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MoneyLion Launches Instacash, A Safe Alternative To Payday Loan (NYSE: COF)

MoneyLion, founded in 2013, seeks to provide comprehensive financial memberships to give Americans services like no-fee verification, easy-to-manage investments, credit tools and loans, and more. This relatively new player in the digital banking space has garnered the support of incumbents such as A capital letter (NYSE: COF).

MoneyLion recently launched a new service to add to its growing list of financial tools called Instacash.

What is Instacash?

MoneyLion claims that Instacash is a safe and affordable alternative to payday loans. It allows you to get 0% APR cash advances up to $ 250 quickly and easily, anytime, day or night. Whether you need to cover an unexpected bill or pay for a night out, Instacash Advances can help you quickly get the funds you need without high interest rates or inflated fees.

Traditional payday loans have a predatory reputation because they charge extremely high interest rates and fees to borrow money quickly. If you’re looking for the same $ 250 through a payday loan, you could pay interest with an APR of several hundred and a fixed upfront fee to even access those funds.

With MoneyLion, you can borrow the same amount at absolutely 0% interest rate. MoneyLion strives to help people who need money, not profit from it like payday loan companies do.

How to get Instacash from MoneyLion

If you’re in a rush or don’t want to miss a thing and need quick access to funds, MoneyLion can help you with Instacash Advances of 0% APR.

First, you will need to open an account with MoneyLion in the free MoneyLion app and securely link a checking account to see if you qualify for Instacash. There is no credit check to apply.

Once you have linked your account, go to the “Finances” tab of the MoneyLion app, select “Instacash” and ask how much money you will need. The amount of your available Instacash is based on a few factors, and MoneyLion makes it easy to understand how to unlock more.

After you get your instant cash advance, you can use the funds however you want and pay them back without interest.

MoneyLion has entered into a compensation agreement with Benzinga whereby MoneyLion pays fees for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not endorse, endorse, or warrant the accuracy of any content posted by Benzinga, and such content does not represent the views of MoneyLion.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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