MoneyLion Instacash Review: Pros and Cons of Mobile Banking App

MoneyLion Instacash Review: Pros and Cons of Mobile Banking App

MoneyLion InstaCash App is another useful financial app through which users can take cash advances. However, your bank must be linked to the app to take its benefits. 

MoneyLion was launched in 2013, almost a decade back, and still growing strong. As a mobile banking or m-banking platform, it aims at helping customers with an instant cash loan of up to $999. All cash advances paid to the customer will be interest-free. 

However, you need to have a bank account. It doesn’t matter whether you maintain a minimum balance with the bank or not. The app is extremely significant to working people scattered throughout the US to come out of financial emergency-like situations. 

What is MoneyLion Instacash?

MoneyLion Instacash makes the best use of AI or Artificial Intelligence. It comes with advanced analytics and MLP (Machine Learning Processes) or technologies. 

Based on the customer’s spending habits and financial transactions, the app can offer personalized services and advice to them. MoneLion has its head office located in NYC (New York City). Currently, it enjoys a support base of over 5.99-million plus customers. 

Over the last few years, MoneyLion Insta cash has received several recognitions such as Finovate Award for Best Digital Bank 2019, 2020 Forbes Fintech 50, Webby Awards 2019 People’s Voice Award, and others. 

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How Does MoneyLion Work?

MoneyLion Works in a smooth manner, taking into account several other processes too. 

Primarily, you need to have a MoneyLion account in order to start operating it. 

Anybody can get their account created free of cost online on its site. At the time of registration, you can opt for Instacash advances or paid services like Credit Builder Plus—all its features are robust with a customer-centric approach.

Credit Builder Plus—It costs $20 (approx) per month. It helps you keep a tab on your credit apart from offering various other credit monitoring services. All relevant fees are mentioned on the MoneyLion Website for customers’ convenience. 

As soon as you subscribe to its paid plan, you can take a loan up to $1000 as per your need. Using the app, you can constantly track your credit score 24*7.

Personalized Services

As its member, you can also get access to a financial heartbeat, which tracks the level of fitness of your finances. It empowers its members to understand the nuances of personal finance better and build their goals accordingly. 

All you have to do is open the app and tap on the financial heartbeat option; it comes with a stunning visual and graphics to show a colorful heart, which keeps on changing its colors. You will get a score from 1 to 10, which indicates your overall financial health. 

The concept of financial heartbeat revolves around five S—Strive, Spend, Save, Shield, and Score. With better financial management, you can score more. 

Key Benefits

  • Get direct deposits a couple of days early.
  • Receive 0% APR Instacash SM cash up to $249.99.
  • You need no balance or fees to get started.
  • You can use the benefits in over 55000 ATMs.
  • Get a price-protected MoneyLion Debit Mastercard with no liability.
  • You can obtain RoarMoney virtual card instantly after opening an account.
  • There are no hidden fees or charges

Cash Back Rewards Claim

With every purchase you make through its card, you will receive cashback on it. When you reinvest the amount in the customer’s investment portfolio, your cashback starts growing.

Easy Investment Option

MoneyLion offers an easy way to invest your money and reach goals. There won’t be any management fees or charges. It means once you are a member of MoneyLion, you will get access to plenty of benefits and advantages. 

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MoneyLion Instacash Features

  • No charges or costs or hidden fees
  • Get personalized banking services
  • A useful app to enhance your credit score
  • You can use the app to trade in cryptocoins
  • Monitor your personal finances
  • Receive cash advances up to $249.99 from the app
  • Just press ‘the insta cash’ option on the app to activate this feature on MoneyLion

MoneyLion Instacash Pros and Cons

The List of Merits

  • It’s cheaper and prompter than taking overdraft facility from banks
  • Get your loan approved within a few minutes.
  • It comes with an easy repayment option, which makes it highly suitable for customers facing a financial crunch
  • You can even clear your loan early with no additional charges
  • The entire process is crystal clear and transparent.

The List of Demerits

  • It won’t work without a bank account
  • It can make you addicted to loans and borrowings
  • The process of easy loan approval can make you spendthrift
  • Sometimes the processing of loans on the MoneyLion app takes up to five days
  • You won’t get a financial planner or advisor to help you
  • The app doesn’t provide IRA or 401K option

MoneyLion Fees and Pricing

If you want to get access to all its features, you have to pay $20 as monthly charges along with the EMIs of the loan amount. 

Is MoneyLion a Scam?

MoneyLion is a useful app and follows all safety guidelines. All its bank options are FDIC-approved and keep all essential information out of reach of hackers. Customers can get access to Plaid for an additional level of security. 

Why Should You Choose MoneyLion?

You must choose MoneyLion for short-term advances. The process of getting registered on the site is easy and simple. You get quality support and reliable customer service from the app. It is an excellent app when you need a loan or cash advances. 

If you need immediate cash assistance, the MoneyLion app can help. It doesn’t cost any fee or hidden charges. However, you can also opt for other similar apps if you want to.

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MoneyLion’s paycheck advance details

Borrowing amount

You can take an advance up to $249.99. As soon as you connect your bank account you get a borrowing limit. For example, if you get a limit of $200—you can borrow $100 on Monday and then again $100 on Wednesday. That’s how things work out on the app. However, you need to pay some outstanding balances before you borrow again from the app. 

Repayment

The repayment process on the app is easy and simple. The app can automatically deduct a certain amount on a specific date every month. You can even pick a payment day after two weeks. If the app doesn’t have enough fees when it tries to automatically deduct payment, you may have to incur an overdraft fee.

How to Qualify for MoneyLion’s Instacash Advance?

First of all, the app will review your bank data—deposits and withdrawals. It will scrutinize your application and determine whether to approve or disapprove your request. If your application is approved the app will determine to how much extent you will get a cash advance.

Here is the checklist to become eligible for MoneyLion’s Instacash Advance

  • A verifiable bank account in your name.
  • It must be active and you have to provide a couple of months’ banking history to the app.
  • You must have maintained a positive balance consistently in the last few months.
  • You must have enough banking transactions performed over the same period. 

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How to Get a MoneyLion Instacash Advance?

Step 1: Download MoneyLion App online from the app store

Step 2: Fill out all necessary details on the app and also furnish your banking details and connect your bank to the app.

Step 3: The App (MoneyLion) will automatically inspect your bank and profile

Step 4: Once the app is activated, you can make a request for the app.

Step 5: Here you have to select how much amount you wish to borrow.

Step 6: Soon you will see the amount credited to your app.

Step 7: On a specified date, MoneyLion will debit a predetermined amount from your bank account.  

How long does it take for MoneyLion Instacash?

MoneyLion Instacash takes up to five days to credit the requested amount to your app. 

In Conclusion

MoneyLion App is helpful to meet your emergency needs. It is equally useful to repay the advance amount and other expenses. You will also get all the necessary details regarding your financial health on this app.

Though MoneyLion is fully legit and legal, still financial experts may ask you not to indulge in such types of cash advances system. The idea is to start saving a small amount of money per month from your earnings or income so that you will have enough money to take care of your emergency needs in the future whenever you need the same.

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TheLiveCash is a team of experts in finance and banking. We are striving together to bring financial clarity to readers across the world. We write about savings, making and budgeting money, investing, taxes, loans, and all other financial topics.