MoneyLion is a banking and cash advance app in the US that offers interest-free cash advances up to $500 per pay period with no monthly fee. If customers open a RoarMoney banking account, they can potentially increase their advance amount to $1,000 per pay period. But because MoneyLion does not service Canada, we’ve rounded up a list of alternative interest-free pay advance, payday loan and installment loan lenders you can apply for in Canada.
Is MoneyLion in Canada?
No, MoneyLion is not available in Canada. In order to apply for a MoneyLion financial product, you need to be a US citizen or permanent resident and have a Social Security number.
6 loans like MoneyLion in Canada
Here are 6 similar pay advance and loan alternatives to MoneyLion in Canada.
Personal loans typically allow for larger amounts and longer repayment terms that cash advance apps. However, the application requirements are more strict. If your credit isn’t good, you could end up paying a high interest rate.
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
No credit check required
No application fee
No late payment fee
More affordable than payday loans
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Bree lets you borrow a small amount of up to $250 to help you cover expenses until your next payday. Like MoneyLion, Bree won't charge any interest, but there is a small fee if you need funding within a few hours.
Easy application process
No credit checks
0% interest and no late fees
Loan amount may not be enough for your needs
Monthly fee for Bree's budgeting tool
Fee for fast transfers
May not improve your credit
Loan amount
$20 – $250
APR
Starting at 0%
Term
Next pay cycle (61 days max.)
Fees
No interest or fees to access cash advance, fee for express funding (varies based on advance)
Turnaround time
Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery
Get a zero-interest cash advance ranging from $20 to $250 when you pay a subscription fee starting at $2/month. You'll need a KOHO account to access this service.
LoansLoans.ca offers fast short-term installment loans with no credit check and no early repayment penalties. NCR Financial, the company that operates LoansLoans.ca, has been in business for over 15 years and is registered in Quebec.
Apply online and get a response within one hour
No early repayment fees
Services: All of Canada (except Manitoba)
Small loan amounts between $500 and $1,000
Interest rates can reach as high as 32%
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Origination fee
$300
Turnaround time
Receive funds in less than 24 hours
Serviced provinces
All of Canada (except Manitoba)
3 payday loans like MoneyLion
Payday loans are easier to qualify for than personal loans, but the cost can be quite high. Be prepared for high interest rates and short repayment terms. Maximum loan amounts are $1,500. If you need more money or a longer repayment period, consider getting a personal loan instead.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
iCash provides quick funding and accepts non-employment income. You can get e-Transfer funding in as little as 2 minutes after approval. iCash provides payday loans so you can borrow more compared to MoneyLion but at higher rates.
4.6/5 stars based on over 2,400 Trustpilot reviews
Get money within an hour
Get funded 24/7
Payday loans are expensive
Short repayment terms
Only available in AB, BC, MB, NB, NS, ON, PEI
Loan amount
$100 – $1,500
APR
Varies by province
Term
7 - 62 days
Min. Turnaround time
As little as 2 minutes with INTERAC e-Transfer®
How to apply
Online In Store
Credit Check
Yes
Alternative for in-store payday lender: Cash Money
Through its payday loans, Cash Money offers higher loan amounts than MoneyLion but at very high interest rates. Get instant approval and funding in as little as 15 minutes when you use the Cash Money app.
Instant decisions
Fast access to funds
Established lender with A+ Better Business Bureau rating
Not available in all provinces
High cost of borrowing
Loan amount
$100 – $1,500
APR
Varies by province
Term
5 - 40 days
Min. Turnaround time
As little as 15 minutes with INTERAC e-Transfer®
How to apply
Online In Store
Credit Check
Yes
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
How does MoneyLion compare?
MoneyLion is a free cash app packing a range of features, including a banking account, investment account, crypto trading feature and credit builder program. Unlike other apps, there’s no monthly fee for cash advances, but standard advances to an external bank account take two to five business days.
But if applicants need same-day money, its instant transfer charges are steep—costing up to $8.99 per $100 transferred. But if immediate access to cash isn’t necessary, and with the option to increase advance amounts up to $1,000 by opening a RoarMoney account, MoneyLion may be more economical than payday loans for US residents.
Pros
0% interest
No monthly subscription fee
No credit check required
Standard transfers are free
Other banking and financial services available
Can potentially borrow up to $1,000 per pay period
Cons
Standard transfers take 1 to 5 business days
Instant advances cost $0.49 to $8.99
Funds delivery to an external account takes 2 to 5 business days
Credit Builder Plus membership costs a hefty $19.99
How to decide which MoneyLion alternative is right for you
Because MoneyLion isn’t available in Canada, it’s important to decide which alternative is the right fit for your needs.
You’ll first need to decide what type of loan to apply for given how much you need. If you only need a small amount to get you through to the next payday, consider a 0% interest pay advance from Nyble or Bree.
If you need to borrow a larger amount and your credit score isn’t in great shape, consider a bad credit installment loan from lenders like LoansLoans.ca.
It’s usually best to avoid payday loans when possible because they’re one of the most expensive borrowing options on the market and can easily trap borrowers in a cycle of debt. As a last resort, consider payday loan providers like GoDay and iCash, which offer online applications and fast loan turnarounds of up to $1,500 but with very high APRs.
Chelsey Hurst is an associate editor at Finder. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature.
Borrowing $100 can be a quick and easy process. This guide covers how you can get a small loan in Canada, including benefits, drawbacks and eligibility requirements.
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