What Is a Cash Advance with Instacash?

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.

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 an Instacash with Banking membership 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 cash advances up to $50 as part of an Instacash with Banking membership for $9.99/month, which is way less than the cost of an overdraft fee or the pain of missing out because you didn’t have enough cash for girls night. Just link your primary checking account in the app to qualify. There’s no credit check.

As a member, you’ll also have access to zero-fee checking, managed investing, and more, if you choose. And if you open a MoneyLion Checking account and add direct deposit, you’ll unlock higher Instacash amounts (up to $250) and no longer have to pay $9.99/month!

You can also get Instacash by joining MoneyLion Credit Builder Plus, our credit-building membership that gives you access to low-interest Credit Builder Plus loans that you can use to boost your credit score. MoneyLion Credit Builder Plus members automatically qualify for up to $50 in 0% APR Instacash. 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 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 only a small membership fee (or no membership fee if you’re a MoneyLion Checking accountholder with direct deposit!).

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 a Checking account with MoneyLion, you have access to a ton of cool tools that you can use to move towards a healthier financial future. From credit tracking to 24/7 fraud protection to 5.99% APR 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 towards 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 and open your checking account.

Disclosures

MoneyLion Checking Account provided by, and MoneyLion Visa® Debit Card issued by, Lincoln Savings Bank, Member FDIC. Terms and conditions apply.

Current Credit Builder Plus membership required for Credit Builder Plus loan eligibility; the $19.99 monthly fee will be withdrawn from your linked bank account.  All loans with an Annual Percentage Rate of 5.99% are made by either exempt or state-licensed subsidiaries of MoneyLion Inc. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account managed by ML Wealth, LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into a money market cash management or FDIC bank sweep vehicle, 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, and so long as your Credit Builder Plus membership payments are current. 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.

A Credit Builder Plus loan may or may not improve your credit score. Credit scores are the result of your personal credit practices.

Cash advance requires current membership in Credit Builder Plus ($19.99 monthly fee) or Instacash with Banking ($9.99 monthly fee) membership programs. Instacash with Banking monthly fee is waived for members who connect and maintain recurring eligible direct deposits into their MoneyLion Checking Accounts. All Credit Builder Plus and Instacash with Banking members are automatically eligible to access either $25 or $50 of cash advance, depending on creditworthiness.  Members can increase their cash advance limit to up to $250 by connecting and maintaining recurring eligible direct deposits into their MoneyLion Checking Accounts and after up to three consecutive direct deposits have cleared, or at MoneyLion’s discretion. See Membership Agreement and Cash Advance FAQs for more information.

Fast cash with zero interest! ⚡️

Hot date? Empty tank? Whatever you need cash for, 0% APR Instacash advances have your back! Join now and see how easy life is with access to interest-free cash advances up to $250. No credit check!