MoneyLion is a financial app designed to help users manage and grow their money through a combination of cash advances, credit-building tools, and personalized investment options. Known for its fee-free Instacash advances and credit-builder loans, MoneyLion offers a full range of financial products that make it a one-stop shop for personal finance. This review explores MoneyLion’s features, benefits, and how it measures up against other financial apps.

What Is MoneyLion?

MoneyLion is a financial technology company offering an all-in-one app for budgeting, investing, banking, and credit improvement. With tools like Instacash for cash advances, a RoarMoney bank account, and credit-building loans, MoneyLion is designed to support users in building a strong financial foundation while offering fee-free cash access.

Key Features of MoneyLion

MoneyLion’s suite of features covers all aspects of personal finance, from cash advances to investment opportunities:

• Instacash Advances: MoneyLion’s Instacash feature allows users to access cash advances up to $500 with no fees or interest.
• Credit Builder Loans: For users looking to improve their credit, MoneyLion offers low-cost credit-builder loans.
• RoarMoney Account: This digital bank account includes fee-free access to over 55,000 ATMs and early paycheck access through direct deposit.
• Managed Investment Accounts: MoneyLion offers personalized investment portfolios for users interested in growing their savings.
• Financial Tracking and Insights: The MoneyLion app includes budgeting and expense-tracking tools to help users better manage their spending.

How Does MoneyLion Work?

To get started, download the MoneyLion app, create an account, and link your bank. With direct deposit, users can access early paycheck advances, take advantage of Instacash for fee-free cash advances, and set up a RoarMoney bank account for seamless digital banking.

MoneyLion’s Instacash: Fee-Free Cash Advance

MoneyLion’s Instacash is a top feature for users who need quick access to cash. Here’s how it works:

1. Eligibility: To qualify, users need to link a checking account that shows consistent income.
2. Using Instacash: Instacash allows users to access up to $500 in cash advances, with no fees or interest, directly deposited into their account.
3. Repayment: The cash advance is automatically repaid on your next payday, making it easy to manage.

Instacash provides a flexible, fee-free option to cover short-term financial needs without the interest or fees associated with traditional loans.

Is MoneyLion Legit?

Yes, MoneyLion is a legitimate and trusted financial platform with over a decade in the industry. It provides FDIC-insured accounts through partner banks and is highly rated for its easy-to-use app and accessible financial tools.

How Does MoneyLion Compare to Traditional Banks?

MoneyLion’s comprehensive features make it a versatile alternative to traditional banks, especially for those interested in credit-building and fee-free cash advances. Here’s a comparison:

How MoneyLion Makes Money

MoneyLion doesn’t rely on traditional fees for revenue. Instead, it earns money through optional subscription services (such as Credit Builder Plus), interchange fees from card transactions, and interest on credit-builder loans. This approach allows MoneyLion to offer many features, like Instacash advances, without passing costs on to the user.

Maximizing Your MoneyLion Experience

To get the most out of MoneyLion, here are a few tips:

• Activate Instacash for Fee-Free Advances: Use Instacash for short-term cash needs without fees or interest.
• Use Credit Builder Loans to Improve Credit: Take advantage of MoneyLion’s credit-builder loan to steadily build a positive credit history.
• Set Up a RoarMoney Account for Early Paychecks: With direct deposit, you can access your paycheck up to two days early.
• Automate Investments with Managed Portfolios: For hands-off investing, MoneyLion’s managed accounts provide tailored portfolios based on your goals.

Alternatives to MoneyLion

If MoneyLion doesn’t fit all your needs, here are other financial apps to consider:

• Earn In: Let's there user's get up-to $750 per pay period in early wage access.
• Super.com: Offers up to $250 in fee-free overdrafts, and ways to earn money right off your phone.
• True Finance: Specializes in cash advances up to $100 with credit monitoring and identity protection.

Each app provides unique advantages. MoneyLion stands out for users who want a comprehensive financial solution, while Chime and Current are popular for their overdraft protection features, and True Finance is a solid choice for those seeking basic cash advances with credit monitoring.

Final Thoughts

MoneyLion is a robust app for those looking to manage all aspects of their finances in one place. With its fee-free Instacash, credit-builder loans, and investment options, MoneyLion offers a versatile toolkit for users wanting a more complete financial solution. However, if you’re primarily looking for basic banking or cash advance options, alternatives like Chime, Current, or True Finance might be a better fit.

MoneyLion’s cash advance options and credit-building tools make it a top choice for users who need flexible, accessible financial resources without traditional fees. For a full-service financial app, MoneyLion is well worth exploring, but for simpler needs, Chime, Dave, or True Finance may be ideal.

Frequently Asked Questions

1. How does MoneyLion’s Instacash feature work?
   Instacash allows users to access up to $500 in fee-free cash advances. The advance is automatically repaid on the next payday.
2. Does MoneyLion have any fees?
   MoneyLion has no fees for its core services, though it offers optional subscriptions, like Credit Builder Plus, for advanced features.
3. Is MoneyLion safe to use?
   Yes, MoneyLion is a secure, FDIC-insured financial app through partner banks, and it uses encryption to protect user data.
4. Can I invest with MoneyLion?
   Yes, MoneyLion provides managed investment accounts with personalized portfolios to help users grow their savings.
5. What is the RoarMoney account?
   RoarMoney is MoneyLion’s digital banking account, which includes access to fee-free ATMs, early paycheck deposits, and the Instacash feature.
6. What are MoneyLion’s credit-builder loans?
   MoneyLion’s credit-builder loans help users establish a positive credit history by making small, regular payments.