A cash advance is money you can get when you need it most. An unexpected parking ticket, a sudden car breakdown, a leaky roof, or a last-minute dinner party—we’ve all been there before. Even if you’re a planner, surprise expenses can creep up on you before your next paycheck comes around. This is where cash advance apps can come in handy.
Americans commonly turn to payday loans that end up leaving them further in debt. A cash advance is a much better option. When you need fast cash, you can find better alternatives like InstacashSM, which offers a fast, secure, and easy cash advance accessible through the MoneyLion app. With no monthly fee, no interest, and no credit check, you can unlock an affordable way to make your finances stretch until payday.
Say goodbye to predatory online cash lenders! We’ll show you how Instacash can pull you out of a bind when you’re short on cash.
A cash advance is a short-term loan offered to you by a lender, such as a bank. One of the most common forms of a cash advance is taking cash from your credit card. When you take a cash advance, it means you are borrowing against the line of credit you have on your credit card.
Cash advances often seem like a good choice to borrowers because typically they have fast approval rates and quick funding. However, you should do your own research and be sure you understand the terms associated with the cash advance as some may have higher interest rates. If you do choose to take one, you can receive a cash advance at an ATM with a PIN from your credit card, in person at your local participating bank, or sometimes, with a convenience check.
Are there different types of cash advances?
Yes, there are a variety of different cash advances available. To name a few, there are credit card cash advances, merchant cash advances, and payday loans. As described earlier, a credit card cash advance is one of the more popular forms of receiving a cash advance. It’s done by borrowing on a line of credit through your credit card and can be done at an ATM, a participating bank, or sometimes with a convenience check. These can come with higher-interest rates which may begin right after taking the advance.
Merchant cash advances are cash advances taken specifically by businesses and merchants from lenders. These are common among businesses that need help with financing. Lastly, a payday loan is a loan issued by payday lenders. They usually come with fees and higher interest rates.
Are there any essentials to know about cash advances?
Cash advances can be a bit confusing and should always be taken into serious consideration before proceeding. When taking a cash advance, be sure to know and understand terms like “cash advance APR,” “cash advance fee,” “ATM or bank fee,” “grace period,” and “separate credit limit.”
A cash advance typically comes with high-interest rates or APR. You should also be sure to look for ATM fees and fees from your credit card issuers. It’s important to understand if there is a grace period when taking a cash advance. If there is no grace period, you will immediately begin incurring interest from the day you take the cash advance. Lastly, your cash advances may have a separate credit limit that makes up a portion of your overall credit limit. This may limit the amount you can take out.
What are the pros and cons of a cash advance?
Cash advances can typically get you money fast — especially if you are in an emergency situation with limited funds. However, because some cash advances come with a higher interest rate, make sure you are able to pay it back on time and be sure that is the best option for your situation.
What else can I do besides take a cash advance?
If your finances aren’t particularly strong or you are uncomfortable with taking a cash advance, then it may not be the best way to get funds. There are a few alternatives you can try though:
- Borrowing from family or friends: always make sure that you have a strict repayment plan so you can help keep a good relationship with them.
- Taking out a personal loan: is also an option if you do not have a credit card.
What is Instacash?
Instacash is a short-term cash float from MoneyLion. You can get up to $250 instantly to cover an unexpected expense or to use for a fun opportunity at 0% interest.
Traditional payday advance loans ofen charge ludicrously high interest rates that can go as high as 790% per year in some states. With Instacash, eligible borrowers pay 0% interest. In addition to charging zero interest, Instacash has no monthly fees, although you can pay an optional fee to receive funding faster.
How does that work?
Let’s imagine that your payday is in two weeks but you need $250 right now. If you head to your local payday loan provider and borrow $250 at 500% APR and a $50 fee, you will have to pay back $348. This total accounts for the original $250 you owe, the $50 service charge, and $48 in interest. With Instacash, you only need to pay back the original $250, which is $98 in savings!
How to get Instacash from MoneyLion
Let’s go over a few more details on how Instacash works. MoneyLion offers free access to 0% APR Instacash, which you can apply and qualify for in minutes. All you have to do is link your primary checking account to the free MoneyLion app to see the amount of cash you can get right away. There’s no credit check. We securely scan your linked bank account to determine how much Instacash you can unlock.
Minimum requirements include an active account that’s been open for at least two months, proof of consistent positive balances, and evidence of recent income deposits.
As a MoneyLion member, you also have optional access to banking, managed investing, loans, and more. And if you open a RoarMoneySM account and set up direct deposits from your payroll account, you could unlock twice the Instacash advance as a reward for trusting MoneyLion with your everyday account.
If you want to access more than $250 and build your credit in the process, you can apply for MoneyLion Credit Builder Plus. This is a paid credit-building membership that gives you access to a credit-building loan, Instacash advances, and more. Learn about the benefits of MoneyLion Credit Builder Plus here.
How does Instacash work?
Download the MoneyLion app, create an account, and tap “Instacash” to get started. Once you’ve unlocked Instacash, simply request the amount of money you need and watch up to $250 arrive in your account instantly. It’s an easy, safe, and simple way to get up to $250 to cover an emergency expense or for a special occasion.
After you get an Instacash advance, MoneyLion will withdraw what you borrowed from your account, typically about two weeks later. It’s easy to see your payment schedule and upcoming payments in the app. Because Instacash comes with a 0% APR interest rate, you’ll pay no interest on what you borrowed.
Why choose Instacash when you need fast cash?
When you urgently need cash, getting Instacash from MoneyLion is preferable especially compared to payday lenders. Other payday loan alternatives offer lower interest rates but why pay low interest rates when you could pay none with MoneyLion? Payday lenders are called loan sharks for a reason!
Not only will you save money on fees and interest, but you can also set up a payment schedule to automatically pay back the money you borrowed. You won’t have to worry about overdraft fees or racking up excessive late payment fines.
0% APR
Instacash allows you to get up to $250 at 0% APR. Unlike alternative payday loan options, you won’t need to worry about paying back your loan as fast as possible to avoid interest charges with MoneyLion.
When you take out a traditional payday advance loan, you end up paying back almost 800% APR, which is absurd. An interest rate that high on a payday advance means you tack significantly more money onto your final loan balance for every day that you borrow money.
No hidden fees
Payday lenders often charge a flat fee that typically ranges anywhere between $50 to $100. That fee is on top of any pre-existing interest charges on your loan. With Instacash, you don’t pay any service fees or interest. You can pay a small fee for expedited funding, but that’s entirely optional.
Instant cash advances with turbo delivery
With Instacash, you can get money in minutes from anywhere. Just go to the Instacash tab and choose the amount of money that you need.
Standard delivery for Instacash comes with no fees. Plus, you can access the funds within 24 to 48 hours via your RoarMoney account. If you opt into having your funds deposited into an external account, the waiting period is between 3 and 5 days.
If you’re in a hurry, you can receive the funds in minutes by paying turbo fees. These cost $3.99 if you’re using a RoarMoney account and $4.99 if you’re using an external bank account.
Beats a payday loan and comes with perks
Regular payday lenders only offer high-interest loans. They don’t give you access to 0% loans or services that improve your financial health.
With MoneyLion, you’ll have access to a user-friendly app with the tools and services you need to pay down your debt, increase your credit score, and spend less time worrying about your finances.
Instacash provides easy access to cash when you’re in a bind, but MoneyLion doesn’t stop there. We empower you to take control over your finances without adding crazy additional charges.
If you have no credit or even bad credit, the Credit Builder Plus membership program can help you build or rebuild your credit.
And it still doesn’t stop there.
The AI-powered Financial Heartbeat® – America’s first personal finance monitor – makes it easier to create a budget. With a personal finance monitor, tracking your finances is way less stressful.
MoneyLion also makes it easier to track your credit score, access 24/7 fraud protection, save money, and invest your hard-earned cash.
Easy cash advance when you need it
Falling behind on an occasional bill or fee happens to the best of us. Paychecks don’t always arrive exactly when you need them! Nearly everyone has had a time in their life when the bills seem to pile up much faster than their paychecks arrive. However, no matter how badly you’re strapped for cash, you should never take out a payday advance loan.
Instead, consider Instacash when you’re looking for a safe and convenient way to cover an unexpected bill. No need to head over to a payday lender who will take advantage of your situation.
Spend less time worrying about cash with MoneyLion
When you need cash quickly no matter the reason, stay away from predatory lenders. Instacash from MoneyLion helps you get through difficult times with its 0% APR cash advances of up to $250.
Aside from dealing with the occasional cash crunch, MoneyLion also makes it convenient to start investing money. Auto-invest in a fully-managed account and pay an admin fee of just $1 per month no matter how much you invest.
Are you ready to move towards a healthier financial future? Head over to Google Play or the App Store today to download the MoneyLion app.
FAQs
How often can I use Instacash?
Checking accounts that qualify can use Instacash once every pay period. You can use Instacash as often as you need with an active MoneyLion membership.
Will I always get $250 with an Instacash advance?
The amount you qualify for depends on the consistency of direct deposits made by your employer. Your Instacash amount may increase or decrease over time but will never be lower than $25 and no more than $250.
Does this help build credit?
Instacash does not require a hard credit check nor does it build credit. This is a simple cash float that can bridge the payment gap between paydays. You’ve earned the money, why not get it earlier with $0 fees.
Is this a payday loan?
No. Instacash is a cash advance, and there are no fees, no hard credit checks, or hidden stipulations associated with Instacash.
Payday loans can require a credit check, paystub, and can require going to a physical location in person. Traditional payday loans can also negatively affect your credit and take 24 hours or more to process and receive your money.
