March 15, 2023
Money Hacks

How to Borrow Money from MoneyLion

On the hunt for a cash advance? We got you. 

Hit with a bill you weren’t expecting?

Whether you need help covering your bills until your next paycheck, or your gas tank is crying out, Cleo can spot you up to $100. (Eligibility requirements apply.)

No credit checks and no interest.

And unlike other cash advance apps, we don’t require a proof of income.

We see you gig workers 💙

Wanna find out more about Cleo’s Plus subscription? Here’s How to Get the Max Amount from a Cleo Cash Advance 💡

What is MoneyLion?

MoneyLion is a mobile banking platform which offers a variety of financial services and products including its ‘Instacash’ cash advance, credit monitoring, and investment management.

It launched in 2013 and its headquarters is based in the Big Apple 🍎

MoneyLion has just over seven million users and is available to download in all 50 states.

Here for it.

How much can you get?

If eligible, MoneyLion’s ‘Instacash’ feature lets you take out cash advances of up to $500 with 0% APR and no credit checks or monthly fees.

The amount you can get depends on your individual financial circumstances, including your credit score, income, and other factors.

In the beginning, you’ll unlock $25 or more. And if MoneyLion detects recurring deposits in your linked external account, you’ll unlock at least $50 and up to $500.

On average, MoneyLion says it takes around three to eight weeks to become eligible for the maximum amount of Instacash.

Repayments are automated. You’ll pay back the cash advance amount plus any fee for turbo delivery if you requested an instant cash advance.

MoneyLion requirements

🏦 Checking account: Choose an account that’s been open for at least two months. It’ll need to show recurring deposits, have a positive balance, and you need to be using it regularly.

🔍 Identity verification: Make sure all of the info you’ve entered matches your public records.

MoneyLion says any kind of income or recurring deposits, including government benefits should help you qualify for Instacash. And the higher and more consistent your deposits are, the higher the Instacash you’ll unlock over time.

MoneyLion reviews

MoneyLion has a Trustpilot rating of 4.7/5 out of 28,000 reviews.

Review from Trustpilot
Review from Trustpilot

Apps like MoneyLion

1) Cleo

💙 The Gig Worker Cash Advance App 💙

Other cash advance apps may require a specific income, but not Cleo. She’s cool like that.

Cleo’s cash advance* is interest free and there’s no credit checks. And unlike payday loans and overdraft fees, she won’t affect your credit score.

💵 Maximum amount: $100
🏦 Fees: $5.99 monthly subscription and no late fees
✅ Repayment: It’s up to you when you want to repay
🔎 Credit check: No
📈 Interest: Absolutely not

Cleo has an App Store rating of 4.6/5 from over 81,000 reviews.

2) Klover

If eligible, you could get a cash advance of up to $200.

You’ll also get access to other handy financial tools, some of which include:

  • Create spend and save goals
  • Opt-in to track your credit score
  • Earn extra points when you save money

💵 Maximum amount: $200
🏦 Fees: $3.99
✅ Repayment: Your next payday
🔎 Credit check: No
📈 Interest:No

Klover has a Google Play rating of 4.2/5 from over 43,000 reviews.

To see the full list, head over to The Best Cash Advance Apps in 2023 💖

Cleo is the cash advance app that can help you escape the cash advance cycle. How? By creating a budget that works for you (not the other way round), so you can save each month.

And did we mention the budget feature is free?

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference.
Big love. Cleo 💙

*Eligibility requirements apply. Cash Advance is a feature of the Cleo Builder Subscription.

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