Short-term loans for all credit types, but you must have a job to qualify.
When you need money fast and don’t have strong credit, a short-term loan might be your best bet. BetterCash’s short-term installment loan can get you funds as soon as the next day and give you monthly repayments that are more affordable than a payday loan. However, longer terms can make your loan more expensive than you might expect. And these loans aren’t available in all states.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
What is a BetterCash loan?
A BetterCash loan is an installment loan offered by the lender MoneyLion. It offers short-term loans with no credit requirements and long-term loans to borrowers with a minimum credit score of 550.
BetterCash loans are unsecured, so you don’t need to provide collateral. You can complete the application entirely online and get approved within 24 hours. Typically, borrowers get their funds the next business day.
BetterCash long-term loans are only available in Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, South Carolina, Utah and Wisconsin.
Short-term loans are also available in Mississippi, Ohio, Texas and Washington, in addition to the states listed above.
Loan amounts, rates and terms vary by state and the type of loan. Here’s what you can expect.
Rewards program. Borrowers can earn points through the MoneyLion app for actions like signing up for credit monitoring and making on-time repayments, which can unlock more favorable rates and other perks.
What to watch out for
Before applying for a BetterCash loan, consider these potential drawbacks:
Employment required. MoneyLion won’t work with you if you rely on other types of income like government benefits or a pension.
Bankruptcy disqualifies you. You won’t be eligible for a BetterCash loan if you’ve filed for bankruptcy recently.
High APRs. The short-term option can come with APRs nearing 300%, while long-term loans come with APRs as high as 99%.
BetterCash loans are expensive not only because of the high APRs, but also the long loan terms. That’s because a longer term leaves more time for interest to add up. Let’s take a look at two examples.
Say you took out a loan of $3,000 with an APR of 99% and a three-year term. You’d pay $6,454.81 in interest alone, or a total of $9,454.81 — more than three times the amount you borrowed. And that’s the option for borrowers with better credit.
But what if you went for a short-term loan instead? Say you borrowed $3,000 with an APR of 295% and a two-year term. You’d pay $14,791.03 in interest alone, or a total of $17,791.03 — almost six times the amount you borrowed.
Is it safe to apply for a BetterCash loan?
Generally, yes — though no company can 100% guarantee the safety of information you enter online. The BetterCash website uses TLS encryption to protect any personal details you enter. It also has a global security team that works around the clock to monitor and protect your information from threats.
It might share your personal details with other companies to market to you, though you can opt out by calling customer service at 888-689-0206.
What do borrowers say about BetterCash loans?
BetterCash has mixed online reviews as of November 2018. It’s not accredited by the Better Business Bureau (BBB), which gives it a B rating based on the short amount of time it’s been around.
Only four customers have left reviews on its BBB page, giving it an average of 3 out of 5 stars. Trustpilot users were more enthusiastic, giving it an average rating of 9 out of 10 based on nearly 130 reviews.
Multiple customers were happy with the fast turnaround time and customer service. Though some borrowers said the company was difficult to work with when they were unable to afford repayments.
Am I eligible?
To qualify for a BetterCash loan, you must:
Be over 18 years old. This is the minimum legal age to get a loan in most states. You must be over 19 in Nebraska and Alabama.
Have a checking account. Your account must be active and open for at least 45 days.
Be employed. You qualify if you receive welfare as long as you also have a job.
Get paid with direct deposit. Your employer must deposit your paycheck directly into your checking account to qualify.
Not have any bankruptcies on your credit report. Bankruptcies typically stay on your credit report for up to seven years.
Live in an eligible state. Short-term loans are available in 16 states, while long-term loans are available in 12 states.
Long-term loans also require a minimum credit score of 550.
You can apply for a BetterCash loan by filling out a quick online application.
Go to the BetterCash website, and select your state and loan amount. Click Apply Now.
Enter your personal information and how you plan on using the loan. Click Step 2.
Select your job status, enter your income before taxes and create a password.
Read the authorization and disclosure documents. Click Check Your Rate.
You should hear back about a decision within 24 hours. If you’re approved, review your offer and e-sign your loan documents. Your funds are usually deposited to your bank account the next business day.
I got a BetterCash loan. Now what?
Now you’re on the hook for repayments. You can find out exactly how much you owe and how often by referring to your loan documents.
BetterCash sets up automatic repayments as as default, though you can request to make repayments using your debit card, a cashier’s check or a money order. It doesn’t accept personal checks or prepaid debit cards as repayment.
Keep an eye on your loan balance. If possible, consider paying off some of your loan early to save on interest. If you have any questions, reach out to customer service by calling 888-689-0206.
BetterCash loans could be helpful if you’re in a pinch and need money fast. You’ll need to live in one of the 16 states it services to be eligible, however. And if you have strong credit, you can likely find more competitive rates and terms elsewhere.
Not unless you accept your loan offer. Checking your rates and terms doesn’t affect your credit score. However, MoneyLion performs a hard credit pull if you continue with the application, which can cause your credit score to take a dip.
Yes, MoneyLion allows borrowers to defer repayments for any reason or renegotiate the terms of their loan if they face financial hardship. To do so, reach out to customer service.
No, anyone can sign up for credit monitoring. You just have to complete a quick online form with some basic personal information. You’re automatically enrolled in credit monitoring when you take out a loan with BetterCash.
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