5 Apps Like MoneyUp in Canada

MoneyUp offers instant lines of credit of up to $1,500 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 popular MoneyUp alternatives in Canada that can help you cover an emergency expense.

Costs	Loan Amount	Loan Term
KOHO
Finder Rewards Exclusive KOHO Cover	0% + monthly fee from $2	$20 - $250	Flexible	ENDS SOON! $75 DIGITAL VISA CARD REWARD 1 Join Finder 2 Open & fund a KOHO account 3 Get a digital Visa card from Finder on or before June 16 Ends by. T&Cs apply.	Go to siteView details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros 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 Cons 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
Nyble
Nyble Credit Line	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 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. Pros & cons Pros 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 8,600+ Trustpilot reviews Cons MoneyUp offers larger loan amounts Late payments will also be reported to the credit bureau Monthly subscription fee if you want instant funding
Bree
Bree Early Pay	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 offers cash advances of up to $750 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. Pros & cons Pros 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 4.8/5 based on 7,300+ Trustpilot reviews Cons Transfer fee applies for instant transfers Monthly subscription fee if you want instant funding MoneyUp offers larger loan amounts

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Cost	Loan Amount	Loan Term	Serviced Provinces
Wagepay
Wagepay Wage Advance Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	BC and ON	Go to siteView details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Get a payday loan 24/7 Get approved and funded in minutes No credit checks No late fees or NSF fees Cons You'll be charged $14 per $100 borrowed Short repayment period Only in BC and Ontario
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 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. Pros & cons Pros 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 2,900+ Trustpilot reviews Cons Extremely high APRs Short repayment terms

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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 $1,500, KOHO, Nyble and Bree allow you to borrow maximum amounts ranging from $250 to $750.

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.

What’s better: cash advance apps or payday loans?

The better option depends on your financial situation. But generally speaking, cash advance apps are better because they can offer lower rates or fees and more flexible terms than payday loans. Payday lenders charge high interest rates and require you to repay the amount in full on your next payday. If you don’t have enough money left for life essentials after repaying the payday loan, you might be forced to get another one, which puts you in a cycle of debt.

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.

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.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 20-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. See full bio

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