This is another great app on the list that is not just about instantly depositing cash into your account but it has other personal finance features like mobile banking, access to crypto, fully managed auto investment account, low APR Loan, debit card rewards along with the instacash advance.
But for the sake of this video we are going to focus on the instacash advance portion of the app. Instacash advance by Moneylion is a easy way to let consumers borrow a portion of their income that’s going to be directly deposited in the near future. Usually in two weeks.
The fees are considerably low compared to other ways to borrow money from a bank or a pay day loan. Who should use the Moneylion’s instacash? You should use the instacash option if you only need to use it in a crunch. If you have an unexpected expense.
Make sure you have a plan to repay the advance and cover your other expense. Keep regular deposits in your checking account. As always if you find yourself regularly over spending.and needing the instacash option of this app to bail you out then you need to look at your finances a lil deeper and plug some holes.
Here are the details on the Moneylion Instacash app.
They have what they call a Turbo fee The app delivers Instacash advances for free to MoneyLion bank accounts in one or two days. For a $3.99 turbo fee, funds are deposited within minutes. External bank accounts normally receive funds in two to five business days, but users can pay a $4.99 fee to get funds within four hours.
The highest amount the users can borrow up to is $250 and those are for users that actually have a Moneylion account. If you have an external account then the amount will be considerably lower. It will probably only be $100 at the max. Plus you can pay back the amount incrementally like half now and half before the actual due date.
The repayment dates are usually around 14 days deferred from the day you borrow the money. So they give you ample time to pay back the money from your next check. Moneylion instacash option can protect you from being overdrafted and paying those fees
If you don’t have the money when its time to pay back the app you can incur over draft fees if the money is not there. So when it comes to getting a insta deposit its a great idea if you are in need of getting to your next paycheck or if you had an emergency come up and you need a quick bail out.
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