Summary of cash advance apps
|
Loan app |
Loan amount |
Speed without paying a fee |
Fast-funding fee |
Other fees |
|---|---|---|---|---|
|
Brigit |
$50 to $250. |
1 to 3 days. |
$0.99 to $3.99. |
$9.99 or $14.99 monthly subscription fee. |
|
EarnIn |
Up to $100 per day, $750 per pay period. |
1 to 2 days. |
$1.99 to $4.99. |
None. |
|
Empower |
$10 to $250. |
1 day. |
$1 to $8. |
$8 monthly subscription fee unless you opt out. |
|
Dave |
Up to $500. |
2 to 3 days. |
$3 to $25. |
$1 monthly membership fee. |
|
MoneyLion |
Up to $500. |
1 to 5 days. |
$0.49 to $8.99. |
None. |
|
SoLo Funds |
$20 to $575. |
Approval takes up to 3 days. Funding takes minutes. |
1.75%. |
None. |
|
Klover |
$5 to $200. |
3 business days. |
$2.99 to $20.78. |
None. |
|
Chime |
$20 to $200. |
Instant. |
None. |
None. |
What to know about cash advance apps
The cost of borrowing through a loan app isn’t stated as an interest rate, in contrast to other borrowing choices like credit cards or personal loans. Instead, many apps recommend tipping them, and some may charge subscription or fast-funding fees.
The cost of utilizing credit card products is expressed as an annual percentage rate by lenders and credit card issuers, which takes interest and other possible fees into consideration. Although the makers of loan apps contend that the annual percentage rate (APR) is an unfair way to depict the cost of their goods, we’ve provided an example of each app’s equivalent APR based on the costs associated with a sample loan amount.
Brigit: Best for budgeting tools
With the help of the budgeting app Brigit, you can get up to $250 whenever you need it. In contrast to the majority of other cash advance apps, Brigit doesn’t request tips from users. The app’s free plan offers financial advice and budgeting help.
You must use one of the app’s premium plans in order to receive the cash advance. The Plus plan ($9. 99 a month) has all the same features as the free plan in addition to credit monitoring, cash advances, and overdraft protection. The Premium plan ($14. 99) has all the features of the Plus and Free plans plus free express delivery and a credit builder loan (the latter feature is free). 99 to $3. 99 per advance on the Plus plan).
APR example: If you get a $9. Use the app and your 99 Brigit membership to receive a one-time $100 advance that you must repay in seven days; the loan has an annual percentage rate of 520. 9%.
|
Advance amounts |
$50 to $250. |
|
Fees |
|
|
Repayment |
Withdrawn from your bank account on the date Brigit determines to be your next payday. |
|
Time to fund without express fee |
1 to 3 days. |
|
Time to fund with express fee |
20 minutes. |
EarnIn: Best for large advances
With the help of the paycheck advance app EarnIn, you can borrow money by monitoring your work hours and location. Additionally, the app features a feature that automatically tops off your balance and notifies you when your bank account balance is low.
APR example: If you take out a $100 loan seven days in advance, you will pay the $3 and tip $2. 99 fast-funding fee, your advance’s APR is 312. 3%.
|
Advance amounts |
Up to $100 per day and $750 per pay period. |
|
Fees |
|
|
Repayment |
Withdrawn from your bank account on the date of your next direct deposit. |
|
Time to fund without express fee |
1 to 2 business days. |
|
Time to fund with express fee |
Within minutes. |
Empower: Best for fast cash
Empower offers cash advances, budgeting tools and bank accounts. Unlike most competitors, Empower advances typically fund in one day, and users can receive their money in as little as one hour by paying an instant delivery fee.
With the help of the app’s automatic savings feature, you can decide how much of each paycheck gets transferred from your checking to your savings account. Alternatively, you can use artificial intelligence to have the app move money from your checking to your savings account based on weekly savings targets you set.
APR example: Your loan has an APR of 486 if you pay $8 to subscribe to Empower, receive a $150 one-time advance that you must repay in seven days, and pay the $6 instant delivery fee. 7%.
|
Advance amounts |
$10 to $250. |
|
Fees |
|
|
Repayment |
Withdrawn from your bank account on your predetermined due date. |
|
Time to fund without express fee |
One business day. |
|
Time to fund with express fee |
Within one hour. |
Dave: Best for repayment flexibility
You can borrow a small amount of money through the Dave app to pay for bills until your next paycheck arrives or to prevent overdrawing your bank account. Dave users must register for an ExtraCash account in order to be eligible for an advance. The app also helps users find side gigs to supplement their income and includes a savings account.
Example of APR: If you borrow $100 seven days before your next pay period and pay the $5 express fee, the $1 monthly subscription fee, and the $1 tip, the cost of borrowing the $100 will be $7. The APR on that loan would be 365%.
|
Advance amounts |
Up to $500. |
|
Fees |
|
|
Repayment |
Withdrawn from your bank account on the date Dave determines to be your next payday or the first Friday after you receive the advance. |
|
Time to fund without express fee |
Up to 3 business days. |
|
Time to fund with express fee |
Up to an hour. |
MoneyLion: Best for existing customers
The MoneyLion app provides financial tracking, a credit-builder loan, mobile bank and investment accounts, and up to $500 in cash advances. Anyone with a qualifying checking account can apply for the Instacash advance. Members of MoneyLion have access to the fastest funding times and greater advances.
Example of APR: If you receive an instant $100 advance deposited into a separate account for $8 If you borrow $1, add a tip, and pay it back in seven days, the APR is $520. 9%.
|
Advance amounts |
Up to $500, or up to $1,000 for members who use other MoneyLion features. Advances are disbursed in $100 increments. |
|
Fees |
|
|
Repayment fee |
Usually withdrawn on the date MoneyLion determines to be your next payday. |
|
Time to fund without express fee |
|
|
Time to fund with express fee |
Within minutes. |
SoLo Funds: Best for peer-to-peer cash advances
SoLo funds provides peer-to-peer cash advances. Through the app’s marketplace, users submit loan requests, and lenders—other users—select which users to lend to. The app lets users select when they want to pay back their purchases and has minimal, mostly optional fees. That being said, it may take up to three days to hear back regarding the funding of your loan request—a longer period of time than some apps require to approve and send advances.
APR example: If an advance of $250k was given with a 25% tip and a 25% donation to SoLo funds that were repaid in 25 days, the interest rate would be 4%.
|
Advance amounts |
$20 to $575. |
|
Fees |
|
|
Repayment |
You choose a date and manually repay the advance on that date. |
|
Time to fund |
Once a lender accepts your request, funding takes minutes. Loan requests that arent funded within three days are removed from the Marketplace. |
Klover: Best for no-fee advances
Klover gives out two advances of $100: one for those who meet the requirements for a bank account, and another for those who use its points system. Users must watch videos, complete quizzes, and upload receipts in order to earn points through the points program. Points can then be exchanged for cash that can be used for fees or advances.
Klover doesn’t seem like the right choice if data privacy is a concern for you because it generates revenue by gathering aggregate user data and sharing insights with its partners.
Example of APR: If you receive an instant $100 advance deposited into a separate account for $8 49, include a $1 gratuity, and pay back the loan within seven days, an APR of 494 will be assessed. 8%.
|
Advance amounts |
$5 to $200. |
|
Fees |
|
|
Repayment |
Withdrawn from your bank account on the date Klover determines to be your next payday or seven days from the advance date. |
|
Time to fund without express fee |
3 business days. |
|
Time to fund with express fee |
Instant. |
Chime: Best for overdraft protection
Customers can use Chime’s SpotMe feature to overdraw their checking account by a small, predetermined amount without incurring fees. Chime is a mobile company that offers checking and savings accounts in addition to credit-builder loans. SpotMe still asks if you would like to tip for the service even though it is more of an overdraft protection feature than a cash advance.
Chime states that purchases that lower your account balance will be rejected. Your account can go negative up to the amount you have been approved for. To be eligible for SpotMe, you must receive qualifying direct deposits into your Chime account each month totaling at least $200.
Example of APR: If Chime gives you $50 to overdraw and you pay back the remaining amount plus a $1 gratuity in seven days, you’re essentially receiving a $50 loan with a 104 3% APR.
|
Advance amount |
$20 to $200. |
|
Fees |
Optional tip. |
|
Repayment |
Chime deducts the amount you overdrew from future deposits. |
|
Time to fund |
Instant. |
Pros and cons of loan apps
Small app fees can mount up quickly, and NerdWallet advises against paying to receive your earnings early. These apps can be helpful in times of need, such as when you have unanticipated travel expenses or an auto repair, but according to financial experts, they aren’t long-term, viable solutions.
Examine the benefits and drawbacks before utilizing a cash advance app.
Pros
- Quick cash in an emergency: While some apps have the ability to transfer funds directly into your checking account, they frequently charge an additional fee for this service.
- If you have to choose between paying an overdraft fee and receiving a paycheck advance, the advance is probably less expensive. In contrast to bank overdraft fees, which can reach $35, most app fees are less than $10 (without a tip).
- No credit check: Since cash advance apps don’t run credit checks on their users, having a low credit score won’t prevent you from getting an advance. Furthermore, there are no credit repercussions if you fail to repay the advance because cash advance apps do not disclose repayment history to credit bureaus.
Cons
- Most apps require access to your bank account in order to withdraw money when it’s due, which could result in an overdraft fee. While some businesses claim to strive to prevent overdrafts, they cannot guarantee it. Empower is an exception, and it will reimburse any overdraft fees upon request.
- Fees mount up: Although cash app advances are typically less expensive than payday loans, they can still mount up due to subscription costs, fast funding fees, and optional tips.
- May result in recurrent borrowing: If you depend on advances to pay for regular expenses, apps may put you in a debt cycle because they make it simple to borrow money from your next paycheck.
Are cash advance apps payday lenders?
Apps for cash advances are not regarded as payday lenders, and hence are exempt from payday lending laws.
However, since they both offer small-dollar loans that are due on your next payday and may come with expensive fees, some consumer advocates view them as thinly veiled payday lenders.
Are apps like DailyPay and Payactiv cash advance apps?
Not exactly. As members of the earned wage access sector, DailyPay and Payactiv collaborate with your employer to make a portion of your paycheck available prior to payday. Apps for cash advances, such as the ones on this list, function independently of your employer and effectively lend you money before you are paid.
Employers may pay the fees associated with employer-based advances, which are typically less than those associated with cash advance apps. Similar to cash advance apps, earned wage access companies take one to several days to process payments.
Even though it can be beneficial to cash part of your paycheck early, a Financial Health Network study reveals that many people who use earned wage access develop the habit of taking early withdrawals from their paychecks, which may make it more difficult to stick to a budget.
Alternatives to cash advance apps
Before deciding to take out a loan through an app, weigh all of your options. There might be less expensive options available to you that can enhance your credit, finances, or both.
Small personal loans: An online lender may be able to provide you with a small personal loan. These loans have a maximum amount of $1,000, and the annual percentage rate (APR) is below 2036%, which many financial experts believe is the highest rate that a reasonable loan can have. Some online lenders tailor their loans to bad-credit borrowers.
Credit union loans: * Should you be a member of a credit union, you may be eligible for a small personal loan with an interest rate of 2018% or less. Some credit unions provide $500 personal loans; while they evaluate your credit score to determine your eligibility, they also take into account your status as a member when making the loan decision. Payday alternative loans are small-dollar loans with low interest rates that you repay over a few months to a year; some credit unions offer them.
“Buy now, pay later” apps such as Affirm and Afterpay allow you to break up a large purchase into smaller payments, such as a laptop or mattress. The most popular payment plan is the pay-in-four scheme, wherein you pay 25% of the total cost upfront and then three additional biweekly payments.
Other sources of income: You might be able to find a way to supplement your income rather than taking out a loan. You can take online surveys, become a rideshare driver, or work as a babysitter. You can select a part-time job to tide over an unexpected expense or find a side gig you enjoy enough to stick with as a source of additional income.
Loans from friends and family: Asking for money can be tough, but if you’re in a tight spot, it might be your best bet. You can obtain the money you require without facing bureaucracy or financial risk by taking out a loan from a person you can trust, such as a friend or relative. You can even draft a contract that specifies interest rates and terms of repayment.
The majority of cash advance apps guarantee that you will receive your money in a few days, or you can pay an additional fee to receive it sooner.
For a fee of $1 to $8, Empower can advance cash in as little as an hour.
EarnIn provides instant advances for a fee of $1. 99 to $4. 99.
For a $1 express fee, Dave can provide an advance in less than an hour. 99 to $13. 99.
The following apps provide advances of $100 or more:
Most apps cap your initial advance at $100 or less, and if you have a track record of making your loan payments on schedule, they may raise your limit.
These applications allow you to receive maximum advances of $200 or more, though you might need to receive multiple $200 advances:
The majority of cash advance apps guarantee that you will receive your money in a few days, or you can pay an additional fee to receive it sooner.
For a fee of $1 to $8, Empower can advance cash in as little as an hour.
EarnIn provides instant advances for a fee of $1. 99 to $4. 99.
For a $1 express fee, Dave can provide an advance in less than an hour. 99 to $13. 99. What app can I borrow $100 from?.
The following apps provide advances of $100 or more:
Most apps cap your initial advance at $100 or less, and if you have a track record of making your loan payments on schedule, they may raise your limit.
These applications allow you to receive maximum advances of $200 or more, though you might need to receive multiple $200 advances:
FAQ
Which payday loan is easiest to get?
Since they frequently have low qualifying requirements, one-hour payday loans without credit or cash advances are typically the easiest to obtain. However, these come with high fees and interest rates. Similar to title loans, secured loans can also be obtained more easily, but they need collateral, like a car.
What is the easiest loan to get immediately?
Payday loans, auto title loans, and pawnshop loans are the easiest loan categories to be approved for without a credit check; however, because of their exorbitant interest rates and other fees, these loans are also very predatory.
What app lets you borrow money ASAP?
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Read More :
https://www.nerdwallet.com/article/loans/personal-loans/loan-apps
https://www.speedycash.com/payday-loans/online/