9 Apps Like MoneyLion 

Brigit

Finest For: Quick funding

Money Advance Restrict: $50 to $250 | Curiosity: None | Time Body for Funds: 20 minutes for a price, in any other case 1 day

Brigit presents its Instantaneous Money advance. To qualify, you could have not less than three recurring deposits from the identical employer or deposit supply. The advance is mostly repaid in your subsequent payday, although you possibly can set different dates as properly.

The money advance restrict begins at $50 however can finally be elevated to $250. There aren’t any penalties or late charges if you’re unable to repay by the compensation date. You should take part in one of many two premium plans supplied to make the most of Instantaneous Money.

Funds are delivered on the identical day if initiated earlier than 10:00 AM (Japanese time) on a enterprise day. If the request is initiated after 10:00 AM or on Saturdays or Sundays, supply will happen the following day. Nonetheless, for a small price, you possibly can make the most of Specific Supply and have your funds inside 20 minutes.

Brigit additionally presents a credit-builder program in addition to their Earn & Save plan, which helps you discover facet gigs to earn more cash, in addition to to cut back bills.

How Brigit is an app like MoneyLion:

• Money advances with no charges or curiosity
• Credit score-builder program

Learn our full evaluation of Brigit right here.

Finest for Budgeting: Dave

Finest For: Budgeting

Money Advance Restrict: $500 | Curiosity: None | Time Body for Funds: 5 minutes for a price, in any other case 3 days

Dave is a cell banking app that gives a spending account, entry to facet hustles, and a targets account that can assist you monitor your financial savings progress. By means of their ExtraCash account, they provide money advances of as much as $500 in 5 minutes or much less, with no curiosity or month-to-month charges. There isn’t any credit score examine and no charges — together with no late charges — with the account.

The money advance is obtainable between paychecks and should be repaid in your subsequent payday. Funds from the advance can be utilized for nearly any objective.

Dave expenses a $1 subscription price and likewise permits customers to depart an optionally available tip when taking an advance. A few of these ideas can be allotted towards their Feeding America program, which has supplied over 100 million meals up to now.

A free switch takes three enterprise days to reach in your account. For a 3% price, with a minimal of $3, you possibly can have the funds in a couple of minutes in your Dave debit card. If you’d like it on an exterior debit card, the price is 5% with a $5 minimal, and the funds ought to arrive throughout the hour.

How Dave is an app like MoneyLion:

• Money advances with no credit score examine, no charges, and no curiosity
• Cellular banking features

Finest for Bigger Advances: Earnin

Finest For: Bigger advances

Money Advance Restrict: as much as $750 per pay interval | Curiosity: None | Time Body for Funds: 5 minutes for a price, in any other case 1-2 days

Earnin presents its Money Out money advance program. You will get $100 per day, and a complete of $750 per pay interval for every advance. Not solely are there no curiosity or charges, however Earnin additionally doesn’t require a credit score examine. To qualify, you could earn not less than $320 every pay interval. Like Dave, you possibly can go away an optionally available tip for every advance you are taking.

Advances usually take one to 3 enterprise days to achieve your account. There isn’t any price for normal transfers, however you possibly can have funds deposited into your linked checking account immediately by making the most of the Lightning Pace characteristic. There’s a price of $3.99 to $4.99 for this service, relying on the quantity. Nonetheless, transfers over $100 are solely out there for Earnin Card holders.

Earnin additionally presents free credit score rating monitoring. You will get immediate entry to your VantageScore 3.0 by Experian, and even obtain fraud alerts.

How Earnin is an app like MoneyLion:

• Money advances with no curiosity or charges and no credit score examine

Finest for Credit score Constructing: Chime

Finest For: Credit score constructing

Money Advance Restrict: $200 | Curiosity: None | Time Body for Funds: 5 minutes to the Chime debit card

Chime differs considerably from MoneyLion in that it’s primarily an internet banking app. Since they require no credit score examine, it’s a wonderful alternative for many who are both seeking to construct credit score or rebuild it after a tough patch.

Chime presents their SpotMe overdraft characteristic, offering you with as much as $200 on debit card purchases. No overdraft charges apply. Your overdraft steadiness can be coated by your subsequent account deposit. You possibly can even have your credit score restrict elevated by “Boosts” from different Chime members.

Like among the different apps on this listing, Chime works with optionally available ideas, which you can also make after repaying the destructive steadiness in your account. You possibly can qualify for the SpotMe characteristic when you obtain $200 or extra in qualifying direct deposits over the previous 34 days, and have activated your Chime debit card.

Chime additionally supplies a credit-builder plan and high-yield financial savings account.

How Chime is an app like MoneyLion:

• Money advances with no curiosity or charges and no credit score examine

Learn our full evaluation of the Chime Checking Account right here.

ONE@Work (previously Even)

Finest For: Paycheck integration

Money Advance Restrict: as much as internet pay | Curiosity: None | Time Body for Funds: Immediately for a price, in any other case 1 day

Recognized for a very long time as Even, this app is now ONE@Work. It companions with main employers, like Walmart, to offer instruments that can assist you to handle your pay higher. The truth is, to make the most of the service you should be employed by an organization that provides the service as an worker profit. And since it’s a profit, it’s free to make use of.

ONE@Work presents money advances by its Instapay service. The amount of money advances relies in your internet pay, not on any predetermined flat quantity. Nonetheless, most employers will restrict how a lot of your internet pay will be superior, which is often not more than 50%. Money advances are usually dispersed inside one enterprise day, and supply choices are free.

ONE@Work additionally lets you save a proportion of your pay robotically, supplies funds help once you join your checking account, and lets you monitor and undertaking your earnings every pay interval. The service is utilized by greater than 800,000 staff nationwide.

How ONE@Work is an app like MoneyLion:

• Money advance with no charges or curiosity

Klover

Finest For: Aim setting

Money Advance Restrict: $200 | Curiosity: None | Time Body for Funds: Immediately for a price, in any other case 3 days

If there’s a big distinction between Klover and every other monetary apps on this information, it’s that they provide money advances with no particular identify. They merely consult with them as Klover advances. And in contrast to different apps that cost no charges however request optionally available ideas, Klover admits they become profitable off the adverts they show to you on the app. 

You’ll be eligible for a money advance after you will have had three constant direct deposits out of your employer. Normal deliveries are free and may take as much as three enterprise days. However you may as well request an instantaneous debit with a price of between $1.49 and $20.78.

Klover additionally presents the flexibility to earn factors for taking surveys and watching adverts, which will be cashed out for a much bigger advance. Additionally they supply a budgeting functionality, that can assist you create spending and financial savings targets. It’s also possible to choose in to trace your credit score rating.

How Klover is an app like MoneyLion:

• Money advance with no charges or curiosity

Albert

Finest For: Further companies

Money Advance Restrict: $250 | Curiosity: None | Time Body for Funds: Immediately

Albert could come the closest to matching MoneyLion within the vary of companies it presents. That’s as a result of you possibly can financial institution, save, and make investments on the identical app. Relatively than providing a money advance provision, they supply as much as $250 in overdraft safety. There isn’t any curiosity, however a month-to-month price (as listed above) is charged for being a part of the Albert Money program.

As a member of Albert Money, you’ll have entry to banking companies, which can embrace a money again debit card with entry to greater than 55,000 fee-free ATMs nationwide, in addition to a financial savings account, full with FDIC insurance coverage of as much as $250,000. There aren’t any account minimums required, and no switch or ATM charges.

Albert additionally presents entry to monetary professionals, budgeting capabilities, and credit score rating monitoring. It’s also possible to make investments by Genius, beginning with simply $1. You’ll be supplied with a customized portfolio composed of lots of of shares and ETFs, with an auto-invest characteristic to allow you to build up funds steadily and quietly. In the event you like, you possibly can even select your personal investments.

How Albert is an app like MoneyLion:

• Overdraft of as much as $250 with no charges or curiosity
• Gives an funding service, full with portfolio design and a financial savings accumulation functionality

Learn our full evaluation of Albert right here.

Empower

Finest For: Compensation choices

Money Advance Restrict: $250 | Curiosity: None | Time Body for Funds: Immediately for a price, in any other case 2-5 days

Empower supplies money advances of between $10 and $250 by Empower Thrive. There isn’t any curiosity or late charges, and no credit score examine is carried out. Funds will arrive between 2 and 5 days, relying in your financial institution. You possibly can have the funds instantly for a price, which can be between $1 and $8.

The quantity you possibly can borrow relies on how a lot you might be paid, together with an evaluation of your recurring payments and your spending habits.

The funds can be utilized for nearly any objective. Empower expenses $8 per thirty days as a part of the plan, which incorporates monetary instruments for budgeting, monitoring spending, saving cash, and monitoring your credit score rating — along with money advances.

One of many advantages of an Empower Thrive money advance is that you’ve a alternative of compensation phrases. You possibly can select compensation upon receipt of your subsequent paycheck, by cut up funds, and even utilizing handbook funds.

Since Empower will report your fee historical past to the three main credit score bureaus, you’ll even have a possibility to construct or enhance your credit score rating as you make the most of the advances.

How Empower is an app like MoneyLion:

• Money advances with no curiosity, charges, or credit score checks
• Banking companies

Varo

Finest For: Saving

Money Advance Restrict: $500 | Curiosity: None | Time Body for Funds: Immediately

Varo presents money advances by Varo Advance. You’ll begin with small advances, often $20, and work your manner as much as $500. If you make the most of an advance it should seem in your checking account in a matter of seconds.

You’ll want a minimal of $800 in certified direct deposits to qualify for an advance. Nonetheless, you have to to open a Varo Financial institution Account or Financial savings Account to be eligible. As soon as you are taking an advance, you’ll have as much as 30 days to repay.

Varo doesn’t cost curiosity on money advances, however they do have a price of as much as $40 relying on the quantity borrowed.

Varo is an internet banking app and likewise presents a high-yield financial savings account (paying as much as 5.00% APY as of publishing on the primary $5,000 deposited), with no charges and no minimal deposit requirement. Additionally they supply a credit score builder card that can assist you construct or enhance your credit score rating.

How Varo is an app like MoneyLion:

• Money advances with no curiosity, however they do cost a price for every advance
• On-line banking and financial savings

Learn our full evaluation of Varo right here.

What Are Money Advances?

A money advance is a small, short-term mortgage, usually round $200 to $500 that doesn’t require a mortgage course of or credit score examine (usually). In contrast to private loans or bank cards, which require an software course of and credit score examine, money advance apps like MoneyLion can grant you funds shortly no matter your credit score rating.

Whereas money advances can be made with a bank card, this is not choice. When borrowing bodily money from a bank card, you may pay a transaction price and hefty rates of interest — usually a lot larger than your regular APR.

You have seemingly additionally heard about payday loans, that are quick loans that additionally do not require a credit score examine. They usually have compensation phrases of two weeks, therefore the identify “payday mortgage.” However they usually include predatory rates of interest and needs to be averted in any respect prices.

In the event you want cash quick, you are significantly better off with apps like MoneyLion as a substitute.

How Does a Money Advance App Work?

To make use of a money advance app, you may have to first provide some fundamental data throughout the app, akin to your employment standing and checking account — the app will hook up with your account for simple direct deposit and compensation.

Whereas the method will assess your creditworthiness (for instance, when you’re unemployed or have a financial institution steadiness of $0, you are unlikely to have the funds to repay), these apps usually do not require a tough credit score examine. The approval course of is often fairly fast, and also you need not fear about getting a tick towards your credit score rating such as you would when making use of for a financial institution mortgage or bank card.

As soon as your account is accredited and arrange, you possibly can request funds. These can be straight deposited into your checking account inside just a few days, hours, and even minutes. Relying on the phrases of your money advance app, your repayments can be pulled out of your checking account on the due date, which usually coincides together with your subsequent paycheck.

Execs and Cons of Money Advance Apps

Money advance apps can really feel like a lifeline once you want entry to a small amount of money quick. However they are not good, and also you should not depend on them to commonly spend past your means forward of payday — that is a recipe for creating unhealthy monetary habits.

In the event you’re contemplating utilizing money advance apps like MoneyLion, you may wish to weigh the professionals and cons of them earlier than accessing funds.

Execs

• Fast money: Money advance apps are nice for getting cash shortly and effectively. Many apps supply same-day funding — some even inside a couple of minutes.
• No curiosity: Whereas bank cards and loans can have excessive rates of interest, this is not the case with the money advance apps like MoneyLion famous above.
• Further companies: Many money advance apps additionally embrace options like loans, financial savings accounts, and budgeting instruments, supplying you with extra worth past simply borrowing cash.

Cons

• Charges: Whereas many of the apps on this listing do not cost month-to-month charges, some do. Verify whether or not you are getting sufficient worth out of the app past simply money advances to resolve if it is definitely worth the price.
• Small borrowing quantities: In the event you want quite a lot of hundred {dollars}, you are unlikely to entry it by a money advance app. This implies you may seemingly have to show to a bank card or private mortgage for a big buy, each of which can cost excessive curiosity.
• Potential debt cycle: Whereas all of us have to entry credit score and loans sooner or later, you do not wish to make a behavior of dipping into funds you do not have. Money advances will be straightforward, which can create unhealthy habits.

What to Search for in Money Advance Apps Like MoneyLion

As you are evaluating money advance apps like MoneyLion, you may wish to think about the next components.

• Financial institution affiliations: Earlier than anything, you may wish to examine that the app truly works together with your checking account so that you could join for direct deposit. Or if you’re prepared to maneuver your checking account to the app’s financial institution.
• Charges and charges: Do they cost a month-to-month price or curiosity on the quantity you borrow? You’ll want to examine for any hidden charges.
• Funding time: How shortly are you able to entry your money advance and is there a price for sooner funding?
• Compensation phrases: How does the compensation course of work and do you will have any choices on how and when to repay?
• Overdraft coverage. Some apps will not pull fee out of your account if there are inadequate funds. Be sure you will not get dinged with any overdraft charges.
• Ease of use: Since these are all cell apps, they need to be intuitive to make use of and simple to entry.
• Further options: Do they provide companies past money advances, akin to credit-building and budgeting instruments?
• Customer support: Try some on-line opinions to see what different folks consider the app itself and the assist it presents.

How These Apps Evaluate to MoneyLion

In comparison with the apps listed above, MoneyLion stands out for providing the very best money advance restrict — whereas it is usually $500, it may be elevated to as much as $1,000. There’s additionally no curiosity, no month-to-month price, and no credit score examine.

The usual supply time for getting your funds is longer than among the apps we have talked about, at as much as 5 days. Though you possibly can scale back this to at least one or two days when you open a RoarMoney account, or you will get it inside minutes for a price (price quantities are based mostly on the quantity you’ve got requested).

The place MoneyLion stands out essentially the most is with its Credit score Builder Plus program. When you have poor credit score or no credit score, you possibly can take part on this plan, with no credit score examine. You’ll be supplied with a mortgage of as much as $1,000 that may enable you to set up a 12-month fee historical past with all three main credit score bureaus. When you repay your mortgage, the funds within the account can be all yours.

Nonetheless, as a number of of the opposite money advance apps we have listed additionally supply credit score reporting and credit-building assist, MoneyLion is not the one choice in the marketplace if that is what you are searching for.

Backside Line

Monetary apps like MoneyLion have solely been round for just a few years. Most began by providing solely a single service, like offering money advances. However many have expanded into providing different monetary companies. Due to this, not solely can they enable you to safe some additional funds once you want them, however they will additionally enable you to construct your monetary future. 

They do that by offering numerous monetary companies, like credit score and loans, spending and financial savings accounts, and even investments. In the event you’re new to the monetary world, monetary apps will help you alongside your journey.