Cash advance apps that let you borrow money can be helpful if you find yourself in a tight money situation before payday.
We’ve all been there. Sometimes unexpected things happen and we end up shelling out money for home emergencies, car emergencies, budgeting challenges, etc. Then, we find ourselves strapped for cash stressing about what we are going to do until payday comes.
While you can sell things around the house or work different side hustles, having something a little easier until payday comes around can help.
Cash Advance Apps
There are many apps that loan you money but they all vary in cost and terms. Essentially, these apps are payday loan apps, not apps to help you save money.
So which one is right for you? Let’s go over some of the best apps that loan you money.
Dave is probably one of the best cash advance apps for when you need a small amount of money to get you through.
Requirements: With Dave, you can get cash advances up to $100. While there is no credit check with Dave, you need to have a steady paycheck direct deposited in order to borrow money through the app. This also helps show that you will have the ability to pay back the cash you borrow.
How to get a cash advance through the app: In order to get a cash advance through Dave, you need to connect your bank account information and paycheck deposit information. Once this is done, Dave will automatically keep track of your balances, analyze your spending, and let you know when you are low.
You’ll also have the option to borrow money through the app. If you notice your balance is getting low or will be low after the bills have cleared, Dave lets you borrow up to $100 to cover yourself. That amount you can borrow may go up depending on different factors and your repayment history.
Cost & Timeline: $1 membership fee per month. If you request express delivery of your payment and need the money within minutes, there is a small fee attached to the transaction that you’ll have to pay back when you repay the loan. Standard delivery, which can take up to 3 days, does not have a fee.
There is no interest charged on your payday loan through the Dave app. When you go to repay the loan, or set up the automatic payback date, you have the option to donate.
No fees and no interest is what Earnin is best known for. It also works a little differently because the app tracks your hours that you work and lets you borrow money from that.
Requirements: You must be employed. You’ll need to download and set up an account through the app. Then you’ll connect the app to your checking account and provide your employer information.
You’ll also need to add your earning to the app either by using an electronic timesheet, your employer-provided work email address or through their Automagic Earnings feature. Once everything checks out, you can borrow up to $100 per week.
Cost & Timeline: The amount you borrow can be available immediately once your information is verified and the setup is complete if you have the Lightening Speed feature. Otherwise, you’ll be able to receive the money within 1-2 business days.
There is no cost to use Earnin. There is also no interest and no fees that you’ll need to pay which makes it one of the most popular cash advance apps.
Bridget not only helps you get cash advances through the app, but it can also help you manage your budget.
Requirements: In order to get a cash advance, you will need to have at least 3 deposits from the same employer. An active checking account that you’ve had at least 60 days may also be required.
Brigit allows you to get advances from $50 to $250 through the app. One thing to note is that Brigit doesn’t work with all banks, so you will want to be sure your bank is on the list.
Cost & Timeline: There is no interest that you’ll have to pay back with Brigit. However, if you want instant transfers, you’ll have to sign up for the Brigit Plus plan which is $9.99 a month. If you don’t have or qualify for the plus plan, you can get the cash deposited within 1-3 days.
MoneyLion is another option that lets you get a cash advance through it’s app. With MoneyLion, you can get “Instacash” with no credit check or monthly fee.
Requirements: To get an advance of up to $250, you’ll need to sign up through the app and connect your checking account.
Cost & Timeline: No monthly fees or interest. The amount you can get depends on your activity from your checking account you’ve added.
When you use Instacash, the amount you’ve borrowed is automatically deducted from your account on the due date. Your due date is determined by your pay schedule or deposit cycle.
Standard delivery of your advance is free. If you want it ASAP, the Turbo delivery offers you expedited delivery where you will be charged a small fee.
Tips for Using Cash Advance Apps Responsibly
Remember, while these cash advance apps are great when you need a little help, they are still payday loans. With that being said, you want to make sure that you are using the apps responsibly.
- Research the app and the terms. Not all cash advance apps are the same so you want to know exactly what the costs and terms of the loans are before you get started.
- You also want to make sure a cash advance app is credible and trustworthy before you go borrowing any money.
- Make sure that you will be able to pay back any money that is borrowed. Usually, the apps take out the borrowed money automatically so you don’t want to get yourself caught up and in debt even more.
- These are not long-term solutions. They are short-term solutions that may be able to help.
If you need a short term option to help you cover some small expenses before payday, these cash advance apps can be helpful. Using them responsibly will help keep you from getting in trouble financial wise.