Do you need some funds for an emergency expense, but your paycheck won’t arrive in time? Some people go to the grocery store or movie night short on cash. With Instacash (4) , if you need a few extra dollars, you can get a cash advance when you have a qualified banking account linked to your MoneyLion account (*) . Instacash also comes at a 0% APR. Our Instacash review will highlight the resource’s benefits and some factors to consider.
What Is Instacash?
Whether you need to pay a bill, avoid a late fee, fill the tank, or treat yourself to a night out, Instacash helps you handle all of life’s fun and not-so-fun surprises. MoneyLion users can get a 0% APR advance of up to $500 through Instacash, although the first few advances may be less than that. Instacash helps users cover emergency expenses while waiting for the next paycheck. You won’t have to take out a credit card advance or worry about the high-interest rates on payday loans. Instead, you can get the money you need for an emergency expense at 0% APR.
How Does Instacash Advance Work?
You link Instacash to a qualified banking account. Having consistent, recurring direct deposits helps you unlock Instacash and increase your limit. A MoneyLion user can see their advance limit on the Instacash screen in the MoneyLion mobile app. Once approved, you can request the amount you are approved for. Funds will show up within 12-48 hours if you have linked your RoarMoney account. (A RoarMoney account has an account fee of $1 a month. This fee goes up to $3/mo for a $5,000 account and $5 per month for an account valued at over $25,000) It will take 3-5 days to receive Instacash funds in an external banking account. MoneyLion users can pay an optional Turbo delivery fee to speed up delivery. A turbo fee provides funds within minutes for a RoarMoney account and arrives within 4 hours to an external checking account.
If you set up qualifying recurring direct deposits into a RoarMoney account, you can unlock cash advances up to 30% of your recurring direct deposit amount per pay period or benefit check. So if your direct deposit is $600, you’re eligible for up to $180 in Instacash. The amount you borrowed is automatically deducted from your account on the due date as determined by your pay cycle — with no interest.
Instacash lets you spend money while waiting for your next paycheck. Depending on your bank account and if you pay the Turbo fee, you’ll receive funds almost instantly or within five business days if the regular delivery route is chosen. (1) You can plan ahead to avoid the Turbo fee and have the funds you need to cover the emergency expense or another spending category. If you know you’re going to the movies on Saturday, you can make your request on the previous Monday. A RoarMoney Account gives more leeway, as the funds will arrive within 48 hours.
To receive your cash advance, tap Instacash on the app’s interface. In the beginning, you’ll unlock $25 or more. If you implement recurring deposits in your linked external account, you’ll unlock at least $50 and up to $500. MoneyLion members with a credit builder loan can borrow up to $700 through Instacash, and RoarMoney members can borrow up to $1,000 at 0% APR.
How To Qualify for Instacash
MoneyLion has a few simple requirements for your banking account. It must:
- Show it is active and receiving deposits consistently
- Be at least two months old
- Have a positive balance
A savings or money market account will not qualify for Instacash.
MoneyLion Instacash Account FAQs
Want to know more about Instacash and how it can help you? These questions come up often.
How Much Can You Get with Instacash?
If MoneyLion can detect qualifying recurring direct deposits in your external linked account and can predict when your income is deposited, you’ll have access to Instacash, typically up to $500. Higher deposit amounts will usually unlock higher Instacash limits. If we can’t detect any recurring income, you’ll have access to a lower amount, with a minimum of $25. In addition, when you become a member of Credit Builder Plus (6) , you will gain access to Instacash advances of at least $50 (and up to $700) per direct deposit period.
With direct deposits into a RoarMoney account:
- Your Instacashlimit will be up to 30% of your recurring direct deposit amount per regular deposit cycle, up to a maximum of $1,000 with Safety Net.
- If it cannot be determined that the direct deposit in your RoarMoney account is regularly recurring (i.e., with a standard pay frequency of either weekly, bi-weekly, semi-monthly or monthly), you’ll have access to a lower amount but not less than $50.
An Instacash Boost can also temporarily increase the amount of your Instacash limit up to the maximum. Boosts are awarded to users who complete certain actions within the MoneyLion app as well as during promotional periods. For example, you can earn an Instacash Boost if you make your Instacash repayments by your scheduled repayment date or if you make the payments on your Credit Builder loan on time or fully pay them off. MoneyLion customers can meet the eligibility requirements for a Boost and get more information in the MoneyLion app.
Are There Fees Involved with Instacash?
Instacash has no monthly fees, but it has two optional ones. MoneyLion users can pay an optional Turbo fee to obtain funds immediately or within hours. The optional Turbo fee amount depends on how much money you want to borrow. You can also create a RoarMoney account which has a monthly maintenance fee from $1 to $5 per month, depending on the size of your portfolio. Check out MoneyLion’s FAQ on their website for a breakdown of fees.
How Will Instacash Get Repaid?
MoneyLion doesn’t have an interest rate for Instacash, which removes a significant expense for borrowers. This structure makes the repayment more manageable, and MoneyLion does this automatically as well. MoneyLion will deduct funds from your RoarMoney account each day until Instacash gets fully repaid. If you do not have enough funds in your account, MoneyLion will use available funds to make a partial payment for that day. MoneyLion can also use an alternative debit card that you designate for Instacash payments. The entire process happens seamlessly if you add money to your account after receiving Instacash. Credit card companies do not let you automatically repay a cash advance which can work in the issuer’s favor if a borrower forgets (credit card cash advances are subject to high-interest rates).
How Can I Increase My Instacash Limit?
Instacash starts you off with a $25 limit, and you can borrow up to $500 at 0% APR. You can take out a Credit Builder loan to increase your max to $700, while a RoarMoney account gets you to a $1,000 maximum limit, the highest amount of Instacash MoneyLion currently offers. Instacash uses a simple formula to determine how much a user can borrow. MoneyLion reviews your account transaction history to determine how much you can borrow. 30% of your monthly recurring deposits and turns that into your Instacash limit.
If you deposit $1,000 into your MoneyLion checking account each month, you can borrow up to $300 at 0% APR through Instacash. MoneyLion rewards good financial behavior through a higher Instacash limit and other features. Making higher deposits each month gives you access to higher interest-free cash advances when you need them. Deposits into your savings account will not contribute to your Instacash limit.
How To Get Started with MoneyLion
You can download MoneyLion from your device’s app store and create an account. In addition to Instacash, MoneyLion offers a suite of financial products and services, including:
- Credit Builder Plus, which gives you access to apply for a Credit Builder loan along with other perks (6)
- Monitoring your credit score and other key factors like credit utilization
- Personalized credit-building tips and insights sent right to your inbox
- A RoarMoney account that, for a $1/month administrative fee, lets you get paid up to two days early (3)
- A crypto account to buy, hold and sell crypto 24/7 (8)
- Fully managed investing so you can build a personalized investment portfolio (7)
- And much more!