9 Apps Like MoneyLion 

Brigit

Greatest 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 presents its On the spot Money advance. To qualify, you need to have a minimum of three recurring deposits from the identical employer or deposit supply. The advance is mostly repaid in your subsequent payday, although you may set different dates as nicely.

The money advance restrict begins at $50 however can finally be elevated to $250. There are not any penalties or late charges in case you are unable to repay by the reimbursement date. You will need to take part in one of many two premium plans provided to make the most of On the spot 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 charge, you may 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 aspect gigs to earn more cash, 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.

Greatest for Budgeting: Dave

Greatest 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 cell banking app that gives a spending account, entry to aspect hustles, and a objectives account that will help you observe 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 is no such thing as a credit score verify 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 function.

Dave prices a $1 subscription charge and in addition permits customers to go away an non-obligatory tip when taking an advance. A few of these suggestions will probably 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 may have the funds in a couple of minutes in your Dave debit card. In order for you 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 verify, no charges, and no curiosity
• Cellular banking features

Greatest for Bigger Advances: Earnin

Greatest 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 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 verify. To qualify, you need to earn a minimum of $320 every pay interval. Like Dave, you may depart an non-obligatory tip for every advance you’re taking.

Advances usually take one to 3 enterprise days to achieve your account. There is no such thing as a charge for normal transfers, however you may have funds deposited into your linked checking account immediately by profiting from the Lightning Velocity characteristic. There’s a charge 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 prompt 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 verify

Greatest for Credit score Constructing: Chime

Greatest 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 verify, it’s a superb selection 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 will probably be lined by your subsequent account deposit. You possibly can even have your credit score restrict elevated by way of “Boosts” from different Chime members.

Like a number of the different apps on this record, Chime works with non-obligatory suggestions, which you may make after repaying the unfavorable steadiness in your account. You possibly can qualify for the SpotMe characteristic should 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 verify

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

ONE@Work (previously Even)

Greatest For: Paycheck integration

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

Identified for a very long time as Even, this app is now ONE@Work. It companions with main employers, like Walmart, to offer instruments that will help you to handle your pay higher. The truth is, to make the most of 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 presents money advances by way of its Instapay service. The amount of money advances is predicated in your internet pay, not on any predetermined flat quantity. Nonetheless, most employers will restrict how a lot of your internet pay might be superior, which is normally not more than 50%. Money advances are sometimes dispersed inside one enterprise day, and supply choices are free.

ONE@Work additionally allows you to save a share of your pay robotically, offers price range help once you join your checking account, and allows you to observe and challenge your earnings every pay interval. The service is utilized by greater than 800,000 workers nationwide.

How ONE@Work is an app like MoneyLion:

• Money advance with no charges or curiosity

Klover

Greatest 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 another monetary apps on this information, it’s that they provide money advances with no particular identify. They merely confer with them as Klover advances. And in contrast to different apps that cost no charges however request non-obligatory suggestions, Klover admits they generate income off the adverts they show to you on the app. 

You’ll be eligible for a money advance after you’ve got 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 too request a right away debit with a charge of between $1.49 and $20.78.

Klover additionally presents the flexibility to earn factors for taking surveys and watching adverts, which might be cashed out for a much bigger advance. Additionally they supply a budgeting functionality, that will help you create spending and financial savings objectives. You may also decide in to trace your credit score rating.

How Klover is an app like MoneyLion:

• Money advance with no charges or curiosity

Albert

Greatest For: Extra providers

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

Albert might come the closest to matching MoneyLion within the vary of providers it presents. That’s as a result of you may 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 is no such thing as 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 providers, which is able to embody 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 are not any account minimums required, and no switch or ATM charges.

Albert additionally presents entry to monetary professionals, budgeting capabilities, and credit score rating monitoring. You may also make investments by way of Genius, beginning with simply $1. You’ll be supplied with a customized portfolio composed of a whole bunch 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 may even select your individual 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 assessment of Albert right here.

Empower

Greatest 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 way of Empower Thrive. There is no such thing as a curiosity or late charges, and no credit score verify 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 charge, which will probably be between $1 and $8.

The quantity you may borrow is predicated 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 function. Empower prices $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 a selection of reimbursement phrases. You possibly can select reimbursement upon receipt of your subsequent paycheck, by way of 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 chance 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 providers

Varo

Greatest For: Saving

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

Varo presents money advances by way of Varo Advance. You’ll begin with small advances, normally $20, and work your means as much as $500. Whenever you make the most of 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’ll need 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 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 will help 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, sometimes round $200 to $500 that doesn’t require a mortgage course of or credit score verify (sometimes). In contrast to private loans or bank cards, which require an utility course of and credit score verify, money advance apps like MoneyLion can grant you funds rapidly no matter your credit score rating.

Whereas money advances can be made with a bank card, this is not possibility. When borrowing bodily money from a bank card, you may pay a transaction charge and hefty rates of interest — sometimes a lot increased than your ordinary APR.

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

In the event 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 may must first provide some fundamental data inside the app, resembling your employment standing and checking account — the app will connect with your account for straightforward direct deposit and reimbursement.

Whereas the method will assess your creditworthiness (for instance, should you’re unemployed or have a financial institution steadiness of $0, you are unlikely to have the funds to repay), these apps sometimes do not require a tough credit score verify. The approval course of is normally 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 accepted and arrange, you may request funds. These will probably 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 will probably be pulled out of your checking account on the due date, which generally coincides together with your subsequent paycheck.

Professionals 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 don’t seem to be 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.

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.

Professionals

• Fast money: Money advance apps are nice for getting cash rapidly 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.
• Extra providers: Many money advance apps additionally embody 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 record do not cost month-to-month charges, some do. Examine whether or not you are getting sufficient worth out of the app past simply money advances to resolve if it is definitely worth the charge.
• Small borrowing quantities: In the event you want various hundred {dollars}, you are unlikely to entry it by way of a money advance app. This implies you may 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 wish to make a behavior of dipping into funds you do not have. Money advances might be simple, 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 contemplate the next elements.

• Financial institution affiliations: Earlier than the rest, you may wish to verify that the app truly works together with your checking account so as to join for direct deposit. Or in case you are prepared to maneuver your checking account to the app’s financial institution.
• Charges and charges: Do they cost a month-to-month charge or curiosity on the quantity you borrow? Make sure to verify for any hidden charges.
• Funding time: How rapidly are you able to entry your money advance and is there a charge for sooner funding?
• Reimbursement phrases: How does the reimbursement course of work and do you’ve got 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. 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 straightforward to entry.
• Extra options: Do they provide providers past money advances, resembling credit-building and budgeting instruments?
• Customer support: Try some on-line opinions to see what different individuals consider the app itself and the help 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 sometimes $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 verify.

The usual supply time for getting your funds is longer than a number of the apps we have talked about, at as much as 5 days. Though you may scale back this to 1 or two days should you open a RoarMoney account, or you will get it inside minutes for a charge (charge quantities are based mostly on the quantity you have requested).

The place MoneyLion stands out probably the most is with its Credit score Builder Plus program. When you’ve got poor credit score or no credit score, you may take part on this plan, with no credit score verify. You’ll be supplied with a mortgage of as much as $1,000 that may assist you 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 will probably 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 help, MoneyLion is not the one possibility 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 providers. Due to this, not solely can they assist you safe some further funds once you want them, however they will additionally assist you construct your monetary future. 

They do that by offering numerous monetary providers, 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 can assist you alongside your journey.