The Top 7 Cash Advance Apps to Borrow Money
Emergencies can happen at any time. Often, it's when you least expect them and probably don't have the money to cover them, especially if you're living paycheck to paycheck.
Crises can floor your financial plans quicker than a lightning strike. However, cash advance apps can save the day by allowing to borrow small dollar amounts in a matter of moments. Whether you're trying to fund medical bills or fix a leaking roof, a cash advance app might be your best option.
Let's take a look at the seven best cash advance apps and the pros and cons of using their services now. From Earnin to Chime to MoneyLion, there are plenty of apps that let you borrow money for you to pick from. But your perfect one will depend on your financial needs and wants.
Best for low fees
Earnin tracks your hours worked by utilizing a timesheet or your location. It allows you to borrow the money you've earned before your payday so you can cover unexpected expenses. Use this money lending app to borrow money and receive a payday advance instantly.
The possibility to withdraw the cash advances you have so far earned but have not yet received from your recruiter is one of the biggest advantages of Earnin. Only those who work full-time can use this feature of Earnin.
The borrowing limits range from $50 to $500, and you don't need to pay a fee to use their service. Instead, they request a voluntary tip of up to $14.
Earnin is not your best money advance app option if you need to borrow more than $500 or you are unemployed.
Best for small loan amounts
Despite the very small loan amounts ($5 to $200), Dave is highly regarded among cash advance app users. It's super easy to use and is mainly helpful to avoid overdrawing your checking account.
There are a few fees; however, they're all optional:
- A $1 monthly membership fee, which you can choose not to pay within the app.
- A $1.99 to $5.99 fee to get your money quicker.
- An optional tip of up to 20% of the borrowed amount.
Best for having lots of budgeting tools
Brigit allows you to borrow up to $250 for various expenses whenever necessary. However, this cash advance app markets itself as a budgeting tool.
The free plan provides financial and budgeting assistance. However, you must sign up for the paid plan ($9.99 a month) to get the instant cash advance option. If you request the money before 10 am ET, you can receive it on the same day. After 10 am, it will hit your account the following working day.
Receiving notifications each time you are about to encounter an overdraft is one of the main advantages of this money borrowing app. In this way the Brigit app helps with tracking your spending.
Best for protecting your overdraft
Chime is a cash app providing savings accounts, checking accounts, and credit-builder loans. But they also offer a small overdraft feature called SpotMe.
The service is completely free of charge; this includes any overdraft or overseas transaction fees. Chime is one of the USA's fastest-growing cash apps with more than 1 million active accounts.
Consider SpotMe an overdraft protection rather than a payday advance. However, it asks whether you'd like to tip.
You can overdraw your Chime account to a predetermined amount between $20 and $200. After that, your limit increases depending on your account activity.
Best for a myriad of financial products
The MoneyLion cash app offers mobile bank accounts, investment accounts, credit-builder loans, financial tracking, and cash advances.
Provided you have an eligible checking account, you can access the Instacash advance and receive up to $250.
But be prepared to pay anyone from $0.99 to $7.99 if you want the money transferred to your account instantly. Plus, you can choose to leave a tip.
Without paying the instant delivery fee, you'll get the cash in 12 to 48 hours if using a MoneyLion checking account. Otherwise, expect to wait between three and five working days.
Best for spending
While Current may be a checking account, it delivers direct deposits two days sooner and covers your overdraft without fees.
New account holders benefit from $25 overdrafts, increasing to $200 as time passes. Once you sign up, Current awards you a $50 bonus if you receive a direct deposit of over $200 within 45 days!
Best for direct deposits
If you're employed, DailyPay money borrowing app gives you added paycheck flexibility. You can transfer your earnings early based on the hours you've worked (like Earnin).
You don't need to pay the money you've transferred with the app back. But naturally, it's deducted from your weekly or biweekly paycheck.
After transferring using DailyPay, you can move your funds to a checking account, debit card, or savings account up to a whopping $1,000 every day.
The only downside? Your employer must be enrolled in the service.
The Pros and Cons of Cash Advance Apps
You have loads to choose from. But consider these pros and cons before deciding whether cash advance apps are right for you.
Cash Advance App Pros
- Cheaper than overdraft
— If you have to choose between an overdraft fee and a paycheck advance, choose the latter. Why? Because it's probably cheaper.
- Fast cash for emergencies
— With near-immediate deposits, you can fund your emergency and get your life back on track quickly.
- Budgeting tools
— Many cash advance apps come with helpful budgeting tools to make money management easier.
- Lower price than payday loans
— Generally, you don't pay interest, making them cheaper than payday loans.
Cash Advance App Cons
- Lead to repeat borrowing
— Since these apps make borrowing easy, it could lead to borrowing more frequently.
- Encourage bad spending
— Some people find the temptation of frivolous spending too much. Thus, cash advance apps can spur them to live above their means.
- Fees can be high
— There are usually still fees, even though they're generally lower than other borrowing options.
Even if cash advance apps aren't your perfect match, we can connect you with the best direct loan lenders the industry has to offer. Just send us your request now!