Repayment of loan
Customers pay back to MoneyLion manually or electronically with a direct debit (ACH Debit), and the app withdraws the money on a predetermined repayment date. By logging into their app or website, they will need to provide the RoarMoneySM account and routing numbers to the billers.
The great advantage of MoneyLion is the ability to choose a payment date on the app. The app also lets users defer payment by 14 days.
Note that if there isn't enough money in your bank account when the app withdraws funds, it can charge an overdraft fee.
Instacash repayment
The payments on Instacash are automatic. The repayment dates will be scheduled, and the balance plus fees is deducted from your debit card or payment account. No interest is charged.
When you apply for Instacash advance, the company is authorized to debit your RoarMoneySM account electronically. It can also debit your card or a checking or spending account. If you have not enough money on your account, MoneyLion can make more attempts to deduct a partial payment. If the primary payment methods weren’t successful, the lender can use another payment option you stated in the ML Wallet.
Early payoff
Customers can pay off the loan early with no additional fees accrued. That means you will simply need to make fewer regular payments, which may lessen the positive impact on your credit score. Also, you can consider making principal payments.
Clients can make additional payments by calling the MoneyLion customer support team at +1 (801) 252-4427. Note that the additional payment can go as an off-schedule or added to a currently scheduled payment.
