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Find A LenderMoneyUp: Overview
MoneyUp is a Canadian financial service provider that helps consumers better manage their finances, build credit, and increase access to credit products. Founded in 2023, the company is powered by Cashco, a popular financial brand that provides financial relief to Canadians.
MoneyUp provides a handy credit app that includes tools for saving, borrowing, budgeting, and access to the FastForward instant line of credit.
Our Verdict
| Who is Money Up best for? | Best suited for consumers who: – Need access to a small amount of credit – Have a bad credit score or no credit history – Want a flexible financing solution |
| What we like about Money Up | – No credit check required – Non-employment income allowed – Quick funding in as little as 10 minutes – Easy repayment through either EFT or Interac e-Transfer – Lower fees than a payday loan and no interest on the amount borrowed – Re-borrow on an ongoing basis once you repay what you withdraw |
| What we don’t like about Money Up | – Not available in Saskatchewan and Quebec – Low credit limits |
What Does Money Up Offer?
MoneyUp offers its exclusive FastForward feature that provides quick access to cash, right from your phone:
FastForward
MoneyUp’s FastForward feature is an instant credit line that provides Canadians with early access to their next paycheque or government benefit payments without having to apply for a loan. The funds from this credit line can also be used to avoid costly overdraft or NSF fees when you don’t have the funds readily available to cover a pressing expense. With FastForward, you can access a portion of your employment or government benefit payments in advance.
Funds are accessible through the app at any time, up to your approved limit. No interest is charged on what you borrow, helping you keep costs in check. There are also no credit checks required, so you can apply even with bad credit or no credit.
FastForward Features
- Credit Limit: Up to $1,000
- Interest Rate: 0%
- Fees: 2.5% transaction for every $100 withdrawn (30.4% APR)
- Repayments: Line of credit repayments are set on a fixed day every month. On these dates, the full balance you withdrew, plus the fees will be automatically deducted from the bank account you have linked.
- Credit Check: None required
- Funding Time: 10 minutes
- Funding Method: Electronic Funds Transfer (EFT) or Interac e-Transfer
- Repayment Options: EFT or Interac e-Transfer
- Availability: Everywhere except Saskatchewan and Quebec
How Does FastForward Work?
FastForward allows you to access part of your paycheque or government benefit payment before it’s deposited into your bank account. You’ll be approved for a specific credit limit over a 30-day statement period.
To help you understand how FastForward works, let’s illustrate using an example. For instance, let’s say you’re approved for a $200 credit limit. On the first day you have access to this credit amount, you’re allowed to withdraw $20, which would be considered your daily amount.
If you don’t withdraw that daily allowance on the first day, your available amount will increase by this daily amount the following day. That means on day two, $40 would be available, then $60 on day three, and so forth. Similarly, if you take out this $20 on day one, you’ll be able to take out another $20 on day two.
You can continue tapping into your account until you’ve hit your $200 credit limit at the end of the statement period. During this period, you can borrow, payback, and re-borrow as often as required.
With FastForward, repayment is required every 30 days.
Qualifying With MoneyUp
Qualifying for the FastFoward credit line from MoneyUp is easy. All you need to be eligible is the following:
- Be a Canadian resident, permanent resident, or have a work permit
- Be over 18 years of age
- Live in the province or territory that MoneyUp serves
- Have a valid mobile phone number and email address
- Earn an eligible income (only one income source can be used), such as:
- Bi-weekly or monthly employment income
- Child Tax Benefit (CCB)
- Canada Pension Plan (CPP)
How To Apply For The FastForward Line Of Credit With MoneyUp
Applying for MoneyUp is quick and easy, and requires no credit checks.
Step 1. Sign Up
To sign up for MoneyUp, start by downloading the app and creating an account with your email address. Then, you’ll choose a plan that suits your needs best.
Step 2. Choose A Plan
The MoneyUp FastForward line of credit comes in two tiers.
- MoneyUp Lite – This plan gives you access to the FastForward line of credit with no interest. It only comes with a 2.5% transaction fee for every $100 withdrawn. You’ll have instant approval to a certain amount of your paycheques starting day one. Moreover, payments are automatically reported to the credit bureau to build your credit score
- MoneyUp Smart – This is an upgraded version of the MoneyUp Lite plan. It offers everything from the MoneyUp Lite plan, but the first 15 days are free, and you can make two free withdrawals every month. You’ll also gain access to additional perks such as daily $50 gift card draws. With the Smart plan, you can also get access to a higher credit limit, up to a maximum of $1,000.
Step 3. Connect To Your Bank Account.
MoneyUp has partnered with Flinks, a financial data aggregator, to conduct instant bank verification. This process allows lenders to verify bank account information quickly and securely, which expedites the loan approval process safely.
Step 4. Start Borrowing
Once you’ve been verified and your credit limit confirmed, you can start borrowing money and making repayments from the app.
What We Like About MoneyUp
There are plenty of things we like about MoneyUp, including the following:
- No Credit Check Required: You can apply for a MoneyUp credit line without good credit.
- Non-Employment Income Allowed: You can get approved with government benefits or employment income.
- Quick Funding: You can access your credit line in as little as 10 minutes. Funds are sent via EFT or Interac e-Transfer.
- Easy Repayment: Payments are automatically withdrawn from your linked account. However, you can make early payments through the app from your linked account.
- More Affordable Than Payday Loans: MoneyUp’s credit line provides a lower-cost alternative to traditional payday loans, which typically come with charges of $14 per $100 borrowed.
What We Think You Should Watch Out For
As great as MoneyUp may be, there are a couple of points worth considering before you sign up:
- Not Available Everywhere: MoneyUp is not available to residents of Saskatchewan and Quebec.
- Low Credit Limits: The most you can access is $1,000, which may not be suitable if you have more expensive costs to cover.
Is MoneyUp Safe?
Yes, MoneyUp is safe. For starters, the company is powered by Cashco, a trusted financial brand in Canada that provides financial solutions to Canadian borrowers. Further, MoneyUp uses Flinks to perform instant bank verification, which uses robust security measures to safely verify bank account information.
How Does MoneyUp Compare To Nyble?
Other financial services are available in Canada that also offer small lines of credit. Here, we’ll compare MoneyUp to another similar financial platform in Canada: Nyble and Bree.
| MoneyUp | Nyble | Bree | |
| Credit Check Required? | No | No | No |
| Credit Reporting | Yes | Yes | No |
| Fee | 2.5% per $100 withdrawn | Free ($11.99/month for the credit builder program) | $2.99 monthly membership fees |
| Interest Rate | 0% | 0% | 0% |
| Credit Limit | Up to $1,000 | Up to $250 | $20 – $500 |
Final Thoughts
If you’re looking for quick cash and like the idea of having flexible access to credit, then MoneyUp may be suitable for you. It’s also a great option if you don’t have the credit score needed for a traditional loan. That said, if you want a larger loan to cover a bigger expense, you may need to seek other options.
