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MoneyLion Review: Instacash and Credit-Builder Loans

MoneyLion can be a great way to get a small loan without overpayment or improve your credit. You should be aware of the fees, rates, and funding times, though.

MoneyLion is a fintech service offering small cash advance loans via its Instacash tool. Such loans are interest-free and involve no hard credit checks. Additionally, the service provides credit-building opportunities to its members. However, you can only get up to $1,000 and will have to pay an extra fee for MoneyLion membership or instant funding.




0% – 29.99%

Loan amount

$100 – $1,000

Min Score

Not specified


  • Interest-free options for minor needs;
  • The ability to change a repayment date for Instacash loans;
  • Instant funding is available;
  • No mandatory fees;
  • Credit-building opportunities;
  • No minimum credit score is required.


  • Low maximum loan amounts;
  • Fees for instant direct deposits;
  • Membership fees for credit-builder loans;
  • Short repayment terms for Instacash loans.

Who Do Money Lion Loan Options Suit for?

MoneyLion may be a lifesaver for people with bad or no credit who are looking for interest-free cash advances of up to $500. The service also has smart options for people who want to build a strong credit presence. Additionally, you can use MoneyLion to compare offers from direct personal loan providers and choose the one with the best terms.

Whom MoneyLion Might Not Be Good For

The service won’t suit borrowers with inconsistent incomes or those looking for a high loan amount for major purchases. It may also not be the best option for people who need money urgently and are not ready to pay an instant deposit fee.

Detailed MoneyLion Loan Reviews

Let’s take a closer look at the MoneyLion products and their key features.

Credit-Building Opportunities

The MoneyLion credit-builder loan allows eligible members to boost their credit scores by repaying the owed amount on time. Such loans don’t involve a hard credit check. You can request up to $1,000 and make upfront payments within up to 12 months.

The money will be available to you after the repayment period ends. Additionally, you can access free credit monitoring to track your progress. A credit-builder loan APR ranges from 5.99% to 29.99%. However, you can only access this option within the MoneyLion credit builder plus membership. It involves an extra monthly fee of $19.99.

Interest-Free Loan Options

MoneyLion offers Instacash loans without charging any interest or performing a hard credit pull. Such loans allow individuals to get their already earned money (up to $500) regardless of their credit score. The repayment should be made by your next paycheck, but you can change the repayment date by up to two weeks via a customer service request.

Increased Loan Limits for RoarMoney Account Holders

Borrowers who have a history of recurring direct deposits into their RoarMoney account can get an increased Instacash loan deposit of up to $1,000. Additionally, they can get their money faster, often within 1 to 2 business days.

Trial Instacash Is Available

Trial Instacash is an option that allows borrowers who were not approved for a regular Instacash loan to access a smaller advance limit. If the funds are repaid on time, they will be able to unlock a standard Instacash amount.

No Hard Credit Inquiries

The service doesn’t perform hard pulls via three major credit bureaus. Borrowers with bad or no credit can access up to $500 with a cash advance loan and up to $1,000 with a credit builder loan without any records in their credit reports. Additionally, customers can pre-qualify for a personal loan via the MoneLion connecting service and rest assured their credit won’t go down.

The Company Can Connect You with Direct Personal Loan Lenders

MoneyLion can also help borrowers find a reputable lender for higher loan amounts. Personal loans offered by the MoneyLion’s partners range from $1,000 to $50,000 and come with repayment periods of up to 60 months. However, the exact terms and requirements depend on the direct loan provider you work with. They may vary significantly from those applied by the company.

Budgeting and Investment Tools

Besides borrowing options, MoneyLion also provides several tools for people who want to learn to budget and invest. The company has an educational center with various guidelines and tips on borrowing, saving, and managing personal finances. It also has managed investing with the ability to start with as little as $1. You only need to determine and set your risk level. The service will do the rest of the work for you.

Money Funding May Take Some Time

According to the MoneyLion direct deposit reviews, borrowers who don’t pay an express fee for instant funding (up to $8.99 per advance) may have to wait a little to access their loan proceeds. MoneyLion checking account holders usually receive the money within 1 to 2 business days, while a borrower with an external checking account may have to wait for 2 to 5 business days.

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How Does MoneyLion Work?

MoneyLion allows you to access up to 30% of your recurring deposits per pay period. The maximum amount you can get with is $500 ($1,000 for RoarMoney account holders with a history of recurring deposits).

There’s always a scheduled repayment date that aligns with your next expected direct deposit. You can extend the repayment period for up to two weeks. This should be made at least two days before the due date. Otherwise, the service may deduct a partial repayment and make additional debit attempts until the loan is fully repaid.

How Can You Get a MoneyLion Loan?

The service is quite simple to use. You can access its loan products via the company’s website or by installing its app on your smartphone. There are several basic requirements you need to meet to qualify for the company’s loans:

  • Be an adult US resident;
  • Have a valid ID and/or provide a selfie while holding it;
  • Have a bank account with a history of recurring deposits open for at least 2 months;
  • Have a steady source of verifiable income;
  • Be in good standing with the service.

If you meet these criteria, you can start an application process by following these steps:

  1. Create your MoneyLion profile. You can do this on the website or via the app.
  2. Link your bank account to the profile. To do this, you need to enter your bank’s login credentials. You may also be asked to verify your account and identity.
  3. Review your Instacash loan limit. It will be displayed in your profile once your bank account is linked and meets the company’s requirements.
  4. Request the funds. Tap the “Get Instacash now” button and accept MoneyLion’s Terms and Conditions.
  5. Access the funds in your account. If you don’t pay a fast funding fee, the money will be deposited into your checking account in 1 to 5 business days.

The company will send you a reminder one day before your loan payment is due. The repayment is made automatically.

Compare MoneyLion Loans with Competitors

Compare MoneyLion with other lending services to make sure you evaluate all the options and choose the one that suits your needs the most.

BadCredify’s Rating4.544.8
Minimum Credit ScoreNot specifiedNot specifiedNot specified
APRs0-29.99%59%-160%58.90% – 299.00%
Origination FeesNoneNoneNone
Loan AmountsUp to $500 (up to $1,000 for RoarMoney account holders)$500-$4,000$300-$5,000
Repayment TermsBy the next paycheck or up to 12 months for credit-builder loans9, 12, or 18 months7 to 36 months
Funding Times1 to 5 business days, instant funding may be available in exchange for an extra feeSame or next dayWithin 24 business hours
Our TakeMoneyLion is an interest-free way to get a small amount till your next paycheck. It may also suit borrowers who want to build credit. However, it has longer funding times and offers smaller loan amounts compared to competitors.OppLoans offers longer-term solutions for borrowers with bad and poor credit. It also offers higher loan amounts and fast funding times. However, the company’s loans are very expensive.Rise loans are one of the most expensive options on the market. However, they offer several benefits, such as repayment flexibility and convenient borrowing limits.

Methodology: How We Choose and Review Lenders and Cash Advance Apps

BadCredify makes a thorough lender research by reviewing the following parameters:

  • APRs;
  • Extra costs (membership fees, origination and late fees, prepayment penalties);
  • Lender’s attitude towards bad credit;
  • Convenience and ease of obtaining;
  • Repayment options;
  • Customer satisfaction;
  • Funding times.

During the MoneyLion review process, we made a cross-check by comparing the information provided on the company’s website with the customer service responses. Our team of professionals created an account and requested a loan to better understand how the service works and what terms it offers. All these helped us independently assess the lender’s operation and provide an unbiased review.


What Is MoneyLion?

MoneyLion is a financial company that offers small, short-term loans designed to tide you over until your next paycheck. It also provides credit-building opportunities to borrowers with bad or no credit.

Is MoneyLion Legit?

MoneyLion is a legit New York-based company that has offered cash advances since 2018. It has a 4.5 out of 5 rating based on more than 27,700 reviews on TrustPilot. The service also has high ratings on the Google Play Store and App Store.

How Much Can I Borrow with MoneyLion Cash Advance Loans?

MoneyLion Instacash offers cash advance loans of up to $500 without performing a hard credit check. Borrowers who use its RoarMoney accounts can expect to get up to $1,000.

Is MoneyLion Safe to Use?

MoneyLion is safe to use. The service uses Transport Layer Security technology to encrypt your personal information. Additionally, it tries to avoid causing overdraft fees by reviewing your account balance before making a money withdrawal. However, you still need to make sure you can repay the loan on time.

How Much Do MoneyLion Loans Cost?

MoneyLion Instacash loans are interest-free, meaning that you don’t pay any extra funds beyond what you have borrowed. If you apply for a credit-builder loan, your APR will range from 5.99% to 29.99%. You will also pay a monthly membership fee of $19.99.