaints or feedback.
MoneyLion Head Office
MoneyLion, Inc.
P.O. Box 1547
Sandy, UT 84091-1547
United States
MoneyLion Corporate Office Address
MoneyLion, Inc.
30 West 21st Street, 9th Floor
New York, New York 10010-6905
United States
MoneyLion Customer Service Numbers
Customer Service:
(212) 905-4948
(801) 252-4427
MoneyLion Customer Service Toll-Free Number
Phone: 1-888-659-8244
Customer Service Number Email
Email: support@moneylion.com
MoneyLion Website:
www.moneylion.com
MoneyLion Social Media
https://web.facebook.com/moneylion
MoneyLion Phone Opening hours
- 8 am to 7 pm ET on Monday – Friday
- 10 am to 5 pm ET on Saturdays
- Lending and Investment
- 9 am to 7 pm ET from Monday – Friday
- Online Support Hours
- All Products
- 8 am to 8 pm ET on Monday – Friday
- 10 am to 5 pm ET on Saturdays and Sundays
Is MoneyLion legit?
Yes the MoneyLion app stands as a legitimate banking service, boasting both a secure website and a dedicated app for users. During the signup process, it employs a secure mobile procedure that necessitates linking to your bank account. Committed to maintaining privacy and transparency, MoneyLion adheres to a comprehensive privacy policy that outlines the categories of information it gathers and details the purposes for which this information is utilized.
What sets MoneyLion apart from the majority of lenders is its unique approach to assessing loan applications. While it refrains from conducting traditional credit score checks as part of its evaluation process, it does contribute data to all three major credit bureaus.
MoneyLion app features
While MoneyLion does provide options for bank and investment accounts, these are not obligatory for accessing the Instacash feature, which allows you to secure up to $300 with ease.
Here are the notable features within this app:
- RoarMoney: RoarMoney is a no-cost checking account that comes devoid of hidden fees, ensuring you won’t encounter any unexpected charges. It doesn’t impose a minimum balance requirement and grants you fee-free access to a vast network of over 50,000 ATMs. Additionally, RoarMoney offers cashback incentives and exclusive discounts from renowned retailers such as Walgreens, Sam’s Club, Groupon, DoorDash, and more. A unique perk called “Shake n’ Bank” even offers you the chance to win up to $500 when making everyday purchases with your MoneyLion debit card.
- Instacash Advance: By linking your checking account, you gain access to instant cash advances of up to $500, all without incurring any APR (0% interest). This feature does not involve a credit check, and the requested amount is automatically deducted from your account with your next deposit, ensuring a seamless experience. Importantly, having a RoarMoney account is not a prerequisite, so there’s no need to modify your direct deposit arrangements if you prefer not to.
- MoneyLion Crypto: If you’re interested in entering the world of cryptocurrency, the MoneyLion app facilitates investing in Bitcoin or Ethereum through automatic round-ups. This means you can start your crypto journey with small, everyday purchases like coffee or brunch with friends. The app also enables cryptocurrency trading, although a RoarMoney account is required for this feature. MoneyLion also provides free resources to enhance your crypto knowledge.
- Investment Account: For those looking to venture into investing but unsure of where to begin, MoneyLion’s Auto Investing feature allows you to manage funds around the clock if you prefer a hands-on approach. Alternatively, you can opt for debit or credit card round-ups to automatically invest your spare change in a diversified portfolio of stocks and bond ETFs.
- Credit Builder Plus: MoneyLion offers a specialized program called Credit Builder Plus tailored to individuals seeking to improve their credit scores. This program provides access to competitive-rate credit builder loans (with APRs ranging from 5.99% to 29.99%) and grants immediate access to a portion of the borrowed funds.
By establishing automated loan repayments, your on-time payments are reported to all three major credit bureaus, contributing positively to your credit score. MoneyLion also keeps tabs on your top four credit score factors weekly, with a significant portion of its members witnessing an impressive credit score boost of 42+ points in just 60 days.
MoneyLion app login
To login into the MoneyLion app, kindly follow these simple steps:
- Download the App: Start by downloading the MoneyLion app from your device’s app store.
- Launch the App: Open the MoneyLion app on your device.
- Enter Credentials: On the app’s login screen, enter your registered username and password.
- Login: Tap the “Login” or “Sign In” button to access your MoneyLion account.
- Access Features: Once logged in successfully, you can explore and utilize the various financial services and tools offered by MoneyLion, including credit builder loans, cash advances, banking services, investments, cashback rewards, and more.
Ensure the accuracy and security of your login credentials to protect your account and financial information.
Pros and cons of MoneyLion
Here’s an overview of the pros and cons of the MoneyLion app to help you make informed decisions:
Pros
- Comprehensive Financial Services: MoneyLion offers a wide array of financial services, including credit builder loans, interest-free cash advances, no-minimum-balance banking, managed investments, cashback rewards, and financial tracking and education. This all-in-one approach can simplify your financial management.
- Financial Inclusion: MoneyLion aims to break down traditional barriers to financial well-being, ensuring that hardworking individuals, including those with limited or no credit history, gain access to essential financial tools.
- No Credit Check: MoneyLion’s Instacash feature allows users to access cash advances without the need for a traditional credit check. This can be particularly beneficial for individuals looking to borrow money without impacting their credit scores.
- Credit Building: MoneyLion reports user data to all three major credit bureaus, helping users build or improve their credit history. The Credit Builder Plus program offers credit builder loans, which can be an effective tool for boosting credit scores.
- Convenient Mobile App: The MoneyLion mobile app provides a user-friendly interface for accessing various financial services, making it convenient for users to manage their finances on the go.
- Transparent Fees: MoneyLion’s RoarMoney checking account comes with no hidden fees, providing fee-free access to a substantial ATM network and offering cashback incentives.
- Crypto Investment: MoneyLion allows users to invest in cryptocurrencies like Bitcoin and Ethereum, making it easy for beginners to enter the world of digital currencies.
Cons
- Borrowing Limits: While MoneyLion offers cash advances, the borrowing limits may be relatively low for some users. Although it’s possible to access higher limits with a RoarMoney account or as a Credit Builder Plus member, these options may not be suitable for everyone.
- Repayment Timing: Repayment for Instacash advances is tied to your upcoming direct deposit schedule. If MoneyLion cannot predict your deposit, it may set the repayment date for the second Friday following your advance, which could potentially disrupt your budget.
- Account Requirements: While some features are accessible without additional accounts, others, like higher cash advance limits and cryptocurrency trading, may require a RoarMoney account, which might not be ideal for users who prefer to keep their existing banking setup.
- Credit Reporting: While MoneyLion reports to credit bureaus, users should be aware that late or missed payments on credit builder loans can negatively impact their credit scores.
- Limited Investment Options: MoneyLion’s investment offerings are somewhat limited compared to dedicated brokerage platforms, which may not cater to more experienced investors.
- Interest Rates: Interest rates for credit builder loans in the Credit Builder Plus program can be relatively high, ranging from 5.99% to 29.99% APR. Users should carefully consider the cost of borrowing.
Conclusion
We have seen how smartphones have been able to transform the lives of billions of people around the world. They’ve made it easier than ever to access information, communicate with friends and family, and stay organized at all times. Fortunately, smartphones have also made it easier for us to discover alternative apps like Moneylion to get a fast loan as well. Using your phone to qualify for financing is fast becoming the new norm in today’s financial world. From the list of apps like Moneylion above, you are sure to get small and quick payday advances.
