Ever experienced a financial emergency before your next paycheck arrived? It happens all the time. But there are options for you to explore when you run into issues like this.
Plus, these options are much faster than seeking out a traditional bank loan. For this reason and many more, buy-now-pay-later (BNPL) apps have become very popular.
For example, the next time you make an online purchase, you will see a variety of payment options on most online retailers’ websites. We’ll walk you through what BNPL means and how you can get started using these payment options.
What is buy now pay later, and how do they work?
Buy-now-pay-later (BNPL) services allow you to get a cash advance so you can buy what you need now. The purpose of BNPL services is that they give you money in real-time to reduce the amount of long-term debt that you accrue.
Often, apps like Earnin will connect to your bank account and look at your auto-deposit history. From there, they will gauge whether or not you qualify for an advance. These alternative payment methods are popular because they give you more flexibility without having to take on traditional debt.
Do banks give same-day loans?
No, banks do not give out same-day loans. Traditional bank loans often take several days to process.
As a result, you are better off pursuing same-day pay options. MoneyLion offers cash advances and credit builder loans through our Credit Builder Plus membership. Plus, our Instacash program provides up to $250. It’s perfect for unplanned expenses.
What apps let you borrow money instantly?
Buy Now Pay Later apps are effective because they allow consumers to borrow money instantly. In fact, 75% of consumers who have used BNPL solutions said that they had enough money to cover their intended purchase, but the BNPL options make big expenses seem less intimidating.
There are many Buy Now Pay Later Apps on the market. Some examples include:
Earnin
Brigit
SpeedyCash
Who has the best-now-pay-later solution?
There are many options for alternative payment options, but we’re partial to Overtime by MoneyLion. Overtime is an excellent option because you can attach it to MoneyLion’s mobile banking app and access an entire suite of financial solutions all in one place.
Overtime by MoneyLion
Overtime is a flexible payment plan where you can buy now and pay later. It allows you to pay for the things you need without having to wait for your next paycheck. If you set up a repeating direct deposit with a RoarMoney account, you can also take out a loan between $50 and $600.
Overtime is perfect for situations where unexpected expenses arise. With Overtime, you can break your purchase down into four simple payments, making it more manageable to pay back your purchase over time, hence the name!
Overtime loans come with a 0% annual APR. Plus, we’ll check your credit through a soft credit pull so your score won’t be affected either. Give Overtime by MoneyLion a try today!
Best Features
Buy now and pay later: You don’t have to wait until your next payday to make essential purchases.
Flexibility: Not all paychecks line up perfectly with your expenses, so buy-now-pay-later services fill in those gaps.
Receive funds instantly: You can receive funds the same day you are approved.
Borrow up to $600: We can approve loans between $50 and $600.
Repay your loan in manageable amounts: We’ll break up your loan into four smaller payments to make it more manageable to pay back what you owe.
You’ll gain full access to MoneyLion’s entire suite of financial products!
Overtime vs Earnin
Earnin is a buy now pay later app. Apps like Earnin work by accessing your bank account and checking for auto-deposit paychecks. When you have a documented record of regular auto-deposits, apps like Earnin can approve loan amounts without having to perform a hard credit check. Earnin can approve up to $500 per pay period but no more than $100 per day.
Overtime by MoneyLion gives its users many different tools and options when it comes to a buy-now-pay-later service. Overtime provides up to $600 in loans, which is a much higher value than loans through Earnin.
With Overtime, you’ll receive your money instantly once you are approved, too. Overtime gives you the flexibility to navigate life’s ups and downs while still keeping you on track for financial success.
We make it easy to buy now and pay later by setting up four equal monthly installment payments. You also get access to all of MoneyLion’s financial tools:
Same-day loans
Credit Builder Plus memberships
Opportunity for a RoarMoney bank account
Access to the auto-investing feature
A financial Safety Net
Crypto by MoneyLion
Best of all, it’s all on one app! Our mobile banking app also has built-in education tools to keep you on track, making it possible for you to achieve all of your financial goals. Try Overtime today!
Get money for the things that matter most with MoneyLion
Did your air conditioning unit stop working out of the blue? Overtime can help. Do your kids need new school supplies? Overtime can help. And these are only some of the many situations that MoneyLion can help you with!
MoneyLion makes it easy for you to pay for the things that matter most. If you need help paying for everyday expenses in a more manageable way, check out MoneyLion’s Overtime. It’s the perfect option for anyone who needs to make purchases before their next paychecks are deposited.
If you need more than $600 and you’re having trouble getting a loan, check out Credit Builder loans from MoneyLion. Our Credit Builder Plus program is exactly what you’re looking for. We’ll report your good habits to the three major credit bureaus, and then you’ll get the money back once you pay off your loan. It’s the perfect option for those with either poor credit or no credit at all. Get started today!
Frequently Asked Questions
Why am I not being accepted for Earnin?
The most common reason is that the app might not be able to verify your identity. Make it easier on yourself! With MoneyLion’s Overtime program, you get started faster because MoneyLion and Overtime are integrated with each other. Check it out today!
Which apps pay you instantly?
MoneyLion Instacash can get you up to $250– instantly! As soon as you’re approved, you can access and use your cash advances. Try MoneyLion’s Instacash today!
Does Earnin build credit?
Earnin doesn’t help you build your credit score. MoneyLion, on the other hand, helps you build credit through its Credit Builder Plus membership program. Our Credit Builder Plus program makes it possible for you to pay off your loans with affordable payments and monthly credit reporting. You’ll receive a portion of your loan upfront and the remainder will arrive once you pay off your loan.
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Disclosures
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Cryptocurrency transaction and custody services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC. When you enable MoneyLion Crypto, you must also agree to the Zero Hash LLC and Zero Hash Liquidity Services LLC terms and conditions and enable your Zero Hash account. Cryptocurrency balances are not covered by FDIC or SIPC insurance. Services may not be available in all states.
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
Increased Instacash limit with Safety Net requires recurring direct deposit into RoarMoney account. Instacash is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.
Credit score improvement is not guaranteed. A soft credit pull will be conducted that has no impact to your credit score. Credit scores are independently determined by credit bureaus. Data was sourced from credit score data from over 147,500 Credit Builder Plus members with an active loan between January 1, 2020, and March 15, 2023. Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus. MoneyLion is not a Credit Services Organization. Credit Builder Plus is an optional service offered by MoneyLion.