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7 Apps & Loans Like MoneyLion
Explore Canadian alternatives that offer similar financing options compared to the US lending app, MoneyLion.
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 serve 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. To apply for a MoneyLion financial product, you need to be a US citizen or permanent resident and have a Social Security number.
Loans like MoneyLion in Canada
Here are similar loans to MoneyLion in Canada.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call the Credit Counselling Society for free financial counselling (Mon–Fri, 8am–5pm at 1-888-527-8999). Also consider payday loan alternatives.Payday loans are another option. They’re 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.
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
- Personal loans of up to $100,000 are also available
Cons
- Standard transfers take one to five business days
- Instant advances cost $0.49 to $8.99
- Funds delivery to an external account takes two to five business days
- Credit Builder Plus membership costs a hefty $19.99
Related: Pay advance apps in Canada
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.
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