Instacash repayments are automated, making it easy to pay on time and replenish your Instacash so it's ready when you need it next! You will owe the amount that you borrowed plus any fee for turbo delivery (only if selected!) and any optional tip you chose to leave (thank you). There's no interest charged.
Here's how automated Instacash repayments work:
If you have a MoneyLion Checking account, we'll automatically deduct your repayment once your Instacash is due. If there is not enough balance in your account, we will deduct a partial repayment and try again the next day, until the Instacash is fully repaid.
If you do not have a MoneyLion Checking account, or if your MoneyLion Checking account doesn't have funds to cover what you owe, we will use the alternate debit card you designated for Instacash repayments. If there is not enough in your balance, we will try later when you have a balance or a deposit is expected.
Make sure to keep your MoneyLion Checking account funded to ensure quick Instacash repayments and seamless Instacash access! You can transfer funds into the account anytime right in the app. Plus, every time you use your MoneyLion Checking account, you're protecting your hard-earned cash from overdraft and other bank fees!
To find out more about how you can manually repay your Instacash, please see How can I repay my Instacash manually or watch the video below!