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.
7 loans like MoneyLion in Canada
Here are 7 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 $250 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99, get access to premium services, including funding in 1-30 minutes, credit monitoring and identity theft protection.
No credit check required
No application fee
No late payment fee
More affordable than payday loans
$11.99 for fast transfers, full credit report and other premium perks
Small loan amounts only
Costs
0%
Loan Amount
$30 – $250
Loan Term
31 days, extendable
Credit Check
No
Turnaround Time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Requirements
You must be 18 years or older and have a minimum monthly income of $1,000.
Bree lets you borrow a small amount of up to $500 to help you cover expenses until your next payday. Like MoneyLion, Bree won't charge any interest or fees on standard funding, but there is a small monthly subscription fee plus an extra fee if you need funding within a few hours.
Easy application process
No credit checks
0% interest and no late fees
$2.99 optional monthly membership fee for express funding
Loan amount may not be enough for your needs
May not improve your credit
Costs
0%
Loan Amount
$20 – $500
Loan Term
Next pay cycle (90 days max)
Credit Check
No
Turnaround Time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery.
Requirements
You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV
MDG Financial provides cash installment loans of up to $1,600. You can pre-qualify online without impacting your credit score. Once you're approved for a loan, the money will be deposited into your bank account within three hours.
Green Loans offers fast short-term installment loans with no credit check and no early repayment penalties. NCR Financial, the company that operates Green Loans, 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 provinces except Manitoba
Small loan amounts between $100 and $1,000
Interest rates can reach as high as 35%
Loan Amount
$100 – $1,000
APR Range
22% – 35%
Loan Term
3 - 12 months
Serviced Provinces/Territories
all provinces except Manitoba
Turnaround Time
within 24 hours
Min. Credit Score
300
Fees
2.66% late fee
Requirements
• Share banking access via our secure IBV system (Instant Banking Verification) • Have a Canadian bank account open for 90+ days with online access • Be a Canadian citizen or permanent resident with a job • Be 18 or older (or provincial age of majority) • Earn at least $1,200 monthly in net income • Provide a valid phone number, email, and home address • You must not be in a bankruptcy or a consumer proposal. • You must not be planning to declare bankruptcy or a consumer proposal.
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 long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling 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
Loan Term
7 - 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
AB, BC, MB, NB, NS, ON, PEI
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
Yes
Requirements
- At least 18 years old (for applicants in Alberta, Manitoba, Ontario and PEI) - At least 19 years old (for applicants in British Columbia, New Brunswick and Nova Scotia) - Canadian resident in a province that iCASH services - Valid cell phone number, address and email address - Net income of at least $800/month deposited into bank account - Receiving the same source of income for the past 3 months - Have a Canadian bank account that's been open for at least 3 months with online banking
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
Loan Term
5 - 40 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC, MB, NL, NS, ON, SK
Speed
As little as 15 minutes with INTERAC e-Transfer
Credit Check
Yes
Requirements
- ID showing you're 18 years or older - Min. net income of $1,000/month - Valid bank account with online banking - Address, email and phone number
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 a publisher at Finder, specializing in banking and investments. 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.
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Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.
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Cash advance service Bree allows you to borrow up to $500 with no interest and no late fees.
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