{“menuItems”:[{“label”:”Is MoneyLion in Canada?”,”anchorName”:”#is-moneylion-in-canada”},{“label”:”7 loans like MoneyLion in Canada”,”anchorName”:”#7-loans-like-moneylion-in-canada”},{“label”:”How does MoneyLion compare?”,”anchorName”:”#how-does-moneylion-compare”},{“label”:”How to decide which MoneyLion alternative is right for you”,”anchorName”:”#how-to-decide-which-moneylion-alternative-is-right-for-you”}]}MoneyLion is a banking and cash advance app in the US that offers interest-free cash advances up to $500 per pay period with no monthly fee. If customers open a RoarMoney banking account, they can potentially increase their advance amount to $1,000 per pay period. But because MoneyLion does not service Canada, we’ve rounded up a list of alternative interest-free pay advance, payday loan and installment loan lenders you can apply for in Canada.Is MoneyLion in Canada?No, MoneyLion is not available in Canada. In order to apply for a MoneyLion financial product, you need to be a US citizen or permanent resident and have a Social Security number.7 loans like MoneyLion in CanadaHere are 7 similar pay advance and loan alternatives to MoneyLion in Canada.Alternative for fast pay advance: NybleAlternative for fee-free pay advance: BreeAlternative for emergency loans: GoDayAlternative for fast payday loans: iCASHAlternative for in-store payday lender: Cash MoneyAlternative for account-linked pay advance: KOHOAlternative for installment loans: LoansLoans.caAlternative for fast pay advance: Nyble
Nyble Credit Line
$30 – $150
Loan amount
Starting at 0%
APR
Flexible
Term
Fill out an application on the Nyble app to borrow between $30 and $150 interest-free. Get your funds within 3 business days or pay a small fee to get it within 30 minutes.
Your limit can increase up to $500 for repeat borrowers
No credit check required
More affordable than payday loans
Membership fee of $4.99 – $7.99 per month to keep the app active
Small loan amounts only
Fee charged for fast money transfers
Loan amount
$30 – $150
APR
Starting at 0%
Term
Flexible
Interest Rate Type
Fixed
Fees
$4.99 – $7.99/month membership fee
Origination Fee
$2.99 – $5.99
Turnaround Time
Within 30 minutes if you pay a fee of $2.99 – $5.99 or within 3 business days if you don’t want to pay a fee.
Alternative for fee-free pay advance: Bree
Bree Early Pay
$20 – $200
Loan amount
Starting at 0%
APR
Next pay cycle
Term
Bree lets you borrow a small amount of up to $200 to help you cover expenses until your next payday. Like MoneyLion, Bree won’t charge any interest, but there is a small fee if you need funding within a few hours.
Easy application process
No credit checks
0% interest and no late fees
Loan amount may not be enough for your needs
Monthly fee for Bree’s budgeting tool
Fee for fast transfers
May not improve your credit
Loan amount
$20 – $200
APR
Starting at 0%
Term
Next pay cycle
Interest Rate Type
Fixed
Fees
No interest or mandatory fees
Turnaround Time
Less than eight hours if you pay a $1.99–$6.99 fee or up to three business days.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you’re experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
Alternative for emergency loans: GoDay
GoDay Payday Loan
$100 – $1,500
Loan amount
1 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
GoDay offers payday loans you can apply for and get approved for within minutes. Once approved, loan funds can be transferred within minutes. Unlike MoneyLion, GoDay offers payday loans, which means you can borrow up to $1,500.
4.5/5 stars based on over 2,300 Trustpilot reviews
Get loan funds via e-transfer
Apply and get funding 24/7
Very expensive APR
Can easily trap customers in a cycle of debt
Only available in AB, BC, MB, NB, NS, ON, PEI, SK
Loan amount
$100 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
As little as 2 minutes with INTERAC e-Transfer®
How to apply
OnlineIn Store
Credit Check
Yes
Alternative for fast payday loans: iCASH
iCASH Payday Loan
$100 – $1,500
Loan amount
7 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
iCASH provides quick funding and accepts non-employment income. You can get e-Transfer funding in as little as 2 minutes after approval. iCASH provides payday loans so you can borrow more compared to MoneyLion but at higher rates.
4.8/5 stars based on over 2,100 Trustpilot reviews
Get money within an hour
Get funded 24/7
Payday loans are expensive
Short repayment terms
Only available in AB, BC, MB, NB, NS, ON, PEI
Loan amount
$100 – $1,500
APR
Varies by province
Term
7 – 62 days
Min. Turnaround time
As little as 2 minutes with INTERAC e-Transfer®
How to apply
OnlineIn Store
Credit Check
Yes
Alternative for in-store payday lender: Cash Money
Cash Money Payday Loan
$100 – $1,500
Loan amount
5 – 40 days
Loan Term
15 minutes
Min. Turnaround Time
Through its payday loans, Cash Money offers higher loan amounts than MoneyLion but at very high interest rates. Get instant approval and funding in as little as 15 minutes when you use the Cash Money app.
Instant decisions
Fast access to funds
Established lender with A+ Better Business Bureau rating
Not available in all provinces
High cost of borrowing
Loan amount
$100 – $1,500
APR
Varies by province
Term
5 – 40 days
Min. Turnaround time
As little as 15 minutes with INTERAC e-Transfer®
How to apply
OnlineIn Store
Credit Check
Yes
Alternative for account-linked pay advance: Koho
KOHO Save
4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
KOHO offers Instant Pay, which allows you to access up to 50% of your pay for every day you work with no interest charge. However, to qualify for Instant Pay you’ll need to sign up for a KOHO savings account with active payroll deposits and get your employer to share payroll information with KOHO.
No interest
Free for employer to sign up
Cheaper than a payday loan
Fast access to funds
Your employer must sign up for it
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
Alternative for installment loans: LoansLoans.ca
$300 – $1,000
Loan amount
28% – 32%
APR
3 – 12 months
Term
LoansLoans.ca offers fast short-term installment loans with no credit check. NCR Financial, the company that operates LoansLoans.ca, has been in business for over 15 years and is registered in Quebec.
Apply online and get approval within one hour
Interest rates can reach as high as 32%
Services: All of Canada (except Manitoba)
Small loan amounts between $300 and $1,000
The broker fee can be as high as $300
Loan amount
$300 – $1,000
APR
28% – 32%
Term
3 – 12 months
Interest Rate Type
Fixed
Min. Credit Score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee up to $300
Origination Fee
$300
Turnaround Time
Receive funds in less than 24 hours
Serviced Provinces
All of Canada (except Manitoba)
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province
Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island
$15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia
$17 per $100 borrowed
Newfoundland and Labrador
$14 per $100 borrowed
Quebec
Limit of 35% annual interest rate (AIR)
How does MoneyLion compare?MoneyLion is a free cash app packing a range of features, including a banking account, investment account, crypto trading feature and credit builder program. Unlike other apps, there’s no monthly fee for cash advances, but standard advances to an external bank account take two to five business days.But if applicants need same-day money, its instant transfer charges are steep — costing up to $8.99 per $100 transferred. But if immediate access to cash isn’t necessary, and with the option to increase advance amounts up to $1,000 by opening a RoarMoney account, MoneyLion may be more economical than payday loans for US residents.ProsNo monthly subscription feeStandard transfers are freeOther banking and financial services availableCan potentially borrow up to $1,000 per pay periodAutomatic round-up feature with debit cardConsStandard transfers take 1 to 5 business daysInstant advances cost $0.49 to $8.99Funds delivery to an external account takes 2 to 5 business daysCredit builder program costs a hefty $19.99How to decide which MoneyLion alternative is right for youBecause MoneyLion isn’t available in Canada, it’s important to decide which alternative is the right fit for your needs.You’ll first need to decide what type of loan to apply for given how much you need. If you only need a small amount to get you through to the next payday, consider a 0% interest pay advance from Nyble or Bree.If you need to borrow a larger amount and your credit score isn’t in great shape, consider a bad credit installment loan from lenders like LoansLoans.ca.It’s usually best to avoid payday loans when possible because they’re one of the most expensive borrowing options on the market and can easily trap borrowers in a cycle of debt. As a last resort, consider payday loan providers like GoDay and iCASH, which offer online applications and fast loan turnarounds of up to $1,500 but with very high APRs.
