loans like moneylion

 

MoneyLion is a popular mobile banking app that offers various financial products. You can apply for a cash advance or personal loan if you need a fast direct deposit in your bank account. Most online lenders can fund borrowers within 1 to 5 business days.

MoneyLion offers cash advance loans, but are they the best lender for you? Keep reading to learn everything you need to know about MoneyLion and how it compares to other loan options. 

Finding the Right Personal Loan

A personal loan may be one of the best financing options for borrowers that need emergency cash in their checking account. Unlike payday loans, borrowers can pay off the money they borrow through multiple monthly payments. 

Personal loans usually do not have strict spending limits, so borrowers can use their money for all types of emergency expenses. Some of the best reasons to get a personal loan include the following:

  • Car repairs or maintenance. 
  • Debt consolidation of high-interest debt.
  • Medical bills resulting from treatment. 
  • Travel due to a medical emergency.
  • Unexpected funeral expenses. 

While some borrowers finance a vacation with a personal loan, it may be best not to. Using loans for non-emergency expenses can result in unnecessary interest charges. But if you are looking for the best delicious struggle meals this month because you cannot afford groceries, then a personal loan may be a helpful solution. 

Personal Loan Terms

To find the right personal loan, you must first determine how much you need and can afford to pay. Take a look at some of the basics of personal loans:

AspectDescription
Type of LoanUnsecured or Secured
Interest RateCan be fixed or variable; rates vary based on credit score, lender, loan amount, etc.
Loan AmountTypically ranges from $1,000 to $50,000 or more
Loan TermUsually ranges from 1 to 7 years
RepaymentMonthly payments, including principal and interest
FeesMay include origination fees, late fees, prepayment penalties, etc.
Credit Score ImpactHigher scores may lead to better interest rates; applying for a loan can affect your score
Use of FundsCan be used for various purposes like debt consolidation, home improvement, medical expenses, etc.
Approval TimeCan be as quick as the same day or may take several days
CollateralNot required for unsecured loans; required for secured loans

It’s critical to make personal loan comparisons to find the best rate and repayment terms before you settle. When comparing personal loan offers, pay attention to the interest rates, fees, and repayment terms. 

MoneyLion: What You Need To Know

MoneyLion is a mobile banking app that offers different financial products and services. Many people refer to MoneyLion as a cash advance app since cash advances are offered. However, cash advance apps only provide one form of loan, while MoneyLion offers more. 

MoneyLion’s mission is to offer Americans an alternative to traditional bank accounts. MoneyLion is a financial technology company that partners with Pathway. Consumers can open RoarMoney accounts (checking accounts) that are FDIC insured. RoarMoney accounts do not have hidden loan fees. However, account holders must pay monthly administration fees and other traditional bank fees. 

Remember that no matter how quickly you need money, MoneyLion is not the only cash advance app available. Consider all your options before submitting a loan application for an instant cash advance. 

How Do They Work? 

MoneyLion is a financial technology company that offers multiple loan options for consumers that want an alternative to traditional banks. Here are some of their loans listed below. 

Credit Builder Plus

MoneyLion offers Credit Builder Plus, which is a credit-building program. Credit builder loans can help consumers build a higher credit score while repaying a loan. Achieving a perfect credit score is possible and can help you get higher loan amounts, more housing options, and lower rates on insurance plans and loans. 

Credit Builder Plus loans require a $19.99 monthly fee. This additional expense is included in the total monthly loan payment cost.   

Instacash

Eligible borrowers can apply for cash advances up to $500 with MoneyLion—called Instacash. However, the actual amount you can borrow depends on the total of your recurring deposits. The minimum loan amount for Instacash is $25. Account holders that switch direct deposits to RoarMoney can borrow up to $1,000. 

Personal Loans

MoneyLion is an indirect lender, which means it cannot offer loans directly to customers. Instead, MoneyLion offers a free matchmaking service to connect eligible borrowers with personal loan offers from providers. If an applicant qualifies to borrow money through a personal loan, they can see the potential offers and make comparisons. 

How Will the Application Process Work?

The online application process with MoneyLion is unique because they are not a direct lender and do not offer loans. MoneyLion offers a service that matches eligible borrowers with personal loan providers. Qualified borrowers can borrow between $100 to $50,000.  

There are three steps you must follow to potentially get matched with personal loan offers: 

1) Complete the Application Form —The first step is to fill out an application form with basic personal information. You will also need to decide how much money you want to borrow and specify the intended purpose of the loan. 

2) Get Lender Matches — Loan offers are based on the information you provide on the application form. If you pre-qualify to get a personal loan with a lender, then you can view potential offers that match your financial needs. 

3) Pick a Personal Loan Offer — During this final step, you can view the different interest rates, fees, and repayment plans for personal loan offers. Suppose you see an offer that you like. In that case, you can submit an official application to the direct lender website. 

What Can I Expect if I Get One?

If you accept a loan offer through apps like MoneyLion to get money before your next pay period, you will work with a third-party lender. Other cash advance apps may service loans directly, but MoneyLion gets compensation for advertising-specific lenders. 

Your repayment terms will depend on the offer you accept and the direct lender you work with. The time it will take to complete the approval process and get your money is unknown. 

Keep in mind that personal loan offers on the MoneyLion website are estimates based on the information you provided before a credit check. Once most cash advance apps run a credit check, they may alter loan terms to lower the lending risk if you have bad credit. 

CreditNinja: How Does It Compare?

MoneyLion is a popular financing option for consumers that need money quickly. However, MoneyLion is not a direct lender. Working with a direct lender may help you get better loan terms and fewer fees. Consider working with CreditNinja if you need money in your bank account for bills or unexpected expenses. 

CreditNinja is a superior online lender that offers competitive and convenient personal installment loans. CreditNinja has been providing convenient personal loans since 2018. The entire process is online and the quality of customer service is hard to beat.

How Does CreditNinja Stand Out? 

Borrowers have multiple options available to them when they want to take out an online loan. However, CreditNinja stands out by offering unique benefits. Keep reading to learn the advantages of using a CreditNinja loan as a payday loan alternative. 

Online Experience

CreditNinja offers an entirely online experience for customers. You do not have to travel or wait in line at a brick-and-mortar store to apply for a fast personal loan. Online loans follow the same approval process as traditional loans, but borrowers can get their money quicker. 

Quick and Easy Application

The application process is simple and easy when you work with CreditNinja. Individuals that submit a loan application could get a same-day approval decision.* You do not have to wait days or weeks to know if you qualify for emergency relief. 

Decent Interest Rates

Despite bad credit, you may be able to get competitive interest rates when you apply for a personal loan with CreditNinja. Our requirements are flexible, and interest rates stay competitive for borrowers with different financial backgrounds. 

Credit Score Requirement Flexibility 

Many financial institutions have a minimum credit score requirement. Strict requirements limit who can get the money during a financial emergency. But CreditNinja works with people from different income brackets and credit score ranges. Despite a bad credit score, you may still be eligible to get a personal loan. 

Fast Funding

Qualified borrowers can get same day money when they work with CreditNinja.* Applicants must have an active bank account because the money is sent directly to a checking account. But approximately 4.5% of U.S. households are unbanked.2 If you do not have a bank account, know it takes little to no time to open a checking account. You can apply online and start making deposits with most banks or credit unions on the same day.     

Flexible Repayment Terms 

CreditNinja offers very flexible repayment terms. The repayment length can last months or years, depending on the amount you borrow. Consider your existing budget and what you can afford to pay each month. Unlike other lenders, CreditNinja does not charge prepayment penalty fees. You can pay off your personal loan early to save money on interest fees without worrying about paying a costly penalty fee.      

How Will the Loan Process Work?  

CreditNinja is one of the top online lenders due to quality customer service and convenient repayment terms. Interested borrowers can apply online at any time to see if they qualify with no obligations. 

There are three steps to complete the approval process: 

  1. Apply Online — Complete the online application form with basic personal information. You will need to include your name, Social Security number (SSN), bank account details, contact information, and more.  
  2. Find Out if You Qualify — You will receive an approval decision after submitting the required information. Applicants that qualify for a personal loan will receive a personalized loan amount, interest rate, and repayment length.  
  3. Get Your Money — You will receive a loan agreement with repayment details. Sign your name after reading the contract to verify you understand your financial obligation. You can expect to receive your money shortly after signing!*

Frequently Asked Questions About MoneyLion Loans

What’s the difference between cash advances and payday loans?

Cash advances from apps like MoneyLion allow you to borrow against your next paycheck without interest fees or credit checks. Payday loans, on the other hand, are short-term loans that usually come with higher interest rates. Understanding the difference can help you choose the right option for your needs.

How do the best cash advance apps work, and how are they different from traditional banking?

A cash advance app provides quick access to funds, often without the need for a credit check. Unlike traditional banking, these apps may offer features like no overdraft fees, early direct deposit, and a simple application process. Popular cash advance apps like MoneyLion offer various financial products, including cash advances, to suit different financial needs.

Can I use the money from a cash advance for debit card purchases?

Yes, once you receive a cash advance through an app like MoneyLion, the funds are typically available for debit card purchases, bill payments, or other financial needs. It’s a flexible way to access money quickly.

Do I have to pay monthly fees if I get a cash advance app?

Some cash advance or payday loan apps may charge a monthly fee for certain services or membership tiers. It’s essential to review the terms and conditions of apps like MoneyLion to understand any monthly fees or other costs that may apply to cash advances or other financial products.

How quickly can I receive a direct deposit from a cash advance app?

Many cash advance apps offer fast direct deposit, sometimes even on the same day. Apps like MoneyLion may provide direct deposits up to two days early, ensuring you have access to instant cash before your next pay period.

What happens if I overdraw my account using a cash advance app?

Different cash advance apps have varying policies regarding overdrafts. Some may not charge overdraft fees, while others might have specific terms. It’s wise to review the overdraft policies of apps like MoneyLion to understand how they handle such situations.

Can I use cash advance apps if I have a history of payday loans?

Yes, cash advance apps often focus on providing quick access to funds without extensive credit checks. Even if you have a history of payday loans, you may still be eligible to use cash advance apps like MoneyLion. However, it’s always good to review the specific requirements and terms of each app to ensure it fits your financial situation.

What CreditNinja Wants You To Know About MoneyLion

MoneyLion is a popular loan app, but they are not a direct lender. Instead, they connect eligible applicants to third-party lenders. When looking for a loan, consider all of your loan options and make careful comparisons to find the best option for your financial needs. 

At CreditNinja, we value transparency. That’s why we offer a free blog on our website that covers essential personal finance topics! 

*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.

References:

  1. How much time it takes to fund a personal loan │ New York Post
  2. Millions of ‘unbanked’ Americans lack adequate access to financial services │ PBS
  3. RoarMoney Fees │ MoneyLion
  4. Credit Builder Plus │ MoneyLion
  5. InstaCash │ MoneyLion

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Quick And Easy Personal Loans Up To $2500*