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This is the time for rapid change. With new technology, comes new demand which accelerates the production of consumer goods and services. With the rise in demand, the price of consumer goods and services also increases, causing inflation. All the progress definitely brings its share of challenges as well. The post-pandemic world is facing severe economic repercussions in the aftermath of the lockdown, and income levels haven’t been able to keep up with inflation, with housing, medical bills, etc. slowly becoming virtually unaffordable. So, in times of need, cash advance apps can be helpful for working-class people to meet their urgent needs.
These are mobile applications that are a part of the fintech industry. The applications can lend you money, albeit in small amounts, which you must return quickly. They act like short-term payday loans where you must return the money the next day of your salary. They are also called the borrow money app. These apps don’t usually have requirements but have high-interest rates and often come with marginal penalties. But of course, not all of them are the same. This article will talk about the cash advance apps that will benefit you the most.
An Overview of Cash Advance Apps
| Loan App | Loan amount ($) | Speed Without Paying a Fee | Fast Funding fee($) |
| Albert | Upto 250 | N/A | 6.99 |
| EarnIn | 100-750 | 1 to 2 days | 0.99-3.99 |
| Dave | Upto 500 | Upto 3 days | 1.99-13.99 |
| Brigit | 50-250 | 1 to 3 days | Not Disclosed |
| Empower | 10-250 | 1 day | 1-8 |
| Chime | 20-200 | Instant | None |
| MoneyLion | 25-250 | 1 to 2 days | 0.49-8.99 |
| PockBox | 100-2,500 | 1 day | N/A |
| Cleo | Upto 100 | 3 to 4 days | N/A |
| Current | Upto 200 | N/A | N/A |
Best Cash Advance Apps
In times of extreme hardships and a dearth of cash inflow, this fintech application can help. Cash advance apps are mobile applications that are part of the fintech industry. The applications transfer your money, though small amounts, which you must return quickly. They act like short-term payday loans where you must return the money the next day of your salary. They are also called the borrow money app. These apps don’t usually have requirements but have high-interest rates and often come with marginal penalties. But of course, not all of them are the same.
They dole out cash in an emergency, transferring cash to your amount within a day or a few. They offer flexible repayment plans and are considerably cheaper than an overdraft fee. Here are some amazing options for you:
1. EarnIn
According to its website, EarnIn is a pioneer in reshaping how money travels to empower us daily. The EarnIn App has revitalized and breathed life into people struggling with financial conditions, as evidenced by the facts claimed on their website. According to the company, 50% of their customer base couldn’t afford a $400 medical bill, but now they could. Their target customer base is the people who mainly bear the brunt of the income inequality brought on by the pandemic. Among its customer base, 75% of people have reportedly increased their work attendance without the stress of financial planning.
The loan approval is simple. You have to download this borrow money app and link it to your checking account. Your employer must deposit your salary directly to your account, where the app can track it. Depending on your pay, you can receive up to $100 daily. You will receive the money you request on the app within one or two business days. Earn In is one the best cash advance apps out there. It is prudent to use it in an emergency.
Pros
- There are no fees.
- There is no interest charged.
- Funding is approved and sent within a day.
Cons
- Access to a bank account is required.
- Your spending habits may be negatively impacted.
2. Dave
This is one of the best instant money apps that doesn’t charge interest rates. Instead, it urges its customers to pay tips to the app in return. Founded by two friends who were fed up with the traditional financial market that serves the top 1%, Dave reshaped the fintech industry by protecting customers from unnecessary overdraft fees and other bank fees charged during transactions. This instant cash advance app has become customer-centric, providing features and benefits that fit customers’ needs. They maintain transparency by keeping the customers in the loop with equally empathetic customer service.
With this application, you can take up to $500 worth of cash advance ahead of your paycheck. Now if you were wondering how to borrow money from the cash app.
The request process is easy. First, you must download the Dave app on your smartphone device. The next step is to link your bank account with the app and check your eligibility. If you’re eligible for ExtraCash, open an account with ExtraCash. You will get a limit of $500 to borrow. Request the money, and you will get it in seconds. Your limit can increase and refreshes itself every midnight.
Pros
- No overdraft fees are charged by this borrow money app.
- There are no charges or hidden costs of any kind.
Cons
- It requires you to link your bank account.
3. Brigit
This is one of those apps that loan you money, give financial advice, and hand you credit-building tools. At a time when people and mainstream media are asking about the economy and are busy with the stock market, Brigit concerns itself with the legitimate question of your financial well-being. When most Americans live paycheck to paycheck, Brigit can be a useful borrow money app to meet your urgent needs. According to its official website, Brigit markets itself as a holistic instant cash advance app that lets you borrow money but also budget your finances and thus also acts as a money-saving app. They divulge money-hacking tools and give tips to boost your credit score and achieve financial stability. Brigit doesn’t have any hidden fees and doesn’t incur sudden costs.
With Brigit, you can borrow up to $250 without any hidden fee or interest charge. However, they do charge a subscription of $9.99 per month. The borrow money app helps avoid overdraft fees. It also has a warning system to let you know whenever you’re out of budget. After you request the money, the fund is transferred within a business day or two.
Pros
- No overdraft fee is charged.
- A budget warning system is put in place.
- Identity theft protections and credit-building tools are offered.
Cons
- There’s a subscription of $9.99.
- This promotes unhealthy borrowing habits.
4. Empower
Like all the other apps that let you borrow money, Empower offers cash advances before your payday, budgeting tools, and other financial tips. But what makes Empower one of the best cash advance apps is that it offers freelancers and gig workers loans. Empower believes in the principle of inclusivity and truly empowering everyday Americans with a chance to attain financial stability. Empower makes it accessible to meet urgent needs like renting an apartment or commuting fees. It has helped by doling out nearly $500 million worth of cash advances, with over 45 million customers served.
Empower offers two primary services under its belt: Empower Cash Advance, which you can upgrade to Empower Thrive. In Empower Cash Advance, you get a credit line of $250 with no interest fees and hidden costs. Empower Thrive is where you get started with $250, but you can increase your credit limit to $1000 once you make payments on time. You enjoy the same annual percentage rate of 0% and keep building your credit. The monthly subscription is $8, and express delivery is $2- $8 per fund transfer.
Pros
- You can increase your credit line from $250 to $1000.
- No APR.
- Budgeting tools are also included.
Cons
- The app needs access to your bank account.
5. Chime
One of the few borrow money apps that help you withdraw money without a fee through a facility called Spotme, Chime also offers budgeting strategy and financial tips, becoming a top resource for loans for students too. This app mainly has partnerships with Stride Bank, one of the well-known student lenders in the country, and Bancorp Bank. Chime can issue visa debit or credit cards accessible through its mobile app. Founded in 2012, the company was created to be a part of the parallel financial growth separately from the traditional banking system. Chime doesn’t charge an overdraft fee and makes money through interchange fees. Interchange fees are the fees charged by banks when you transfer funds from one bank to another.
You loan up to $200 from this instant cash advance app without incurring any fees. The payment or the transfer of funds is instant. But you might automatically qualify for SpotMe where you will need $200 in direct deposit.
Pros
- No fees are incurred.
- You can withdraw money through the SpotMe feature.
- Funding transfer is instant.
Cons
- Not everybody is eligible for SpotMe.
6. MoneyLion
MoneyLion is considered one of the best instant money apps that offer short-term payday loans in cash advance, investment options, and budgeting advisory to maintain your financial stability. The company was founded in 2013 and targeted a customer base that goes from paycheck to paycheck and is in constant dearth of cash to meet their urgent needs. These people make up 70% of their customer base. MoneyLion provides budget optimization, financial management, and investment suggestions. Its main goal is to boost saving strength credit score.
What also helps is the fact that MoneyLion was founded by financial specialists and advisors who developed state-of-the-art technology and algorithms. The algorithm analyzes customer behavior and offers solutions according to their spending pattern. MoneyLion has brought its borrow money app service under a subscription-based model of $79, of which $50 goes into investment and the rest $29 as a monthly fee. MoneyLion also transfers money into investment portfolios and charges no fee.
Pros
- This app can be a cheaper way to take out loans.
- Investment options are lucrative.
Cons
- The app incurs a turbo fee if you want the funds within minutes.
- Without fees, the transfer of the loan amount can take days.
7. PockBox
PockBox, though it markets itself to be one of those cash advance apps, is not a direct lender. It is a platform that connects you to appropriate lenders that will benefit you. One of the best instant money apps, it has the market’s most diverse range of cash advance options. From a quick $100 cash advance to $2,500, PockBox provides them all hassle-free and swiftly. The funding is fast, and the fund is transferred to your bank account in a business day.
PockBox has connections to over 50 lenders, which help customers to choose between options. Their application process can be completed within 5 minutes. If you have to apply, go to their website and fill out the questionnaire in their application. As the application process is done, PockBox lists out lenders that are the best suited for you. Once you choose your lender, PockBox will proceed with the next course of the loan process. The fund will be transferred within a business day or two if approved. PockBox doesn’t charge any fee during or after the application process. Lenders disclose their interest rates or other fees before accepting the loan. The lender may offer you conditions, but you are under no obligation to follow them.
Pros
- Offers options to up to 50 lenders.
- The range of loans can go up to $2,500.
- Completely free compared to other apps that let you borrow money.
Cons
- High-interest rates are high for no-credit checking lenders.
8. Cleo
Cleo is a budgeting tool and an efficient credit-building app that runs primarily on artificial intelligence to strategize your spending and help you keep track of your expenditure. The loan amount is small, offering a maximum credit line of $500. You can access $100 of that credit line at a time, but that limit is reduced to $70 until your impeccable payment history is established. Cleo cash advance apps charge a monthly subscription fee of $5.99 a month and an express fee of $4 if you need the fund in an emergency.
Cleo is one of the best instant money apps, according to the reviews at Trustpilot. The app has over three thousand reviews, with 80% of the reviews giving them 5 stars with a satisfactory experience.
Cleo pays attention to customer information privacy. While no apps letting you borrow money can guarantee 100% safety, Cleo uses Plaid to keep sensitive information from misuse or leaking.
Pros
- Cash advances up to $100
- Daily limit up to $70
- No credit or interest rate is required
Cons
- Lower limit than other apps that loan you money.
- The app requires a $5.99 subscription fee.
9. Current
On its official website, Current markets itself as the future of online banking. Founded in 2015, it is not a bank, but a lending company that helps to promote financial literacy. Currently, a cash advance app has made it its mission to build innovative tools and methods, to make its customer base capitalize on their earnings. In May 2010, they partnered with Plaid, one of the leading API platforms. Plaid has expanded Current’s customer base by more than 4 million and integrated its interface into a broader network, to give an embedded experience to the consumer.
Current is one of the direct-deposit apps that loan you money that transfers funds within a day or two into your bank account. The app is free from overdraft fees and hidden fees that the formal financial market charges. Currently, also has a healthy reward system where you can earn up to 7x points at 14,000 merchant points of sale with its credit card.
Pros
- The overdraft fee is waived by up to $200.
- No ATM fees are incurred.
- There is no maintenance fee.
Cons
- You need to link your bank account.
10. Albert
Albert’s biggest strength lies in the fact it is among the cash advance apps with the highest credit line. The app offers cash advances up to 250 dollars with no subscription fee. This cash advance app allows for borrowing three times per period. So, it is helpful for people who are struggling with money and have damaged credit. However, you will need to submit 6.99 dollars worth of express delivery of funds if urgent. Otherwise, the fund can take two to three business days to get into your account.
Albert’s target customers are the people who are overlooked and shut out by the traditional financial system of the country. This is why Albert has a panel of financial experts to help you through your struggles. They believe every human being has the right to financial literacy, and to take economic decisions confidently.
Pros
- You can borrow up to $250.
- A credit check is not required.
- It is free from interest and fees.
- There is a bonus of $150 for signing up.
Cons
- The fund takes two to three days to transfer.
- The app demands sensitive financial information.
Cash Advance Apps: An Introduction
In times of extreme hardships and a shortage of cash inflow, this fintech application can help. Cash advance apps are mobile applications that are part of the fintech industry. The applications transfer your money, though small amounts, which you must return quickly. They act like short-term payday loans where you must return the money the next day of your salary. They are also called the borrow money app. These apps don’t usually have requirements but have high-interest rates and often come with marginal penalties. But of course, not all of them are the same.
They dole out cash in an emergency, transferring cash to your amount within a day or a few. They offer flexible repayment plans and are considerably cheaper than an overdraft fee. Here are some of the best options for you.
For instance, EarnIn is one the best cash advance apps out there. It is prudent to use it in an emergency. Depending on your pay, you can receive up to $100 daily. You will receive the money you request on the app within one or two business days. Dave is one of the best instant money apps that doesn’t charge interest rates. Instead, it urges its customers to pay tips to the app in return. You can take up to $500 worth of cash advance with this app ahead of your paycheck. Brigit is one of those apps that loan you money, give financial advice, and hand you credit-building tools. With Brigit, you can borrow up to $250 without any hidden fee or interest charge. However, they do charge a subscription of $9.99 per month.
Key features
- Apps for instant money can help you procure emergency funds in times of need. Most financial institutions have long waiting periods and a list of demands, but these cash advance apps don’t. EarnIn is one the best apps out there and it is prudent to use in an emergency. Depending on your pay, you can receive up to $100 daily. You will receive the money you request on the app within one or two business days.
- These money borrowing apps have flexible repayment schedules, which traditional markets do not have.
- The fast money lending apps have almost no credit check or bank history requirements for you to be eligible.
- The apps that loan you money instantly also give budgetary advice and financial planning tips.
- They also have no overdraft fees, which banks do.
Limitations
- Multiple subscriptions and express fees exist to get the money earlier than their regular days.
- This may also create a habit of borrowing, which might not be healthy.
Working
Cash advance apps provide you with almost instant loans without long waiting periods, process interim, and scrutiny regarding your credit and bank history. When you apply for a loan on a borrow money app, they take an average of 2 to 3 days to transfer the money into your accounts. If you want the money early, you might have to pay an express charge for early delivery of funds.
Current is one of the direct-deposit apps that loan you money that transfers funds within a day or two into your bank account. The app is free from overdraft fees and hidden fees that the formal financial market charges. In the case of PockBox, it has connections to over 50 lenders, which helps customers to choose between options. You can complete their application process within 5 minutes.
If you have to apply, go to their website and fill out the questionnaire in their application. As soon as the application process is completed, PockBox lists out options of lenders best suited for you. Once you choose your lender, PockBox will proceed with the next course of the loan process. One of the best instant money apps, it has the market’s most diverse range of cash advance options. From a quick $100 cash advance to $2,500, PockBox provides them all hassle-free and swiftly. The funding is fast, and the fund is transferred to your bank account in a business day.
How to Choose the Best Cash-Borrowing App?
Choosing the best borrow money app can take time and effort. Here are a few tricks to choose the best one for you:
- Choose the cash advance apps with no credit check. That way, you will be eligible for the loan even if your credit score isn’t great.
- Look out for the transfer period of funds. Make sure it is within a day or two without an express fee.
- Check if they have any subscription fees. Choose the one with the lowest or no fees at all.
- Keep an eye out for repayment plans. Choose a flexible plan.
- Keep reading reviews and ask around people who have or are using them.
Qualifications for the Cash Advance Apps
Cash advance apps provide you with almost instant loans without long waiting periods, process interim, and scrutiny regarding your credit and bank history. When you apply for a loan on a borrow money app, they take an average of 2 to 3 days to transfer the money into your accounts. If you want the money early, you might have to pay an express charge for early delivery of funds. They generally don’t demand substantial credit history or banking records to approve your loan. However, you do need to make sure you have a steady income and a bank account to link.
In the case of EarnIn, your employer must deposit your salary directly to your account, where the app can track it. Depending on your pay, you can receive up to $100 daily. You will receive the money you request on the app within one or two business days. EarnIn is one the best cash advance apps out there. It is prudent to use it in an emergency.
To qualify for Dave, your bank must be 60 days old. You must also have three recurring deposits and a $1000 monthly income. If you’re eligible for ExtraCash, open an account with ExtraCash. You will get a limit of $500 to borrow. Request the money, and you will get it in seconds.
Can Cash From Borrowing Apps be Considered Loans?
Cash advance apps provide you with almost instant loans without long waiting periods, process interim, and scrutiny regarding your credit and bank history. When you apply for a loan on a borrow money app, they take an average of 2 to 3 days to transfer the money into your accounts. The applications don’t generally charge interest rates, but you must return the money within a certain period. In that respect, this instant cash advance app could be considered a loan.
For instance, EarnIn is one the best cash advance apps out there. It is prudent to use it in an emergency. Depending on your pay, you can receive up to $100 daily. You will receive the money you request on the app within one or two business days. Dave is one of the best instant money apps that doesn’t charge interest rates. Instead, it urges its customers to pay tips to the app in return. You can take up to $500 worth of cash advance with this app ahead of your paycheck. Brigit is one of those apps that loan you money, give financial advice, and hand you credit-building tools. With Brigit, you can borrow up to $250 without any hidden fee or interest charge. However, they do charge a subscription of $9.99 per month.
Alternative Options for Cash Advance Apps
Cash advance apps can be helpful during emergencies and cash shortages, but they can become a bad habit. People can drag themselves into a debt cycle that will be burdensome in years to come. So here are a few alternatives to view before you use these kinds of apps.
Credit Unions
Credit Unions are an excellent way to get loans during emergencies. Well, Credit Unions are generally non-profit organizations run by worker unions, to provide loans at low interest with no hidden fee. They also offer easy installment and repayment scheduling at your convenience.
Credit Cards
Credit cards are also a way to get loans in an emergency. They can be secured and unsecured. They build your credit and offer rewards as well as bonuses. But they charge high-interest rates.
Friend and Family Loans
This is the safest and most convenient way to get the loan you want. There cannot be a better option than getting loans from people that know you better than anyone else, instead of relying on cash advance apps.
Payday Loans
Payday loans can also be an option for you. These are short-term loans offered to borrowers, albeit at high-interest rates.
FAQs
Q1. What apps will let me borrow money instantly?
Cash advance apps like EarnIn, Dave, and Brigit instantly give you cash. EarnIn and Brigit take a business day, but Dave transfers money on the same day.
Q2. Are cash advance apps payday lenders?
Cash advance apps are less like payday lenders. They loan you the money almost immediately, and you must return it on your next payday. But, like traditional payday lenders, they don’t charge high-interest rates.
Q3. How do cash advance apps work?
Cash advance apps take your personal details and ask to link your bank account. Once that’s done, they transfer you the money within a day or two.
Conclusion
In times of extreme hardships and a dearth of cash, the cash advance app application can help. Cash advance apps dole out cash in an emergency, transferring cash to your amount within a day or a few. They offer flexible repayment plans and are considerably cheaper than an overdraft fee, but they can become a bad habit. People can drag themselves into a debt cycle that will be burdensome in years to come. So choose wisely and use them wisely too. Take expert advice and read the terms and conditions before you apply.
