MoneyUp Review: Rates, Fees, Pros & Cons

MoneyUp is an instant line of credit of up to $1,500. Designed to provide early access to a portion of your next paycheque, it provides instant funding with no credit check. There’s also no interest to pay on the money you borrow, and non-employment income like the Canadian Pension Plan and the Canadian Child Benefit is also accepted.

You’ll pay a small withdrawal fee plus a fee of $2.50 for every $100 you borrow, so a MoneyUp line of credit is much more affordable than a payday loan. But it still comes with a maximum APR of up to 30.4%, so it’s worth checking whether you can get a better rate elsewhere before deciding if MoneyUp is right for you.

Is MoneyUp legit?

Yes, it is. MoneyUp is run by Cashco Financial, an Edmonton-based lender that offers payday and personal loans as well as income tax services, cheque cashing and international money transfers. Cashco Financial has over 50 branches across Canada.

Pros and cons of MoneyUp

Apps like MoneyUp

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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What is MoneyUp?

MoneyUp is a recently launched app designed to provide money management tips and tools for Canadians. These include money advice videos, two free e-transfers per month, shopping coupons, rewards and cash back on your MoneyUp line of credit.

However, to access the full range of perks, you’ll need to sign up for a paid MoneyUp Smart plan. There’s a 15-day free trial available if you want to trial the plan, and Smart members can qualify for a higher MoneyUp credit limit of up to $1,500.

MoneyUp app reviews

Reviews as of February 6, 2025.

What do MoneyUp reviews say?

Reviews for Cashco Financial, which runs MoneyUp, are generally positive, pointing to factors such as helpful customer service and fast and easy access to funds.

Negative reviews sometimes mention the high cost of borrowing and poor customer service issues.

Am I eligible?

You’ll need to be a Canadian resident to qualify for a MoneyUp line of credit, but this product is not available to residents of Quebec or Saskatchewan. You’ll also need to be the age of majority in your province or territory.

To be eligible for a line of credit, you’ll need to receive income from employment, Canadian Pension Plan and Canadian Child Benefit income.

How to get started with cash advance apps like MoneyUp

You can get started with cash advance apps like MoneyUp by downloading the app and creating an account. You’ll need to provide your personal information and contact details as well as proof of ID. If you’re applying with MoneyUp, you’ll need to give approval for MoneyUp’s partner Flinks to scan your bank account transaction history for proof of your income.

MoneyUp’s automated system will then calculate the maximum credit limit you will be approved for. Then, each day throughout the month, a portion of your credit limit becomes available to you — you can either withdraw those funds or let the amount grow.

You’ll need to repay the money you withdraw plus any fees on a set date each month. You can set up a pre-authorized debit to have the funds automatically deducted from your bank account, but you also have the option to pay it back early via e-transfer.

Bottom line

MoneyUp is a competitive newcomer to the Canadian cash advance app scene. With an interest-free line of credit that’s cheaper than a payday loan, MoneyUp is well worth checking out. But it’s not available everywhere, and you will need to consider the cost of borrowing, so compare it to other cash advance apps before deciding if it’s a good fit for you.

Frequently asked questions

• What incomes does MoneyUp accept?

  To qualify for a MoneyUp line of credit, you will need to receive income from employment, Canadian Pension Plan and Canadian Child Benefit income.

• How does MoneyUp verify my income?

  During the application process, you'll need to link your bank account to MoneyUp so the provider can calculate what credit limit to approve you for. Financial data connectivity company Flinks allows the lender to review your bank account transaction history to assess your income.

• Will MoneyUp affect my credit score?

  No. MoneyUp does not carry out a credit check, so applying for a line of credit won't affect your credit score. There's also no mention on the MoneyUp website of the provider reporting your payment history to the credit bureaus.

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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