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 charge, in any other case 1 day

Brigit provides its Instantaneous Money advance. To qualify, you need to have no less than three recurring deposits from the identical employer or deposit supply. The advance is mostly repaid in your subsequent payday, although you’ll be able to 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 need to take part in one of many two premium plans supplied to benefit from Instantaneous Money.

Funds are delivered on the identical day if initiated earlier than 10:00 AM (Jap time) on a enterprise day. If the request is initiated after 10:00 AM or on Saturdays or Sundays, supply will happen the subsequent day. Nonetheless, for a small charge, you’ll be able to benefit from Categorical Supply and have your funds inside 20 minutes.

Brigit additionally provides a credit-builder program in addition to their Earn & Save plan, which helps you discover aspect gigs to earn extra money, in addition to to scale back bills.

How Brigit is an app like MoneyLion:

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

Learn our full assessment 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 charge, in any other case 3 days

Dave is a cellular banking app that gives a spending account, entry to aspect hustles, and a targets account that can assist you observe your financial savings progress. By 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 a credit score test 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 almost any objective.

Dave expenses a $1 subscription charge and in addition permits customers to depart an non-compulsory tip when taking an advance. A few of these suggestions can be allotted towards their Feeding America program, which has supplied over 100 million meals to date.

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

How Dave is an app like MoneyLion:

• Money advances with no credit score test, no charges, and no curiosity
• Cell 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 charge, in any other case 1-2 days

Earnin provides 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 test. To qualify, you need to earn no less than $320 every pay interval. Like Dave, you’ll be able to depart an non-compulsory tip for every advance you’re taking.

Advances usually take one to 3 enterprise days to achieve your account. There isn’t a charge for traditional transfers, however you’ll be able to have funds deposited into your linked checking account immediately by profiting from the Lightning Pace characteristic. There’s a charge of $3.99 to $4.99 for this service, relying on the quantity. Nonetheless, transfers over $100 are solely accessible for Earnin Card holders.

Earnin additionally provides 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 test

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 a web based banking app. Since they require no credit score test, it’s a superb selection for many who are both trying to construct credit score or rebuild it after a tough patch.

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

Like a few of the different apps on this listing, Chime works with non-compulsory suggestions, which you may make after repaying the damaging stability in your account. You’ll be able to qualify for the SpotMe characteristic in the event you obtain $200 or extra in qualifying direct deposits over the previous 34 days, and have activated your Chime debit card.

Chime additionally offers 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 test

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

ONE@Work (previously Even)

Finest For: Paycheck integration

Money Advance Restrict: as much as web pay | Curiosity: None | Time Body for Funds: Immediately for a charge, 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 supply instruments that can assist you to handle your pay higher. The truth is, to benefit from the service you should be employed by an organization that gives the service as an worker profit. And since it’s a profit, it’s free to make use of.

ONE@Work provides money advances by its Instapay service. The amount of money advances relies in your web pay, not on any predetermined flat quantity. Nonetheless, most employers will restrict how a lot of your web pay may 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 mechanically, offers finances help whenever you join your checking account, and lets you observe 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 charge, in any other case 3 days

If there’s a major distinction between Klover and some other monetary apps on this information, it’s that they provide money advances with no particular title. They merely consult with them as Klover advances. And in contrast to different apps that cost no charges however request non-compulsory suggestions, Klover admits they earn cash off the adverts they show to you on the app. 

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

Klover additionally provides the flexibility to earn factors for taking surveys and watching adverts, which may be cashed out for a much bigger advance. Additionally they provide a budgeting functionality, that can assist you create spending and financial savings targets. You can even 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: Extra 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 provides. That’s as a result of you’ll be able to financial institution, save, and make investments on the identical app. Fairly than providing a money advance provision, they supply as much as $250 in overdraft safety. There isn’t a curiosity, however a month-to-month charge (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 provides entry to monetary professionals, budgeting capabilities, and credit score rating monitoring. You can even 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. Should you like, you’ll be able to even select your personal investments.

How Albert is an app like MoneyLion:

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

Learn our full assessment of Albert right here.

Empower

Finest For: Reimbursement choices

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

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

The quantity you’ll be able to 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 almost any objective. Empower expenses $8 monthly 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 got a selection of compensation phrases. You’ll be able to select compensation upon receipt of your subsequent paycheck, by break up funds, and even utilizing handbook funds.

Since Empower will report your cost 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 benefit from 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 provides money advances by Varo Advance. You’ll begin with small advances, often $20, and work your manner as much as $500. Once you benefit from an advance it’s going to 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’re 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 charge of as much as $40 relying on the quantity borrowed.

Varo is a web based banking app and in addition provides 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 provide 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 charge for every advance
• On-line banking and financial savings

Learn our full assessment 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 test (usually). In contrast to private loans or bank cards, which require an utility course of and credit score test, money advance apps like MoneyLion can grant you funds rapidly no matter your credit score rating.

Whereas money advances will also be made with a bank card, this is not an excellent choice. When borrowing bodily money from a bank card, you will pay a transaction charge and hefty rates of interest — usually a lot increased than your standard APR.

You’ve got doubtless additionally heard about payday loans, that are quick loans that additionally do not require a credit score test. They usually have compensation phrases of two weeks, therefore the title “payday mortgage.” However they typically include predatory rates of interest and ought to be prevented in any respect prices.

Should you want cash quick, you are a lot 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 will must first provide some fundamental data inside the app, akin to your employment standing and checking account — the app will connect with your account for simple direct deposit and compensation.

Whereas the method will assess your creditworthiness (for instance, in the event you’re unemployed or have a financial institution stability of $0, you are unlikely to have the funds to repay), these apps usually do not require a tough credit score test. The approval course of is often fairly fast, and also you need not fear about getting a tick in opposition to 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’ll be able to request funds. These can be instantly deposited into your checking account inside a number of 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.

Professionals and Cons of Money Advance Apps

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

Should you’re contemplating utilizing money advance apps like MoneyLion, you will need to weigh the professionals and cons of them earlier than accessing funds.

Professionals

• Fast money: Money advance apps are nice for getting cash rapidly and effectively. Many apps provide 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.
• Extra companies: Many money advance apps additionally embrace options like loans, financial savings accounts, and budgeting instruments, providing you with extra worth past simply borrowing cash.

Cons

• Charges: Whereas a lot 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 well worth the charge.
• Small borrowing quantities: Should you want various hundred {dollars}, you are unlikely to entry it by a money advance app. This implies you will doubtless 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 must entry credit score and loans in some unspecified time in the future, you do not need to make a behavior of dipping into funds you do not have. Money advances may 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 will need to take into account the next elements.

• Financial institution affiliations: Earlier than the rest, you will need to test that the app truly works together with your checking account as a way to join for direct deposit. Or if you’re prepared to maneuver your checking account to the app’s financial institution.
• Charges and costs: Do they cost a month-to-month charge or curiosity on the quantity you borrow? Make sure you test for any hidden charges.
• Funding time: How rapidly are you able to entry your money advance and is there a charge for quicker funding?
• Reimbursement phrases: How does the compensation course of work and do you may have any choices on how and when to repay?
• Overdraft coverage. Some apps will not pull cost out of your account if there are inadequate funds. Ensure you will not get dinged with any overdraft charges.
• Ease of use: Since these are all cellular apps, they need to be intuitive to make use of and straightforward to entry.
• Extra options: Do they provide companies past money advances, akin to credit-building and budgeting instruments?
• Customer support: Try some on-line critiques to see what different folks consider the app itself and the assist it provides.

How These Apps Examine 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 charge, and no credit score test.

The usual supply time for getting your funds is longer than a few of the apps we have talked about, at as much as 5 days. Though you’ll be able to scale back this to at least one or two days in the event you open a RoarMoney account, or you may get it inside minutes for a charge (charge quantities are primarily based on the quantity you’ve got requested).

The place MoneyLion stands out essentially the most is with its Credit score Builder Plus program. You probably have poor credit score or no credit score, you’ll be able to take part on this plan, with no credit score test. You’ll be supplied with a mortgage of as much as $1,000 that can make it easier to set up a 12-month cost 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 provide credit score reporting and credit-building assist, MoneyLion is not the one choice available on the market if that is what you are in search of.

Backside Line

Monetary apps like MoneyLion have solely been round for a number of 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 make it easier to safe some further funds whenever you want them, however they will additionally make it easier to construct your monetary future. 

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