MoneyLion, founded in 2013, seeks to provide comprehensive financial memberships to empower Americans with services such as zero-fee checking, easy managed investing, credit-building tools and loans, and more. This relatively new player in the digital banking space has garnered support from industry incumbents like Capital One (NYSE: COF).
MoneyLion recently launched a new service to add to their growing list of financial tools called Instacash.
What Is Instacash?
MoneyLion says Instacash is a safe and affordable alternative to payday loans. It allows you to get 0% APR cash advances up to $250, quickly and easily — any time, day or night. Whether you need to cover an unexpected bill or pay for a night out, Instacash advances can help you get the funds you need fast without high interest rates and inflated fees.
Traditional payday loans have a predatory reputation as they charge extremely high interest rates and fees to borrow money quickly. If you’re looking for the same $250 through a payday loan, you could be paying interest with an APR in the hundreds and an initial flat fee to even access those funds.
With MoneyLion, you can borrow that same amount at absolutely 0% interest. MoneyLion strives to help people who need cash, not take advantage of them like payday loan companies do.
How To Get Instacash From MoneyLion
If you’re in a pinch or don’t want to miss out and need access to quick funds, MoneyLion can help with 0% APR Instacash advances.
First, you will need to open an account with MoneyLion in the free MoneyLion app and securely link a checking account to see if you qualify for Instacash. There’s no credit check to apply.
Once you have linked your account, head over to the “Finances” tab of the MoneyLion app, select “Instacash” and request how much money you will need. The amount of your available Instacash is based on a few factors, and MoneyLion makes it easy to understand how to unlock more.
After you get your instant cash advance, you can use the funds for whatever you like, and you’ll pay it back with zero interest.
MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.
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