MoneyUp is an instant line of credit of up to $1,000. 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
Pros
No credit checks. You can apply and get approved for a MoneyUp line of credit without completing a credit check.
No interest charges. You won’t pay any interest on the money you borrow.
Low fees. With a fee of $2.50 for every $100 you borrow, a MoneyUp line of credit is a lot more affordable than a payday loan.
Easy application process. It’s quick and easy to apply for a line of credit through the MoneyUp app.
Fast access to funds. You can apply for a line of credit and get funded in a matter of minutes.
Borrow again as needed. Once you’ve repaid your line of credit, you can access funding through the MoneyUp app again as needed.
Cons
Fees. In addition to a $2.50 for every $100 you borrow, you’ll also have to pay a bank transfer or e-transfer request fee.
High maximum APR. Your full outstanding balance is due each month, and this short repayment period means your line of credit could have a maximum APR of 30.4%
Not available everywhere. MoneyUp is not available in Quebec or Saskatchewan.
Not all income types are accepted. MoneyUp accepts employment, Canadian Pension Plan and Canadian Child Benefit income, so you won’t be able to qualify if your only source of income is other government benefits such as social assistance.
New product with no reviews. MoneyUp is a relatively new offering in the Canadian lending marketplace, so we couldn’t find any MoneyUp user reviews on independent websites.
Android only. At the time of writing, the MoneyUp app is only available on Google Play, not on Apple’s App Store.
Nyble offers a no-interest line of credit of up to $250. You can apply without any prior credit history, and Nyble reports your payment history to the credit bureau to help you build your credit score.
Easy application process
No interest
Could help improve your credit score
No late fees
You can also monitor your credit score for free
Late payments are also reported to the credit bureau
Funding with a free account takes up to 3 business days
Maximum credit amount of $250 may be too small for some
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 interest-free cash advances of up to $500. There are no credit checks, interest or late fees to worry about, and the advance is designed to help you get through to your next paycheque and avoid NSF fees. Instant funding is also available, but for an extra fee.
Simple application process
No interest charges
Fast decisions
No credit checks
$2.99 optional monthly membership fee for express funding
Some people might want 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
KOHO Cover provides interest-free cash advances of up to $250. It's quick and easy to apply through the KOHO app without completing a credit check, you can access the funds instantly, and you have the freedom to repay what you borrow at any time.
Interest-free
No credit checks
Fast access to funds
No income required to qualify for funding
Monthly KOHO Cover fee
Monthly KOHO plan fee (waivable on entry-level plan)
Some people might need more than $250
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
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 $1,000.
MoneyUp app reviews
Site
Details
Apple Store
N/A
Google Play Store
No reviews available
Trustpilot
No MoneyUp reviews available Parent company Cashco Financial scores 4.7/5 from 1,002 reviews
Google
No MoneyUp reviews available
BBB accreditation
No
BBB rating
A+ (Cashco Financial)
BBB reviews
1.5/5 from 8 reviews (Cashco Financial)
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
To qualify for a MoneyUp line of credit, you will need to receive income from employment, Canadian Pension Plan and Canadian Child Benefit 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.
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.
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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