What Is a Cash Advance with Instacash?

By Lindsey Ryan

An unexpected parking ticket. A sudden auto repair bill. An invite for a night out. There is an endless number of reasons why you might need cash fast without waiting for your next pay period to come around. 

Unfortunately, far too many people turn to expensive payday advances to cover their bills — only to find themselves more in debt later on. Finally, there’s an alternative to these predatory payday advance loans: 0% APR Instacash cash advances from MoneyLion. There’s no monthly fee, no interest, and no credit check

We’re going to teach you a little bit about Instacash advances, the safe and affordable alternative to predatory cash advances. We’ll explain to you how you can benefit from Instacash advances and how easy it is to get extra cash interest free starting today.

What is Instacash?

Instacash is a short-term cash float from MoneyLion. It allows you to get up to $250 instantly with 0% interest. This can help you get money fast to cover an unexpected expense or a fun opportunity without paying any interest.

To understand why the unique set up of Instacash so valuable, we need to look at payday loans and why they’re harmful.

Payday advance loans (sometimes called “cash advance loans”) are short-term loans intended to only be out for a few weeks. Payday loans are notoriously predatory because they have ludicrously high-interest rates. In some states, payday loan interest rates can be as high as 790% per year. In addition to interest, most payday loans also have high fees.

Let’s imagine that you need $250 right now to cover an expense. You head to your local payday loan provider and borrow $250. Your lender agrees to give you a loan with a $50 service fee and a 500% interest rate per year. After having your $250 advance for just 2 weeks, you now owe the lender over $348 — $50 in a service charge plus $48 in interest. Compare that to what you could pay back on $250 in Instacash advances from MoneyLion: $250. That’s a $98 savings!

How to Get Instacash from MoneyLion

Let’s go over a few more details on how Instacash works. MoneyLion offers  access to 0% APR Instacash and you can apply and qualify in minutes. Just link your primary checking account in the free MoneyLion app to qualify and see the amount of cash you can get right away. There’s no credit check. We just securely and quickly scan a few financial factors in your linked bank account to determine how much Instacash you can unlock.

As a MoneyLion member, you’ll also have optional access to banking, managed investing, loans, and more. And if you open a MoneyLion bank account and add direct deposit, you could unlock even higher amounts of Instacash advances.

If you want to access cash greater than $250 or build your credit, you could apply for MoneyLion Credit Builder Plus, our paid credit-building membership that gives you access to a credit-building loan AND Instacash advances, plus more. Learn more about the benefits MoneyLion Credit Builder Plus

How Does Instacash Work?

Download the MoneyLion app, create a free account, and tap “Instacash” to get started. Once you’ve unlocked Instacash, simply request the amount of money you need and see up to $250 in your account instantly. It’s an easy, safe, and simple way to get up to $250 to cover an emergency expense or 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. 

Benefits of Using Instacash Over a Traditional Cash Advance

When you need money fast, getting Instacash from MoneyLion is a much more preferable alternative than taking a payday loan. Not only will you save money on fees and interest, but you’ll also get an easy plan to automatically pay back the money you borrow with no interest. You won’t have to worry about paying overdraft fees or racking up excessive late payment fines when you choose Instacash from MoneyLion. 

When you compare Instacash with traditional payday advance loans, the difference is very clear. Let’s take a look at some of the benefits of choosing Instacash over a payday advance.  

No Interest Charges

Instacash allows you to get up to $250 at 0% APR. This means that you won’t need to worry about paying back your loan as fast as possible to avoid interest charges. When you take out a traditional payday advance loan, you might pay almost 800% APR. 

An interest rate that high can mean you tack lots more money onto your final loan balance for every day that you borrow money. 

Low or No Fees

It’s normal for payday advance centers to charge a flat fee when you borrow money. You may have to pay $50, $75, or even $100 just to borrow a small amount of money for a week or two.

This is in addition to any interest that accrues on the amount that you borrow. When you choose Instacash, you’ll pay no membership fee and no interest. You can pay a small fee for expedited delivery of your funds, but it’s entirely optional.

Instant Deposits

If you need money fast, you might not have time to schedule a visit to the bank. With Instacash, you can get money from the palm of your hand — anywhere. Just swipe to the Instacash tab, choose the amount of money that you need, and see the money instantly in your account. 

More Than Just a Lender

When you take out a payday advance, you don’t get access to services that can improve your financial health. You can only take out a high-interest loan and pay it back with most lenders. 

With MoneyLion, you’ll have an easy-to-use app where you can also access cool tools that you can use to move toward a healthier financial future. From credit tracking to 24/7 fraud protection to Credit Builder Plus loans, a MoneyLion membership can empower you to increase your credit score and save more.

Taking Control of Your Money

There’s no shame in falling behind on an occasional bill or fee. Paychecks don’t always arrive exactly when you need them! Nearly everyone has had a time in their life when the bills seem to come much faster than their paychecks. However, no matter how badly you’re strapped for cash, you should never take out a payday advance loan. 

Instead of heading to your payday loan center when an unexpected bill arrives, choose Instacash. Instacash is a safe and convenient way to cover an expense before your paycheck arrives. MoneyLion doesn’t take advantage of you. Instead, they empower you to take control over your finances without adding on crazy additional charges.

Are you ready to move toward a healthier financial future? MoneyLion has the tools and services you need to pay down your debt, increase your credit score, and spend less time worrying about your finances. Head over to the Google Play or Apple App Store today to download the MoneyLion app.

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 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 credit check nor does it build credit. This is a simple cash float that bridges 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, credit check, 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.

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Get cash fast, pay no interest

Enjoy Instacash advances up to $250. No credit check, no monthly fee, no interest. Just cash.