MoneyUp offers instant lines of credit of up to $1,000 with no credit checks and no interest charges. It also has an app that offers money management tips and tools to help you take control of your finances.
But while MoneyUp is worth checking out if you need money fast, it’s far from your only option. Check out these MoneyUp alternatives that can help you cover an unexpected emergency expense.
KOHO offers a competitive interest rate on your balance, cash back on purchases, and if you sign up for KOHO Cover, access to an instant cash advance of up to $250. Like MoneyUp, there are no credit checks or interest charges to worry about, while you also get the convenience of being able to access your funds straight away. And with other money management tools like credit report access and in-app financial coaching, KOHO is a solid alternative to MoneyUp.
Instant access to funds
Get your money in the KOHO app or at an ATM
No credit checks or income requirements
No interest to worry about
Repay at any time
Monthly KOHO Cover fee
You may also need to pay a monthly KOHO plan fee
$250 loan amount may be too small for your needs
Won't improve your credit score
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
Nyble offers an interest-free line of credit of $30 to $250, and you don't need to complete a credit check to apply. Your repayments are reported to the credit bureau each month—just like with MoneyUp—so making on-time payments helps you build credit history and potentially improves your credit score. There are no late fees either, and while standard funding takes up to three business days, you can get instant access if you sign up for a paid monthly subscription.
No interest charges or late fees to worry about
Can help you build your credit history and score
Apply in five minutes
Flexible repayment terms
4.8/5 stars based on 7,800+ Trustpilot reviews
MoneyUp offers larger loan amounts
Late payments will also be reported to the credit bureau
Monthly subscription fee if you want instant funding
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 offers cash advances of up to $500 to help you overcome short-term cash shortfalls and avoid overdraft fees on your bank account. Like MoneyUp, Bree doesn't charge any interest on the money you borrow, plus you can apply without a credit check and get a decision straight away. The best part about Bree is that there are no mandatory fees, though you will need to pay a $2.99 subscription fee plus a transfer fee if you want to access your cash advance instantly.
Apply within minutes with no credit check
No interest charges
No mandatory fees
Get a decision instantly 24/7
Budgeting tool and tips for subscribers
4.7/5 based on 6,400+ Trustpilot reviews
Transfer fee applies for instant transfers
Monthly subscription fee if you want instant funding
MoneyUp offers larger loan amounts
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
Unlike MoneyUp, iCash is a payday lender that approves and funds loans 24/7. It's quick and easy to apply in just a few minutes through iCash's website or app, and iCash uses an automated approval process to fund loans at any time of day. Funds are sent out quickly via e-Transfer, so you could potentially get your money in as little as a couple of minutes. Just be aware that payday loans are very expensive, so you'll need to be sure you can afford to repay the loan before you apply.
24/7 payday lender
Get approved and funded in 1 hour or less
Bad credit won't stop you from getting a loan
Borrow up to $1,500
Accepts a wide range of income types
4.7/5 based on 2,800+ Trustpilot reviews
Extremely high APRs
Short repayment terms
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
Wagepay is a 24/7 payday lender, so it offers larger loan amounts (borrow up to $1,500) than MoneyUp. You can apply online or via a mobile app at any time of day or night, and you won't need to complete a credit check to get a loan. And with funds sent out via e-Transfer, Wagepay is a solid option if you need fast access to funds. Just make sure you're aware of the high cost of payday loans before you apply.
Get a payday loan 24/7
Get approved and funded in minutes
No credit checks
No late fees or NSF fees
You'll be charged $14 per $100 borrowed
Short repayment period
Only in BC and Ontario
Loan Amount
$100 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC, ON
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
No
Requirements
- Be at least 18 years old in Ontario or 19 in BC - You must live and work in Canada - You must be employed and receive a regular, consistent income from your employer of at least $400/week ($1,600/month) - You must leave enough of your income each pay cycle in your account to be able to repay an advance - You must have a generally good banking history
Which apps are nearly the same as MoneyUp?
KOHO, Nyble and Bree are all fairly similar to MoneyUp. All three are cash advance apps that allow you to access an instant line of credit without having to complete a credit check. And like MoneyUp, none of them charge interest.
One of the key differences between these apps and FastForward by MoneyUp is the maximum loan amount. While MoneyUp offers lines of credit of up to $1,000, KOHO, Nyble and Bree allow you to borrow maximum amounts ranging from $250 to $500.
Fee structures also vary between these providers. MoneyUp charges $2.50 for every $100 you borrow. Some cash advance apps also charge a monthly subscription fee, though in certain cases you only pay a fee if you request an instant loan.
How does MoneyUp compare?
You can check out our full review of MoneyUp to see how it compares to the MoneyUp alternatives featured in this guide. For a quick rundown, here are the pros and cons of MoneyUp.
Pros
Get a line of credit of up to $1,000
Instant access to funds
No credit check needed to apply
Accepts some forms of non-employment income
Much cheaper than a payday loan
Mobile app offers money management tools and resources
Offered by established lender Cashco Financial
Cons
2.5% fee applies
High APRs of up to 30.4%
Not available in Quebec or Saskatchewan
You’ll need to sign up to a MoneyUp Smart plan to access the maximum amount
Still a relatively new product with limited reviews
How do costs differ?
MoneyUp charges $2.50 for every $100 you borrow, with a maximum APR of 30.4%.
So if you borrow $250, it will cost you $6.25 in fees—that’s a total loan cost of $256.25. As you can see in the table below, MoneyUp is more expensive than a cash advance app with three-day funding, but cheaper than instant funding from a cash advance app and much more affordable than a payday loan.
MoneyUp
Cash advance app, 3-day funding
Cash advance app, instant funding
Payday loan app
Loan amount
$250
$250
$250
$250
Loan term
30
30 days
30 days
30 days
Rates and fees
$2.50 for every $100 you borrow
No interest, no fees
No interest, $11.99 membership fee
$14 for every $100 borrowed
Loan cost
$256.25
$250
$261.99
$285
APR
30.42%
0%
Equivalent to 58.35%
170.33%
What are the eligibility requirements of apps like MoneyUp?
Eligibility requirements vary between apps and lenders, but to qualify you will generally need to:
Be a Canadian resident
Be the age of majority in your province or territory
Have an active Canadian bank account
Some loan options are available nationwide, but others are only available in selected provinces—like MoneyUp, which doesn’t serve customers in Quebec or Saskatchewan.
While there are no credit checks for apps like MoneyUp, minimum income requirements sometimes apply. There may also be restrictions on the types of income a lender is willing to accept. For example, MoneyUp accepts employment income as well as CPP and child tax credit.
Check with your chosen app for a full list of eligibility criteria.
How to get your advance
It’s easy to apply for an advance online or directly through the lender’s app.
You’ll need to provide:
Your name and date of birth
Your phone number and email address
Your residential address
Proof of ID
Many apps and lenders will also require you to submit to instant bank verification (IBV). This allows the lender to check your bank statements electronically, removing the need for you to gather any paperwork and allowing for faster approvals.
It will typically take around five minutes to complete an application. And if you choose instant funding (sometimes for an additional fee), you’ll receive your cash advance or line of credit via e-Transfer within minutes.
Bottom line
MoneyUp is a legit option if you need a short-term loan fast, but so too are the five apps like MoneyUp featured above. Compare eligibility criteria, loan amounts and borrowing costs between lenders before deciding which app is your best option.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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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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