MoneyLion is an excellent fintech platform that will help you put your finances in order and, at the same time, will help you solve small problems. It is not only known for its cash Advance service, it also offers other products that will get you out of trouble. Have you heard of other apps like MoneyLion? Yes, there are many, but nothing like this one.
Their Instacash is a great option to cover any expenses you might have to make right after you have used all the money you received in your most recent payday. It gives you the ability to get up to $250 without having to think about those stressful overdraft fees.
How fast can I get money from MoneyLion?
MoneyLion is a wonderful option to enjoy instant cash without it necessarily being a loan. This application is simply a way to receive a portion of your payment, but a few days earlier, only the speed of the payment will depend on the options you select and where the money will be deposited.
Need $75 right now? Read this information and take into consideration the following data so that you know what the conditions are for each deposit destination.
[wpdatatable id=473]I need the money right now, how much should I pay for Turbo Delivery?
To enjoy Cash Advance in just minutes, you must accept certain fees that will be charged on the day of repayment that the app has established. The fee will depend on the type of account that will receive the deposit and the amount to be disbursed:
- For amounts equal to or less than $5: If deposited to your RoarMoney Account, the fee will be 49 cents. For an External Account, the fee will be $1.99
- For amounts between $10 to $25: If deposited to RoarMoney, you will pay $1.49 more. If it is an External Account, it will only be $3.99
- For amounts between $30 to $45: If it will fall in your RoarMoney, it will be an extra $2.49, for an External account, the fee is $4.99
- For amounts between $50 to $65: If you prefer to use your RoarMoney, the fee will be $3.49. For the External account, the fee is $5.99
- For amounts between $70 to $85: For RoarMoney it would be $4.99, for External $7.49
- For amounts from $90 to $100: You will only have to pay $5.99 in RoarMoney and $8.99 for External
Using Turbo is optional, so if you’re not that rushed, you can save yourself an extra fee. No matter which option you choose, either way, you can enjoy Instacash.
Why won’t MoneyLion give me instant cash?
To avoid this kind of situation, the best recommendation I can give you is to open a RoarMoney account. Besides, it brings fabulous benefits for its users. However, if you are already have a MoneyLion account and have not been able to enjoy the Instacash service, it may be for one of these reasons:
- You associated to the app another type of account apart from a Checking account. So if you registered a Savings account or a money market account, you will not be able to take advantage of the Instacash benefits
- Your checking account has been open for less than two months
- The checking account you have decided does not register or show the recurring deposits made to you
- It has a negative balance
- It is an account that you do not use regularly
In some of these cases, you can associate another account or wait a few weeks, maybe a month, and try again when you are certain that it does meet all the standards required by the platform. If you think this is not the cause, you can check that the information you provided matches the account you are linking and your public record.
How do you get $250 on MoneyLion?
While I mentioned a few paragraphs ago that the fees for using Turbo Delivery are for a $100 disbursement, with MoneyLion’s Instacash you can get more than that. It may not be much more, but $250 can be a lifesaver if payday is “thousands of years away”.
Remember that the amount you are eligible for will depend directly on the deposits your employer makes to the account you join or the different income you receive into the account.
Likewise, the limit amount that you are eligible to disburse and which you will be able to enjoy using Instacash will appear when you go to request the advance.
One thing you should know: the Instacash Advance Limit is not the same as the Disbursement Limit.
To help you understand this better, I’ll give you a small example. Imagine that you are already eligible to receive the $250 in Advance, but the app indicates that your disbursement limit is $50. Then, you can get the $250, just in five $50 transactions.
Can my account limit also decrease?
Unfortunately, yes, because MoneyLion’s algorithm bases the limits on the deposit history of the account you join, the transactions you make, and other information it finds important to analyze.
You can also increase the limit if you sign up as a MoneyLion Member and if you use RoarMoney to receive regular direct deposits.
Additionally, you can (and should) take advantage of all the products and opportunities that the app offers you to raise your limit, be it bonuses, incentives, or any certified promotions that the platform shows you. These will be presented as boosts.
References
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“How Do I Qualify for InstacashSM Advances?” Knowledge Base, https://help.moneylion.com/how-do-i-qualify-for-instacashsm-advances-S1l56f0GK
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“How Soon Will I Receive My InstacashSM Funds?” Knowledge Base, https://help.moneylion.com/how-soon-will-i-receive-my-instacashsm-funds-ry7oafAzt#:~:text=Regular%20delivery%3A%20Receive%20your%20Instacash,days%20at%20no%20additional%20cost
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“Terms and Conditions | MoneyLion.” MoneyLion, https://www.moneylion.com/terms-and-conditions/