Is MoneyLion InstaCash legit? • Benzinga


MoneyLion is a financial services company that offers unique features like Instacash℠. Instacash lets you get advances on your paycheck before it’s deposited and lets you do it interest-free. This feature can help those who are struggling financially. Read on to learn more about what MoneyLion Instacash is and how it works.

What is MoneyLion Instacash?

MoneyLion’s Instacash feature lets you get up to $250 cash advance on your paycheck at 0% APR interest rate. The amount you borrow will then be deducted from your next salary. You can use Instacash for a cash advance with no credit check and no monthly fees.

How do you repay MoneyLion Instacash advances?

Instacash is a great option for borrowing money because it doesn’t charge any interest payments or additional fees. The amount you borrow will be the amount you owe. Besides having no additional expenses, Instacash will automatically withdraw the borrowed amount, which means you won’t have to worry about making the payments on time. After receiving your Instacash advance, MoneyLion will remove the borrowed amount from your paycheck approximately 14 days after. The exact due date will be clearly displayed on your application.

Who needs cash advances?

Whether you live paycheck to paycheck or are comfortable with your finances, a cash advance can be helpful.

Emergency expense: Emergency expenses can happen at any time and for those without an emergency fund, it can be detrimental to your financial well-being. Having the option of taking out an interest-free cash advance can be a great safety net to fall back on.

Special occasions: Sometimes, when special occasions arise, they may not be factored into your budget. If this is the case for you, taking a cash advance from MoneyLion will allow you to enjoy the moment.

Invoices: Costs associated with invoices are often necessities. If you find yourself in a tight spot and can’t pay your bills, an Instacash advance can save you some time.

Is MoneyLion legit?

Yes, MoneyLion is a legit financial services platform. It operates as a reporting agency under the Fair Credit Reporting Act. MoneyLion is supported by Meta Bank and ML Wealth when providing services. It also has a high level of customer safety protection as it uses Plaid to provide safe and secure services.

About MoneyLion

MoneyLion offers many financial and banking services. Its services include RoarMoney℠, Investment Account, Credit Builder Plus, MoneyLion Crypto, GamePlan, and Pricing. MoneyLion also offers loan marketplaces for personal loans, auto loan refinance, and student loan refinance.

Begin

securely through the MoneyLion website

Best for

Pricing and Features

Exam in 1 minute

A technology-driven financial powerhouse, MoneyLion brings personal financial products to people like you. Whether you’re a seasoned digital financial guru or looking to simplify your financial accounts, MoneyLion can make it as easy as possible to set and achieve your financial goals.

Best for

  • People looking to increase their credit
  • Cryptocurrency trading
  • Anyone who wants to integrate their bank, investment and installment loan accounts
Advantages

  • Cryptocurrency Features and Prices
  • Integrated digital personal financial services
  • Usually free to use with no account minimum; the few fees charged are inexpensive
  • Customizable investment portfolios
  • Useful services like credit builder loans and cash advances at 0% APR
The inconvenients

  • No financial planning or dedicated financial advisor
  • No IRA or 401(k) management options

Frequently Asked Questions

1

Is MoneyLion a bank?

asked

Jungyun Kim

1

No, MoneyLion is not a bank; technically, it is a financial technology company offering financial services.

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replied

Benzinga

Does MoneyLion offer loans?

1

Does MoneyLion offer loans?

asked

Jungyun Kim

1

Yes, MoneyLion offers credit loans that do not require a credit check to be approved.

Answer link

replied

Benzinga


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