Apps and loans like 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 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.

5 personal loans like MoneyLion

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.

Finder Score	Costs	Loan Amount	Loan Term
Alternative for fast pay advance: Nyble
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros No credit check required No application fee No late payment fee More affordable than payday loans Cons $11.99 for fast transfers, full credit report and other premium perks Small loan amounts only
Alternative for overdraft protection: KOHO
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	$75 REWARD Go to siteView details Compare product selection Compare	loading	Why we like it Get a cash advance ranging from $20 to $250 when you pay 0% + monthly fee from $2. You'll need a KOHO account to access this service. Pros & cons Pros No late fees 0% interest No impact on credit score Free financial coaching service Cons KOHO savings account required
Alternative for fee-free pay advance: Bree
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $750	Next pay cycle	Refer a friend and get a $20 credit limit increase on your next withdrawal. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it Bree lets you borrow a small amount of up to $750 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. Pros & cons Pros Easy application process No credit checks 0% interest and no late fees Cons $2.99 optional monthly membership fee for express funding Loan amount may not be enough for your needs May not improve your credit

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Finder Score	APR Range	Loan Amount	Loan Term
Alternative for installment loans: Green Loans
Finder score 7.9 Great Green Loans	Finder score 7.9 Great	22.00% - 35.00% + broker fee	$300 - $1,000	3 - 12 months	Go to siteView details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Apply online and get a response within one hour No early repayment fees Services: all provinces except Manitoba and Alberta Cons Small loan amounts between $300 and $1,000 Interest rates can reach as high as 35%
Alternative for installment loans: MDG Financial
Finder score 7.1 Great MDG Financial Installment Loan	Finder score 7.1 Great	Undisclosed	Up to $1,600	Up to 36 months	View details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Easy application process Payments reported to credit bureaus No penalty for early repayment Established provider Cons 560 minimum credit score required High interest rates Some borrowers may need more than $1,600

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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.

Cost	Loan Amount	Loan Term	Serviced Provinces
Alternative for fast payday loans: iCash
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Go to siteView details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros 4.6/5 stars based on over 2,400 Trustpilot reviews Get money within an hour Get funded 24/7 Cons Payday loans are expensive Short repayment terms Only available in AB, BC, MB, NB, NS, ON, PEI
Alternative for in-store payday lender: Cash Money
Cash Money Payday Loan	$14 per $100 borrowed	$100 - $1,500	5 - 40 days	BC, MB, NL, NS, ON, SK	View details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Instant decision Fast access to funds Established lender with A+ Better Business Bureau rating Cons Not available in all provinces High cost of borrowing

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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.

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.

Written by

Chelsey Hurst

Publisher

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. See full bio

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Chelsey has written 124 Finder guides across topics including:

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Co-written by

Kat Aoki

Writer

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. See full bio

Kat's expertise

Kat has written 7 Finder guides across topics including:

• Mortgages
• Home equity loans
• Mortgage refinancing