- Budgeting Tools. MoneyLion sends weekly spending reports so you can see where your cash is going. It also provides budgeting tools to help you get your spending under control.
- Cash-Back Rewards. With the MoneyLion app, you earn cash back on debit card purchases from select online merchants. And with MoneyLion’s Shake ‘N’ Bank feature, you can earn additional rewards just by payday loans online Worthingtonh shaking your phone after making a $10 purchase.
- Price Protection. Your purchases through MoneyLion are also price-protected. If you find a lower price within 90 days after making a purchase, you can get a refund of the difference. (There’s a limit of $250 per refund and four refunds per year.)
For $ per month, you can upgrade to a Credit Builder Plus account. Annual percentage rates (APRs) range from 5.99% to %, depending on your credit rating. By making regular, on-time payments, you can build a solid credit history.
Credit Builder Plus also includes other features to help build your credit. It comes with free credit monitoring from TransUnion, allowing you to track your progress. And it allows you to waive the $1 administrative fee on a RoarMoney bank account, a MoneyLion investment account, or both.
Unlike some payday advance apps, PayActiv isn’t something you use on your own. Instead, your employer offers it to you as a benefit. Its core feature is what it calls “earned wage access,” or EWA, which is the ability to collect your wages as soon as you earn them.
PayActiv allows you to collect up to 50% of any wages you’ve already earned, up to a maximum of $500. You can transfer the money to your bank account, use it to pay bills online, transfer it to a prepaid card, or even receive it in cash at a Walmart Money Center. The app charges a flat fee of $5 for each biweekly period in which you use the service. If you don’t use it, you don’t pay a fee.
Along with EWA, PayActiv offers one-on-one financial coaching and payment features for employees. You can use it to pay bills, summon an Uber, or make purchases on Amazon. It even provides discounts on prescription drugs. You can also choose to put your money on a free PayActiv prepaid card, which is accepted anywhere Visa is and also works at 65,000 in-network ATMs.
PayActiv has perks for employers as well. It helps improve worker satisfaction, reduces turnover, attracts new workers, improves on-the-job productivity, and even reduces stress-related health care costs. The service costs employers nothing and takes only two days to set up. Employers using it include restaurants such as Wendy’s, retailers such as Walmart, and senior care facilities.
DailyPay is another app for employers to offer as a benefit. Like PayActiv, it gives you access to a portion of the wages you’ve earned before payday.
For each shift you work, you build up credit in your DailyPay account, which you can then transfer to your bank account at any time. The app charges a fee of $1.99 per transfer to receive your money by the next business day or $2.99 to receive your money instantly. When payday comes around, you receive your regular paycheck minus any advances you’ve requested. According to DailyPay, the average employee using the service saves $1,205 in overdraft fees, late fees, and payday loan interest.
DailyPay also lets you set up various kinds of automatic transfers to your savings account. You can use AutoSave to save a set amount each payday, DirectSave to set aside a percentage of each paycheck, or RoundupSave to make a transfer to savings whenever you request an advance.