Estimates suggest that between 55% to 63% of Americans are currently living paycheck to paycheck. If you’re like a lot of other people, then you’ve likely found yourself in a bind and need money today.

The good news is there are plenty of legitimate ways to get the money you need quickly. In this article, we’ll explore 11 different strategies for raising cash on short notice.

How can I get money now? 12 top options 

If you find yourself in a cash crunch and need funds quickly, there are many legitimate ways to get money today. From exploring financing opportunities to earning extra income, here are the top 11 options for getting cash now:

1. Cash advances

Some apps offer cash advances that allow you to access part of your upcoming paycheck at an earlier date without having to take out a loan. 

If you need your money sooner, MoneyLion’s Instacash^SM cash advance product provides you access seamlessly and fast. . You can receive up to $500 with Instacash^SM with no interest, no credit check, and no mandatory fees. If you need the funds within minutes, there is an optional Turbo delivery for a small fee depending on the amount. MoneyLion is here to help you get in control of your finances. 

Simply sign up for MoneyLion or download the app and link your bank account where you receive your paycheck to see if you qualify!

2. Credit builder loan

A credit builder loan can be a good option if you need money today and you’re looking for an accessible way to build or rebuild your credit history.

With a credit builder loan, you’ll apply for a small loan amount, typically up to $1,000. However, instead of receiving the entire loan amount upfront, funds will be placed into a secure account. You’ll then make regular payments over a set term, depending on the repayment period. In the meantime, your lender will report these payments to the major credit bureaus.

After successfully making all the payments on time and in full, you should receive the original loan amount back, minus interest and fees. 

Pro tip! Ready to cash in on your money moves? MoneyLion WOW members unlock exclusive benefits, from cashback¹ to VIP deals² and giveaways³. 

3. Consider exploring personal loans

Personal loans aren’t the most common solution for fast cash. However, many still favor them as borrowers may qualify for several thousands of dollars with repayment periods of up to several months. 

That said, lenders may take some time to review your application. It can range from a couple of business days to over a week, depending on who you work with. For the most part, online lenders tend to work fast.

If you’re curious about what types of personal loans you could qualify for, look no further than MoneyLion. MoneyLion makes it easy to compile various personalized partner offers and find the best fit for your qualifications. 

4. Borrow money from family and friends

If you’re in a bind, try talking to your family and your friends to see whether anyone is willing or able to help you out. There are certain ways you can go about borrowing money from family and friends without jeopardizing your relationship with those people.

Start by setting up a payment plan so that your family or your friends will feel confident in your promise to pay back the money you borrow from them. Having a plan in place is key. You can also offer to trade services for cash like mowing the lawn, taking care of the house, and babysitting.

5. Get a second job

Getting a second job is a great way to make money fast. The best part about this plan of action is that you won’t owe anyone money. There are many ways to get a job making money from home, so make sure to explore online opportunities. 

The great thing about side hustles is that you can usually find a job you are passionate about and turn it into your primary income stream over time. It can also be a great way to try out a new career before taking the plunge in that direction.

Need a car to get started? Drive your way to earnings with HyreCar — the perfect solution to rent a car for rideshare and delivery services.

6. List stuff you don’t need for sale online

You’re bound to have something valuable hanging around the house that you no longer want, so why not try selling it? Ask yourself, “Do I need this item?” If the answer is no, it can be a good idea to sell the item for money.

Websites like eBay or Poshmark are great places to sell your valuables quickly and safely. For instance, maybe you have some valuable comic books or vintage clothes lying around that you can put up for sale online. Just keep in mind that if you’re looking for a faster sale, marking an item at a considerable discount can work in your favor. 

7. Request a payroll advance from your employer

Some companies will provide an advance on your upcoming paycheck in cases of financial hardship or unexpected expenses. If available, it can be a great option if you need money today since most employers won’t charge interest or fees.

The downside, however, is that your next paycheck will be smaller. Make sure to talk to your boss or employer to understand if it’s a possibility for your situation. 

8. Pawn or sell valuables

Take jewelry, electronics, collectibles, etc. to a pawnshop for a short-term loan using them as collateral. Or simply sell items outright. Pawnshops will typically lend you a portion of an item’s resale value which you can then pay back with interest to retrieve your item. This allows you to get cash quickly while still maintaining ownership if you repay the loan. The downside is losing the item if you default on payments.

9. Look for community and assistance programs

Local churches, nonprofits, and charitable organizations sometimes have emergency cash assistance funds available. These programs may provide small grants or interest-free loans to community members experiencing temporary financial hardship due to job loss, medical bills, or other unexpected circumstances. 

The amounts tend to be limited, usually no more than a few hundred dollars, but can help cover basic needs like rent, utilities, or groceries during a crisis.

To find local assistance options, you can call 211 or visit 211.org which connects people with health, crisis, and disaster support resources in their area. Another option is contacting local churches or religious organizations or The Salvation Army to ask about cash assistance and other forms of help. 

10. Earn quick cash on a gig or freelance app

Consider signing up to do rideshare driving, food/package delivery, freelance tasks, moving help, repair work, and more to earn money instantly on apps like Uber, DoorDash, Fiverr, Taskrabbit, Instacart, etc. The gig economy has made it incredibly easy to start making money right away by putting your existing skills and assets to work. 

You can drive using your personal vehicle, do deliveries by bike or car, rent out a room through Airbnb, or take on micro-gigs and odd jobs through labor apps and websites.

The beauty of these platforms is you can typically sign up and start accepting paid work shortly after. There’s flexibility to work as little or as much as needed around your schedule. 

11. Become a dog or cat sitter

Love animals? You can make a decent side income by providing dog-walking or cat-sitting services. This is ideal if you live in a close-knit community because then you can go door-to-door offering your services to neighbors. Plus, if you’re good at what you do, you could get hired regularly, turning your dog walking and sitting skills into another ongoing income stream for you.

12. Change your cell phone plan

Sometimes, simple adjustments to your regular monthly expenses will save you the most money in the end. Call your phone service provider and ask about changing your cell phone plan.

Inquire about any discounts or deals, too. You’ll be surprised to learn about the massive savings you can achieve by simply changing your cell phone plan, which will free up money that you can put toward other expenses or purchases.

If you’re looking to switch, check out TruConnect — enjoy unlimited talk, text, and high-speed data, plus get anAndroid^SM smartphone, all at no cost if you qualify!

Best practices to keep in mind if you need money today

If you’re in a bind and need money right now, and decide to take out a financial product, you’ll want to be mindful of the following best practices. 

1. Beware of predatory lenders 

While a financial crunch can feel desperate, it’s crucial to avoid the trap of predatory lenders. These lenders take advantage of people’s circumstances by charging outrageous interest rates and burying excessive fees in the fine print. 

Payday loans, car title loans, and similar offers can quickly lead to an endless cycle of debt that could wreak havoc on your finances over the long run. 

Several red flags could indicate whether a lender may be engaging in predatory lending practices. First, be wary of any lender that is not fully transparent about fees and interest rates upfront or that buries excessive fees in dense legalese. 

Another telltale sign is lenders that pressure unscrupulous sales tactics or that make the loan process seem unnaturally easy without proof of income or ability to repay. 

Overall, make sure to only work with reputable lenders backed by credible institutions. A little online research can go a long way in helping you safeguard your finances. 

2. Only borrow what you need

It can be tempting to take out a larger loan than strictly necessary, but avoiding that temptation may be able to save you money – or even headaches down the line. 

Practicing discipline to borrow only what you need can help prevent the situation from snowballing into unmanageable debt. A small loan today is far easier to pay back quickly compared to an oversized one you’ll be chipping away at for months.

3. Read the terms and conditions carefully

No matter what type of financing product you pursue, be sure to thoroughly read through all the terms and conditions before signing any agreement. The fine print can contain details about additional fees, penalties for late payments, requirements for collateral, rules around early payoff, and other crucial information. 

Taking the time to understand exactly what you’re committing to can help avoid unpleasant surprises and hidden costs down the road. Don’t just skim – carefully review all the disclosures so you know precisely what you’re getting into. And don’t be afraid to ask questions.

Get money for what matters most

There are many ways to get money if you need it today, but it’s important you pick the option that’s best for you. Let MoneyLion help you get money for what matters most. 

FAQ

In this article, we’ll lay out the differences between a cash advance and vs loan and go over the various pros and cons of each – giving you insight into making the right decision for your finances. 

One solution we’ll outline in this article that might be useful in an emergency is a personal loan. MoneyLion helps people get matched with personal loan offers. You can compare rates, terms, and fees from different lenders and choose the best offer for you. 

What is a short-term cash advance?

A short-term cash advance is a type of loan that provides borrowers with fast access to cash to cover short-term financial needs or bridge a cash-flow gap. These small, short-term loans typically range from $100 to $1000 and are repaid quickly, often at the borrower’s next pay date or within 30 days. 

Short-term cash advances have the benefit of delivering fast approval, such as same or next-day funding, but also come with higher interest rates than other types of personal loans.

To get a cash advance, one option is to withdraw money using your credit card and an ATM. MoneyLion’s Instacash^SM is not a loan, instead, it’s a cash advance that allows users to access up to $500 of their pay, early. No need to wait for payday to roll around! Best part? There’s no interest, no credit check, and no mandatory fees.

PRO TIP!  Don’t rack up debt when hit with unexpected expenses. Bridge the gap between paychecks with Instacash*.

Pros

Cash advances or earned wage access, can be a worthwhile option when you need cash fast. When emergencies arise, you are encouraged to use your emergency funds, but when they are not available, cash advances are beneficial for many reasons.

• Fast funding: When time is of the essence and you can’t afford to wait days for approval, cash advances may be a worthwhile alternative. 
• Easy repayment: Loans require you to make multiple payments spread out over months. With a cash advance, you’ll repay what you owe at your next payday – talk about simplicity! 
• No credit check is needed: You don’t need to pull up your credit history to obtain a cash advance. This detail is ideal for people who have poor credit history but need cash fast.
• Zero interest: Loans, especially payday loans, can come with hefty fees. A cash advance works differently. You may even be able to find cash advances with zero-interest – just make sure to read the terms and conditions to be 100% sure. 

Cons

While cash advances certainly have their benefits, it’s important to be realistic and take note of the downsides of taking out cash advances.

• You’re not getting “extra cash”: Cash advances or earned wage access don’t get you more money, so if you find yourself needing more income than your paycheck pulls in, you may need to consider a different option, such as a personal loan.
• Potential for fees: Some fintechs charge additional fees that can make taking out a cash advance more expensive than appears at first glance. Make sure to thoroughly read all the terms and conditions before accepting a cash advance.
• Quick repayment: Every fintech or financial company is different, but cash advances are typically repaid on your next payday. Make sure you’re in a good place financially to cover your cash advance repayment and handle your day-to-day expenses. 

What is a cash loan?

Cash loans, or personal loans, are a little different from cash advances in that they can come with longer repayment terms and higher funding amounts. Cash loans can also be a valuable additional resource when you need access to money in a pinch. There are many types of loans but they all fall into one of two categories: secured loans and unsecured loans.

Unsecured loans

Unsecured loans do not require collateral as a prerequisite. Some examples of unsecured loans include:

• Revolving loans: credit loans wherein the borrower can withdraw a set maximum amount within a specified time.
• Consolidated loans: a loan borrowed to offset a preexisting unsecured loan
• Term loans: when a borrower receives a lump sum of money and repayment is set to take place throughout predetermined installments
• Personal loans: loans borrowed for personal reasons
• Student loans: loans taken out for academic purposes

Secured loans

Secured loans require collateral before the bank or issuer will administer the loan. Examples of secured loans include:

• Mortgages: secured loans with real estate as collateral
• Life insurance loans: cash used as collateral
• Vehicle loans: used for the purchase or repair of vehicles 
• Bad debt loans: ideal for people with bad debt

Beware of cash advance loan scams

Predatory lending practices can damage your credit and cost you in the form of hefty debts. Cash advance loan scams include illegal tribal loans, online payday loans, and loans offered outside of your state, among many other unlawful tactics.

How to get a cash loan with no credit

Getting a cash loan with no credit can be challenging but is possible through a few different options. One route is looking into credit builder loans offered by some credit unions and online lenders. These function similarly to secured cards, where the loan money is held while you make monthly payments, and the full payment amount plus interest is returned to you after you pay off the loan. 

Exploring cash advance vs. loans

When you urgently need cash, it’s important to carefully consider your borrowing options, especially when it comes to a cash advance vs a loan. Make sure you only spend the money on emergencies and always pay back the amount you borrow. 

To recap, a personal loan is a financing option that provides consumers with a lump sum of cash, which is then repaid in monthly installments over a set repayment term. Personal loans allow borrowers to obtain a fixed amount of money from a bank, credit union, or online lender, and pay it back with interest over time through regular payments.

On the other hand, a cash advance isn’t a loan. But it can be a great way to bridge the gap between payday and cover short-term, immediate needs. 

Whichever financing product you choose, a cash advance vs a loan, make sure to practice smart spending habits and always pay back the amount you owe. 

FAQ

With a safe, affordable instant cash advance, you can cover your bills and avoid a late payment on your credit report. Take time to look into your options before selecting the right cash advance for you and your circumstances. 

What is a cash advance?

A cash advance is a short-term loan offered by lenders such as your bank or credit card provider. Typically, you access cash advances from an ATM, bank teller, or even a grocery store register. But thanks to internet banking, you can also get cash advances online!

Once you have the funds in hand, you can start paying your bills, fees, or fines. If you have money left over, treat yourself and finance a spa day! 

However, remember that there’s a catch. Most cash advance providers charge high fees and interest on relatively small loans that may not cover your needs. 

How do cash advances work?

When you take out a cash advance, you’re borrowing against a line of credit, like your credit card. Many cash advances creditors charge high fees or interest. Sometimes, they’ll even charge both. 

It’s their way of encouraging borrowers to repay the funds as quickly as possible to prevent additional unwanted charges. But a few lenders, like MoneyLion, offer short-term loans with no penalties!  

What to look for in a cash advance service

When you’re researching your cash advance options, you should be on the lookout for a few key qualities. For example, look for the following: 

Quick signups

If you’re in the market for quick cash, you probably don’t have the time for a lengthy application because then you’ll have to wait for it to work its way through the typical loan approval process.  

Instant deposits

Who has time to go to the bank anymore? Not us! Your online cash advance service should deposit your money directly into your checking account without hassles.   

Low APR and other fees

High-interest rates can affect your ability to repay your loan. Save money upfront by finding a provider that offers a reasonable APR. A major rule of thumb is to figure out how much interest you’ll pay if you return the money in full within two weeks. 

Additionally, cash advance fees increase the cost of your loan. Be sure to ask your provider about any extra fees or surcharges aside from the APR. 

Some cash advance services even offer 0% APR and fee-free access, like our very own Instacash advance! Once you know that low- and no-free services exist, why wouldn’t you shop around to find the best rate?

No impact on your credit

One of the best benefits of cash advances is that the loan won’t impact your credit if you repay it on time. Avoid banks that require a hard credit pull because it will bring your credit score down drastically. Instead, choose a service like MoneyLion that only conducts a soft check! 

How do you get a cash advance?

Depending on your creditor, you might be able to access your cash at an ATM, grocery store register, or via a convenience check. It depends on your creditor.

For example, some service providers, like MoneyLion, might even offer online cash advances. But before you take out a loan, you might want to know what you’re getting into and consider a few factors.

Research, research, research

Contrary to what some lenders might tell you, a cash advance is not the same thing as a payday loan or a title loan. While cash advances can have high fees attached to them, some payday lenders charge over 600% APR! 

Plus, if you put up your car as collateral, your creditor can repossess your vehicle if you can’t pay back your cash advance by the due date. A real cash advance comes from banks, credit card issuers, or other reputable financial institutions like credit unions. 

Before you take out an advance, make sure that your servicer is a well-established provider that offers low interest rates. 

Understand the limits

Creditors and banks usually limit how much you can withdraw via a cash advance. You can usually link your bank account or submit a pay stub online to find out how much money you might be eligible for. 

If you use the cash advance option on your credit card, your fee schedule should outline your withdrawal limits, which may be separate from your overall credit limit. And with MoneyLion, qualifying for a cash advance is as simple as linking your checking account or opening a RoarMoney^SM account with direct deposit. 

Check the fees and interest rates

It’s also important to ask if there are any fees or interest rates you’ll incur by taking on the cash advance. For instance, many credit cards charge up to 25% interest plus cash advance fees! These fees are usually around 3% to 5% of the withdrawal amount. 

Additionally, most credit card advances don’t allow a grace period, meaning you’ll start accruing interest the day you access your funds. If you want to avoid the high penalties that come with a credit card and online cash advance lenders, look for a financial institution like MoneyLion.

Connect with your bank and confirm your account

Cash advances don’t require collateral in the form of cash or car titles, so your bank may need to take additional steps to verify your eligibility. Every financial institution has its own requirements, so be sure to research your bank or credit card issuer’s requirements if you want to get a cash advance. 

After you qualify for cash and confirm your account, your bank may need to verify your income as well. For instance, with MoneyLion, you can qualify for up to $50 instantly but you’ll need to first make two recurring direct deposits before you can receive the maximum amount up to $250. 

Submit a cash advance request and get your money!

After you’ve chosen your lender and connected your account, it’s time to apply for your online cash advance! You can usually do this through their online portal or mobile app. After that, it’s just a matter of waiting for the lender to approve your request. 

However, some banks don’t require you to fulfill the last step. For example, with MoneyLion, you’ll see cash deposited into your account as soon as a same-day deposit! 

How to get an online cash advance from MoneyLion

Now that you know your options, you might be curious about how you can get started. Here are the best steps to follow!   

Step 1: Open an account

The first step is to open a MoneyLion account. You can sign up online or download the MoneyLion app via the App Store or Google Play. You’ll need to provide some basic information including your name, phone number, address, and Social Security Number. Plus, we’ll need to verify your identity with a valid government-issued ID.  

Step 2: Set up direct deposits

To access Instacash, you’ll need to set up direct deposits or attach your bank account. Simply follow the prompts in the app or through the online portal!  

Step 3: Request your Instacash

To get your Instacash advance, tap the “Finances” button in your app. Then, click on “Instacash.” From there, all you have to do is request your funds, select a delivery method, and confirm your transaction! 

Step 4: Use your money!

After you’ve confirmed your Instacash amount, you’ll see the money appear in your MoneyLion checking account. Time to spend!

Introducing the new MoneyLion Safety Net!

A cash advance of $250 at 0% APR is great and all, but what if you need more? Maybe closer to $1,000? Or maybe you have extra cash you’d like to invest?

COMPLETE CONTROL, ALL IN ONE PLACE
Easily visualize all your available funds with RoarMoney, Instacash, and your MoneyLion investment account all in one place.

You can also manage Round Ups, where every transaction will put a little change into your investment account after every swipe.

ALL-IN-ONE BANKING
Now you’ll have the tools to always land on your feet. Simply set up recurring direct deposits with your RoarMoney account

With MoneyLion’s new Safety Net feature, you can manage and view all of your available MoneyLion funds. We’re here to help you through life when it hits you with unexpected costs. With our one-stop financial solutions, you can have access to the following:

• A RoarMoney account that lets you access your paycheck up to two days early
• Instacash advances up to $1,000 at 0% APR with two recurring direct deposits
• A fully-managed investment portfolio with the auto-invest feature and thematic portfolios
• Round-up investing to make the most of your spare change

Head over to MoneyLion and find out how we can help you reach your financial goals!  

Frequently Asked Questions

With a safe, affordable instant cash advance, you can cover your bills and avoid a late payment on your credit report. Take time to look into your options before selecting the right cash advance for you and your circumstances. 

See cash advance offers from our network of financial partners.

What is a cash advance?

A cash advance is a short-term loan offered by lenders such as your bank or credit card provider. Typically, you access cash advances from an ATM, bank teller, or even a grocery store register. But thanks to internet banking, you can also get cash advances online!

Once you have the funds in hand, you can start paying your bills, fees, or fines. If you have money left over, treat yourself and finance a spa day! 

However, remember that there’s a catch. Most cash advance providers charge high fees and interest on relatively small loans that may not cover your needs. 

How do cash advances work?

When you take out a cash advance, you’re borrowing against a line of credit, like your credit card. Many cash advances creditors charge high fees or interest. Sometimes, they’ll even charge both. 

It’s their way of encouraging borrowers to repay the funds as quickly as possible to prevent additional unwanted charges. But a few lenders, like MoneyLion, offer short-term loans with no penalties!  

What to look for in a cash advance service

When you’re researching your cash advance options, you should be on the lookout for a few key qualities. For example, look for the following: 

Quick signups

If you’re in the market for quick cash, you probably don’t have the time for a lengthy application because then you’ll have to wait for it to work its way through the typical loan approval process.  

Instant deposits

Who has time to go to the bank anymore? Not us! Your online cash advance service should deposit your money directly into your checking account without hassles.   

Low APR and other fees

High-interest rates can affect your ability to repay your loan. Save money upfront by finding a provider that offers a reasonable APR. A major rule of thumb is to figure out how much interest you’ll pay if you return the money in full within two weeks. 

Additionally, cash advance fees increase the cost of your loan. Be sure to ask your provider about any extra fees or surcharges aside from the APR. 

Some cash advance services even offer 0% APR and fee-free access, like our very own Instacash advance! Once you know that low- and no-free services exist, why wouldn’t you shop around to find the best rate?

No impact on your credit

One of the best benefits of cash advances is that the loan won’t impact your credit if you repay it on time. Avoid banks that require a hard credit pull because it will bring your credit score down drastically. Instead, choose a service like MoneyLion that only conducts a soft check! 

How do you get a cash advance?

Depending on your creditor, you might be able to access your cash at an ATM, grocery store register, or via a convenience check. It depends on your creditor.

For example, some service providers, like MoneyLion, might even offer online cash advances. But before you take out a loan, you might want to know what you’re getting into and consider a few factors.

Research, research, research

Contrary to what some lenders might tell you, a cash advance is not the same thing as a payday loan or a title loan. While cash advances can have high fees attached to them, some payday lenders charge over 600% APR! 

Plus, if you put up your car as collateral, your creditor can repossess your vehicle if you can’t pay back your cash advance by the due date. A real cash advance comes from banks, credit card issuers, or other reputable financial institutions like credit unions. 

Before you take out an advance, make sure that your servicer is a well-established provider that offers low interest rates. 

Understand the limits

Creditors and banks usually limit how much you can withdraw via a cash advance. You can usually link your bank account or submit a pay stub online to find out how much money you might be eligible for. 

If you use the cash advance option on your credit card, your fee schedule should outline your withdrawal limits, which may be separate from your overall credit limit. And with MoneyLion, qualifying for a cash advance is as simple as linking your checking account or opening a RoarMoney^SM account with direct deposit. 

Check the fees and interest rates

It’s also important to ask if there are any fees or interest rates you’ll incur by taking on the cash advance. For instance, many credit cards charge up to 25% interest plus cash advance fees! These fees are usually around 3% to 5% of the withdrawal amount. 

Additionally, most credit card advances don’t allow a grace period, meaning you’ll start accruing interest the day you access your funds. If you want to avoid the high penalties that come with a credit card and online cash advance lenders, look for a financial institution like MoneyLion. You can’t beat free access to Instacash^SM at 0% APR!  

Connect with your bank and confirm your account

Cash advances don’t require collateral in the form of cash or car titles, so your bank may need to take additional steps to verify your eligibility. Every financial institution has its own requirements, so be sure to research your bank or credit card issuer’s requirements if you want to get a cash advance. 

After you qualify for cash and confirm your account, your bank may need to verify your income as well. For instance, with MoneyLion, you can qualify for up to $50 instantly but you’ll need to first make two recurring direct deposits before you can receive the maximum amount up to $250. 

Submit a cash advance request and get your money!

After you’ve chosen your lender and connected your account, it’s time to apply for your online cash advance! You can usually do this through their online portal or mobile app. After that, it’s just a matter of waiting for the lender to approve your request. 

However, some banks don’t require you to fulfill the last step. For example, with MoneyLion, you’ll see cash deposited into your account as soon as a same-day deposit! 

Welcome to MoneyLion Instacash

We’ve hinted at the benefits of our Instacash advance service several times now, but it’s time to tell you more about Instacash! If you’re low on funds and you find yourself in dire need of a quick pick-me-up, MoneyLion offers a unique cash advance designed to help people who are in a bind. 

With MoneyLion Instacash, you can get up to $250 whenever you need it. Plus, there’s no interest, monthly fee, or credit check. All you need is a checking account with proof of recurring deposits or a RoarMoney account with direct deposits enabled. And best of all, the higher and more consistent your deposits, the more Instacash you’ll unlock!

Once you qualify, you can request funds within minutes and select same-day delivery for a small fee. Requests that are not same-day come with free standard delivery.

How to get an online cash advance from MoneyLion

Now that you know your options, you might be curious about how you can get started. Here are the best steps to follow!   

Step 1: Open an account

The first step is to open a MoneyLion account. You can sign up online or download the MoneyLion app via the App Store or Google Play. You’ll need to provide some basic information including your name, phone number, address, and Social Security Number. Plus, we’ll need to verify your identity with a valid government-issued ID.  

Step 2: Set up direct deposits

To access Instacash, you’ll need to set up direct deposits or attach your bank account. Simply follow the prompts in the app or through the online portal!  

Step 3: Request your Instacash

To get your Instacash advance, tap the “Finances” button in your app. Then, click on “Instacash.” From there, all you have to do is request your funds, select a delivery method, and confirm your transaction! 

Step 4: Use your money!

After you’ve confirmed your Instacash amount, you’ll see the money appear in your MoneyLion checking account. Time to spend!

Introducing the new MoneyLion Safety Net!

A cash advance of $250 at 0% APR is great and all, but what if you need more? Maybe closer to $1,000? Or maybe you have extra cash you’d like to invest?

COMPLETE CONTROL, ALL IN ONE PLACE
Easily visualize all your available funds with RoarMoney, Instacash, and your MoneyLion investment account all in one place.

You can also manage Round Ups, where every transaction will put a little change into your investment account after every swipe.

ALL-IN-ONE BANKING
Now you’ll have the tools to always land on your feet. Simply set up recurring direct deposits with your RoarMoney account

With MoneyLion’s new Safety Net feature, you can manage and view all of your available MoneyLion funds. We’re here to help you through life when it hits you with unexpected costs. With our one-stop financial solutions, you can have access to the following:

• A RoarMoney account that lets you access your paycheck up to two days early
• Instacash advances up to $1,000 at 0% APR with two recurring direct deposits
• A fully-managed investment portfolio with the auto-invest feature and thematic portfolios
• Round-up investing to make the most of your spare change

Head over to MoneyLion and find out how we can help you reach your financial goals!  

Frequently Asked Questions

Understanding what is a $250 cash advance and how it works

A cash advance is a way to get money without taking out a loan and without getting an additional credit check. You borrow the money directly from an online provider or your credit card company and pay it back along with associated fees and interest depending on the type of advance. Cash advances are normally given out in fairly small sums, such as $100 to $1,000. Many credit card companies have cash advance limits separate from your credit card limit.

Benefits of a $250 cash advance

Cash advances are a great way to get money to help cover an emergency, but that isn’t their only benefit. Depending on your situation, you may prefer a cash advance over a loan from a bank.

1. Quick access to funds

Cash advances provide a convenient and speedy way to access funds when you’re facing unexpected expenses or short-term financial needs. Since you’re borrowing from a credit line you’ve already been approved for, you have automatic access to the funds. The application process is typically straightforward, and if approved, you can use the money almost instantly.

2. No collateral requirements

Unlike some other forms of borrowing, cash advances usually don’t require collateral. This means you don’t have to put up any assets, such as your home or car, as security for the loan.

3. Flexibility in use

Cash advances offer flexibility in how you can use the funds. Whether it’s covering urgent bills, repairing a car, or handling medical expenses, you have the freedom to allocate the funds based on your immediate needs.

4. Avoidance of long-term debt

Cash advances are designed for short-term borrowing needs and are intended to be paid back quickly. By providing access to a relatively small amount of money, they help you avoid taking on larger, long-term debts that may require lengthier repayment periods.

5. Convenience and accessibility

Many lenders offer online platforms or mobile apps for cash advance applications, making the process convenient and accessible. You can apply from the comfort of your home or even on the go, eliminating the need for in-person visits to a physical branch. That being said, you can still go to an ATM or to your bank or credit union if you’d rather make an in-person visit.

How to get a $250 cash advance

Taking out a cash advance might feel similar to withdrawing money from your debit account. Instead, you take money out of your credit line or from an online lender and then owe the money back with interest and fees depending on the type of cash advance they offer. The whole process is over after just a few steps. 

1. Research lenders and loan options

Before you make commitments, you should check out what cash advances are available to you. Compare interest rates with different companies, along with repayment terms and eligibility criteria. 

2. Gather your required documentation

Like most loans, you’ll need a few items to show who you are and prove you can pay back the cash advance. Gather your identification cards, proof of income, and bank account information so you have them ready and available if needed. 

3. Finalize the application process

Fill out the required forms accurately and provide all necessary information. 

4. Review and accept the terms

Understand and make sure you are comfortable with the terms and conditions of the cash advance, including interest rates, fees, and repayment schedule. Keep in mind that most cash advances come with high interest rates, which means you’ll be paying back much more money than you borrowed.

5. Receive the funds

If you go to an ATM or bank, you can get a cash advance taken out in actual cash. From those sites or if you’re filling out the application online, you can get your funds through a direct deposit to your checking account or to another external account.

6. Make responsible repayments

It’s crucial that you pay a cash advance back as quickly as possible. The longer you take to pay it back, the more you’ll wind up paying in the long run as your interest rate adds up over time. Keep in mind, late payments on a cash advance will impact your credit score just as late payments on your credit card would. Late payments can also result in further fees and penalties. 

If you do not want to take out a loan, MoneyLion is here to help! When hit with unexpected expenses, MoneyLion Instacash^SM advance* can help bridge the cap between paychecks with 0% interest, no credit check and no mandatory fees.

Alternatives to Cash Advances

Here are other options that can provide financial assistance without the burden of high interest rates and potential financial stress.

1. Get a personal loan

A personal loan is something bank account holders take out with their financial institution with the understanding they’ll pay it back with interest. The APR on a $250 loan is typically much lower than what you’d pay for a cash advance from a credit card. You can take out a personal loan with your bank, credit union, or through online lenders. 

2. Get a payday loan

Taking out a $250 payday loan is another alternative to taking out a cash advance. Accessing money for a payday loan is quick and easy, but it could also come with high fees and a short payment plan. The money you borrowed plus fees and interest is typically taken from your account automatically after a few weeks, on your next payday. 

3. Borrow from friends

If you have friends who could lend you some money, you may want to ask them. The interest rate a friend will offer you may be lower than what you’d get from a typical financial institution. 

4. Sell unwanted items

Selling unwanted items is another easy way to make some quick cash. Hosting a garage or yard sale or selling some of your gently used stuff online means extra money in your hands without the risk of going into further debt from interest. 

Get Money When You Need It; Use It How You Want 

Taking out a $250 cash advance is an easy way to access extra funds if you’re having car trouble, medical issues, or another emergency. Just be mindful of the terms and conditions of that agreement before you take the money. 

FAQ

In this guide, we’re going over everything you’ll need to know about cash advances. 

Understanding what a cash advance is

Cash advances can be fantastic options with the flexibility to cover temporary cash needs and avoid costly overdraft fees. But it’s important to understand that they aren’t the same as a regular loan. 

Cash advances are a form of short-term borrowing, often obtained through credit cards, where borrowers can access cash quickly. Loans, on the other hand, encompass a broader range of borrowing options with longer repayment terms and typically involve a more extensive application and approval process.

MoneyLion has a cash advance option you can consider: GET CASH

Types of cash advances

Not all cash advances are created equal. Take a look at the most noteworthy types of cash advance loans you should be aware of. 

Like Instacash, many of these products are offered as short-term advances to help customers make bill payments on time, cover unexpected costs and avoid costly overdraft fees, or as an alternative to an expensive payday loan.

Credit card cash advances

If you’re looking for a fast cash advance, credit card advances could be a good option for you. For this type of advance, you’re borrowing against your own credit line. That often comes with higher fees and loan rates.

Get paid early

Also known as On Demand Pay or Instant Pay cash advance, these cash advances allow individuals to access a portion of their upcoming paycheck before scheduled payday. With this type of financing, immediate funds to cover expenses or financial emergencies, with the amount typically limited to a percentage of the individual’s expected income. Repayment is usually deducted from the following paycheck or through an agreed-upon installment plan.

Online cash advances

Online cash advances are another form to obtain cash fast. There are online cash advance apps and websites specifically dedicated to that purpose. They often come with fees and high interest rates and are due in a month or less. 

Pros and cons of cash advances

There are good reasons to cash in on a fast cash advance, but you should be aware of the drawbacks, too. Take a look at the pros and cons. 

Pros

The best part of a cash advance is that it provides the flexibility to cover temporary cash needs fast. If you’re in an emergency, it’s a fantastic option to have available. In some cases, you may not even have to go through a credit check. Other pros to cash advances, like MoneyLion’s Instacash, include no interest, no monthly fees, and no credit checks. 

Cons

The downsides to some cash advances are mainly that you could wind up owing much more money than you were given. Some come with exorbitant interest rates, coupled with high fees and a due date that comes up fast. If you don’t get enough money together to pay back the advance, you could wind up borrowing against your own interest again, putting yourself in even worse debt.

It’s important to understand not all cash advances are created equal and to do your due diligence to understand the terms and conditions of the advance you’re looking into. 

How to get a cash advance

One of the things people like so much about cash advances is that they can be very easy to get. It doesn’t take much to qualify. But there are things you should do to prepare and protect yourself. 

1. Determine the amount of money you need

Before applying for a cash advance, determine the amount of money you need. This will help you identify the appropriate lender with the desired limits and what type of cash advance you’re interested in pursuing. Remember, payday loans and online cash advances are typically limited to a few hundred dollars, whereas with credit advances you can borrow as much as your cash advance limit allows. 

2. Find a reputable lender

Not everyone offering fast cash advances is trustworthy. You must find a reputable lender before you commit to the cash advance. Numerous online lenders, banks and credit unions offer cash advances. Research all your available options and find one that suits your needs.

3. Check the eligibility criteria

Each lender has different eligibility criteria that applicants must meet. Some cash advances are available without a credit check, others may not be. So it’s important to verify the requirements with a specific lender carefully. 

4. Gather your documents

After identifying a lender and checking their eligibility criteria, you must gather all the necessary documents for the application. These might include proof of income, identification documents and bank statements. Some lenders may ask you to postdate a check for the amount you borrowed, plus the fees and interest, and send you on your way. 

5. Fill out the application

Most lenders have online application forms you can fill out from the comfort of your home. Others may have you fill out the application in person. Ensure you provide accurate information and that you understand the terms and conditions of the cash advance.

6. Wait for approval

After submitting the application, you’ll wait for approval. Depending on the type of cash advance you’re seeking and the lender you choose, you’ll typically hear back about approval within a few hours or days. Use this time to make a budget to help set up your repayment schedule.

7. Get your money

If your application is approved, the lender will disburse the funds into your bank account. This usually takes a few hours, but in some cases could take a couple of days.

8. Repay the cash advance

By the time you get your cash advance, you should already have a plan for how to pay it back to avoid getting into a debt cycle. Ensure you understand the interest rates, repayment period, and other fees associated with the loan. Depending on the type of cash advance you chose and the lender you contracted with, you may opt to repay the cash advance in installments or as a lump sum.

9. Budget wisely

To avoid unnecessary debt and stress, you must plan your spending wisely after receiving the funds. Remember that you’ll be paying back more than you borrowed. Stick to your budget, and only use the money you borrowed for its intended purpose.

With MoneyLion Instacash, get cash advances up to $500 with no interest, no monthly fee, no credit check. (1)

Tips for using a cash advance responsibly

Cash advances aren’t inherently bad. They can be lifesavers in an emergency. The important thing is to approach your cash advance responsibly.

Only take out what you need

Because you’re going to pay back much more than you borrowed, you should calculate the exact amount of money you need upfront for your cash advance. Don’t take one out to have extra wiggle room or spend money.

Have a plan to pay it back

Because you’ll be paying extra when you give money back to your lender, you should form a plan and a budget for how you’ll get the money together. If your regular paycheck isn’t going to be enough to cover the cash advance when it’s due, you’ll need to find another work-around that doesn’t put you in deeper debt.

Avoid relying on cash advances as a long-term solution

Cash advances are not a long-term solution because the interest rates and fees pile up. They should be considered a last resort. If you’re in a bind, try to find ways to budget more effectively or curb your spending. You can also pick up a few extra hours of work a week through freelance platforms like Uber, Lyft and Instacart. In some situations, a garage sale may be in order.

Alternatives to cash advances

Although the temptation to get money quickly may lead people to make rash decisions, cash advances aren’t the best option for everyone. The high-interest rates and fees may be more than some people are able to pay. There are alternatives to cash advances that could be another option for you.

Personal Loans

A personal loan, sometimes called a personal installment loan, is one where you partner with a bank or other financial institution to be given a lump sum upfront. You then pay it back in fixed monthly installments with an interest rate agreed upon upfront. The faster you pay the loan back, the less you’ll wind up paying in interest.

MoneyLion can provide loan offers up to $50,000(2). 

Borrowing from family or friends

If you have a family member or friend of means, they may be a bit kinder with loan requirements than a bank would. They’re also less likely to come after your house or car. Talk with your loved ones to see whether they could lend you money for a short time with a low interest rate, and be honest if you need to extend the repayment period you’d agreed upon.

Negotiating payment plans with creditors

If you have missed payments stacking up, it may be time to approach your creditor and see whether you can renegotiate. The lender wants to get some of their money back, so they may be willing to work with you. You could approach them to see whether you could lower your interest rate, pay back only a portion of the debt through an upfront lump sum, or pay a lower amount through installments. 

When and why to get a cash advance

Cash advances can be helpful in emergencies, but should not be taken lightly. Although they get money to your account quickly when you need it, they come with high fees that can put you in a debt cycle if you aren’t careful. It’s also crucial to ensure you’re working with a reputable lender.

FAQs

4 reasons why you should own gold

Gold is a great investment, but why? Here are 4 simple and straightforward reasons why you should add gold to your portfolio and how to invest in gold starting today.

1. Diversified investment

Gold tends to move differently than other more traditional investments such as stocks and bonds. This is especially true given the nature of interest rates imposed on gold. If interest rates increase, stock and bond prices tend to decrease. On the other hand, the cost of gold tends to increase alongside higher interest rates. This means gold can diversify your investments in a way that offsets some losses that you might otherwise experience in times of crisis. 

2. Safe investment during times of geopolitical uncertainty

Speaking of times of crisis, gold tends to thrive during times of geopolitical variety. Things like stocks and bonds thrive on stability, but investing in gold does not follow these trends. Gold thrives during periods of instability. This can help provide peace of mind because you’ll be able to rely on at least one of your investments during uncertain times. Gold has thrived as an investment during the COVID-19 pandemic whereas other types of investments experienced major instability.

3. Retains value

Even after being discovered thousands of years ago, gold remains a commodity. It seems that gold continues to hold its value over time no matter what happens. This means that investing in gold will likely provide you with some profit regardless of how hostile the market might be at the time, especially since the supply of gold is slowing down. Gold holds its weight as an asset. 

4. Gold is always in high demand

More and more investors are seeking out gold as an investment because they are realizing its immense and unwavering value. Also, as emerging markets increase their wealth more and more, the demand for gold continues to increase. As demand increases, supply decreases, meaning that the value of gold continues to increase. If you combine the increased demand for gold with the fact that it retains its value regardless, gold is one of the best investments to consider, especially if you are trying to start building your portfolio early or even investing in your child’s future.

Where can I buy gold?

There are three ways to buy gold. While there is no need to have a safe full of gold bars on hand, that is an option available to you. Here are some ways that you can buy physical gold as well as how to add gold to your financial portfolio. 

Remember that you can implement all of these gold-buying options or you can just pick one of these options. That’s the great thing about gold! You have both physical and intangible buying options depending on your level of comfort. 

Buying gold bullions

Gold bullions—or gold in its physical bar or coin form—can easily be purchased, which is why many people choose this option. Gold comes in various sizes, ranging from a quarter of an ounce wafer to a 400-once brick. Gold bullions can often be purchased from precious metals dealers, but sometimes, a broker or a bank can sell you gold bullions as well. 

It is important to ensure that the gold bullions you’re considering buying are being kept somewhere safe. Double-check that the gold is also insured by the bank. The safest place to keep gold bullions is either in a safe deposit box at the bank or locked away in your own personal safety as physical gold is riskier than intangible gold. The easiest way to purchase gold is in the form of coins, but gold jewelry is also an option. 

Though it can be worn and easily passed down, gold jewelry is typically not the best option if you are looking to purchase gold just for investment purposes. That’s because it is usually combined with other metals for aesthetic purposes, which diminishes the overall value of the gold. Additionally, the retail price of gold jewelry is usually higher than the actual cost of the gold once it is melted down into pure gold.

Buying gold ETFs 

Purchasing gold in the form of an ETF is a great low-cost way to break into the gold market. Gold is bought and sold similarly to the way stocks are bought and sold. Stocks in gold rise and fall faster than the actual price of gold, which adds a bit of a risk to gold ETFs especially compared to gold bullions. Risks aside, ETFs are ideal for diversifying your portfolio because you tend to get good returns on gold over time. 

Investing in gold mining stocks 

Another option is to invest in gold mining companies. Gold mining companies belong to the industry of geologists who find and sell gold. This industry can be very volatile because it fully depends on geologists’ ability to discover gold in nature.

However, with adequate research, you can look at a gold mining company’s dividend payment history to help assess how stable their gold stocks are. Gold mining is a good way to complement your other investments because the growth is dependent on the earnings of the gold mining company. 

Decide investments alone or allow MoneyLion to help you! 

Like most investments, gold has its benefits and its drawbacks. Gold has proven its ability to stand the test of time as a commodity while keeping up with more modern ways of investing. The key is educating yourself on the reasons why you should invest and deciding which option is best for you. 

While some people find it fun to figure everything out on their own, there are many benefits to seeking professional help and asking others to manage your investments for you. The most important part is discovering a company that will invest for you while keeping your needs and your goals in mind.

MoneyLion offers you the opportunity to take advantage of cost-effective investments such as gold. With no management fee, MoneyLion can help you start investing while still allowing you to feel in control of your money. Sign up for MoneyLion auto-invest with as little as $5 today!

Cash Advances With No Monthly Fee

Instacash offers you cash advances up to $250 day or night, now with no monthly membership fee. As always, there’s no credit check and no interest. Free access to Instacash applies to everyone who qualifies for Instacash, whether or not you have direct deposits into a MoneyLion account.

This major move is part of our InstaCare efforts designed to make weathering this crisis a little easier for our members. With free access to 0% APR Instacash cash advances, now you can have more money in your pocket for essentials like food, gas, and bills. Everything you need to take care of yourself and your family.

COVID-19 Resources and Information

In addition, our InstaCare resources include the COVID-19 center we built here on our MoneyLion blog, where you can find essential information on COVID-19 financial resources and guidance for managing today’s expenses while keeping your plans for the future on track. 

We hope free access to Instacash and our COVID-19 resources bring you some peace of mind and financial flexibility during these challenging times.