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If you think a payday loan is your only option, think again. A cash advance app — also known as a paycheck advance app — can help. Cash advance apps can be a great alternative to payday loans. With these loan apps, you get a small payday advance for bills, car payments or whatever else can’t wait until the next payday. But unlike payday lenders, most cash advance apps don’t charge interest. Instead, they request that you pay with a “tip,” and some charge a small monthly membership fee. How do you know which ones are best to help get you back on your feet? Follow along to see which option is best for you. Our Top Pick: Albert
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Here are the 10 Best Cash Advance Apps for Instant CashWhile many new cash advance apps are on the market, not all are worth downloading. Here are our top recommendations:
Best for Paying a Signup Bonus: AlbertLender Site: We’re Banking on You | Albert
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Credit check: No BBB Rating: B Get Up to $250 Instantly Best for Offering Extra Financial Tools: BrigitLender Site: Brigit – Get your finances on track
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Credit check: No BBB Rating: B Get Up to $250 Quickly Best for Building Credit: CleoLender Site: Cleo: A Money App that Doesn’t Suck
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Credit check: No BBB Rating: B- Spot Me $100 Now Best for Paying as Little as Possible: EarninLender Site: You worked today. Get paid today | Earnin
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Credit check: No BBB Rating: A- Make Any Day Payday Best for Extra Perks: EmpowerLender Site: Empower – One Card with All the Right Moves
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Credit check: No BBB Rating: D. Empower is not accredited by the BBB. Get Up to $250 Today Best for Taking Out a Large Cash Advance: PossibleLender Site: Possible: Best Installment Loan & Payday Loan Alternative
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Credit check: Possible does a “soft pull” on your credit report for fraud prevention and identity verification. (A soft pull won’t push down your credit score.) BBB Rating: A Borrow $400 Quickly Best for Improving Other Financial Areas: DaveLender Site: Dave – Banking for Humans
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Credit check: No BBB Rating: B Get Up to $500 Instantly Best for Flexibility: MoneyLion InstacashLender Site: MoneyLion – Banking that gives you more
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Credit check: No BBB Rating: B. MoneyLion is not considered accredited by BBB Get Your Paycheck Early Best for Speed: FloatMeLender Site: Float Me – Introducing Your Best Financial Friend
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Credit check: No BBB Rating: D. FloatMe is not accredited by the BBB. It’s worth noting that most negative reviews and complaints are due to confusion and miscommunication about the $1.99 monthly fee. Float Me $50 Best for Transfers with Other Customers: VaroLender Site: Varo – Money Shouldn’t Work For Some of Us. It Should Work for All of Us.
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Credit check: No BBB Rating: A Get Started Now Apps that Require Your Employer to ParticipateOnly people whose employers participate can use these financial services. These apps typically aim at employees with an employer-sponsored program letting them withdraw some of their earned wages before payday. These apps for cash loans can reduce employee financial stress, and employers don’t have to worry about administration hassles like with usual payroll advances. Often there is no setup or operating costs for employers but check with the employer before moving ahead. Best Option for Employers: Even InstapayLender Site: Even Financial Wellness Platform – From paycheck to progress™
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Credit check: No BBB Rating: A More Apps that Require Employer ParticipationPayactivThose who choose Payactiv can access earned wages before payday, and users can ask for financial counseling. The app has a platform that serves as a payday loan alternative and lets users pay bills and obtain prescription discounts. PayActiv has a debit card attached to the account to get money fast and with fraud protection. There’s no charge if users set up direct deposit to the card, or they can pay a $1/ per day fee when using PayActiv. BranchBranch is another employer-side service that benefits the employer as they don’t have to use Branch for an employee to access cash advances. The branch’s system checks the hours worked to support a request. If you qualify for an advance, Branch will advance you up to 50% of your upcoming paycheck. After that, Branch debits the advance amount from your next paycheck deposit. An employee can pay an additional fee of $2.99–$4.99 (based on the advance amount) to get the money instantly to an external account. FlexWageAnother payday alternative is FlexWage. FlexWage offers reloadable payroll debit cards for employees who are given paper checks. This can be perfect for unbanked employees who can’t get direct deposits. There are fees, including $5 for on-demand wage transfer, and using the debit card can result in fees, but FlexWage is cheaper than typical payday loans. DailyPayThe DailyPay app works like Earnin, and employees build a balance with each hour of work they put in. They can then dip into that balance before payday if they need access to cash. DailyPay deposits the funds into the bank, and then, on payday, the amount already cashed out is removed from the paycheck. DailyPay charges a $1.25 per transfer fee to transfer money from your hours-worked balance into your bank. Best if You Need a Larger Personal Loan: SoFiLender Site: SoFi – Great Rates. Great Benefits. SoFi. Worth noting: SoFi is not a traditional cash advance app. This online lender is more of a full-service banking operation. But if you have an account, you can withdraw cash using your SoFi debit card at retailers or through SoFi’s ATM network, and the interest rate is lower than rates for a credit card cash advance.
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Credit check: SoFi will perform a soft credit pull when you apply for a credit card. What’s the Difference Between Cash Advance Apps and Chime?Chime isn’t your typical cash advance app. However, some of the above sites are compatible and will work seamlessly with your Chime account. Chime is not a bank. Its banking products are offered through the Bancorp Bank or Stride Bank. Both of these banks are FDIC members, so Chime accounts are insured. Chime offers a spending account with a Chime Visa Debit Card. The spending account is designed to receive direct deposit paychecks and provide access to Chime’s ATM network. Chime also offers a savings account and a secured credit card designed for building credit. You need to have a Chime spending account to use these products. Chime SpotMeChime doesn’t technically offer cash advances, but Chime SpotMe offers overdraft protection of up to $200, so if you need to float something for a couple of days until payday, Chime SpotMe will cover it without an overdraft fee. What is a Cash Advance App?Cash advance apps allow a person to deposit money earned into a checking account before payday. Usually, cash advance apps are free or request a small fee, but you’ll pay little or no interest on those loans. Though there might be some small costs and upfront fees, a cash advance app can be a viable alternative to payday loans or charging up your credit cards. Like traditional storefront payday loans, cash advance app issuers offer short-term loans and repayment is usually required on your next payday. How do Cash Advance Apps Work?Cash advance apps give borrowers paycheck advances or timely access to money they’ve earned but haven’t gotten yet. Helpful for borrowers who might otherwise miss a payment on a bill or find themselves with late or overdraft fees. Most cash advance apps have a borrowing limit between $100 and $500. Since cash advance apps rarely charge interest or other fees, many people consider them a better alternative to other short-term funding options like payday loans. How to Get a Cash or Paycheck AdvanceMost paycheck advance apps have only a handful of eligibility requirements. To get a paycheck advance, users usually only need to have the following:
Paycheck advance apps don’t typically check anyone’s credit or make them jump through hoops to access their services. Just download the app and follow the instructions. Most should be available on Google Play and the iOS App Store. How Fast Can I Get a Cash or Paycheck Advance?After you find a cash advance app you prefer, set up an account. This usually can be completed via an online application with basic information such as:
Most applications take a few moments to complete and one to two business days to approve. Once approved, you may request a cash advance. Since these apps are designed with speed in mind, it can take a few minutes to a couple of business days to receive the money. Some apps charge a small fee for instant access. Should You Use Cash Advance Apps?If your alternative is a payday loan, then yes. There are several benefits to paycheck advance apps. They are more accessible and affordable than a typical payday lender and their products. Paycheck advances can save people from late fees, sky-high payday loan interest rates and overdraft fees if your account balance is low. They are not, however, a long-term alternative. If you need multiple cash advances or struggle to pay off other cash advances, it might be time to explore different ways to tackle your debt. What to Look For in Cash Advance Apps
Other Alternatives to Help Get Your Debt Under ControlIf you regularly turn to cash advances and payday loans to make ends meet, here are a few other financial products and options to ease your money crunch. Personal LoansPersonal loans typically have lower interest rates than credit cards and offer longer loan terms and larger amounts than a cash advance app or traditional payday loan. Your credit union is a good starting point when searching for a loan. There are even personal loan options for people who have bad credit. Peer-to-Peer lendingPeer-to-peer financial services connect borrowers directly to lenders (usually investors), who then loan money to qualified applicants. If you’re active on Reddit, there is also a subreddit called r:/borrow where Redditors loan money to fellow Redditors. Borrow from Friends and FamilyWe all want to keep our personal finance situation personal, but sometimes a relative or friend has the means to help you through a difficult time. Just get everything in writing and make sure to pay them back as scheduled. The Bottom LineWhen your checking account is low and so is the amount of cash in your wallet, applying for a cash advance loan could help you get what you need before the next paycheck arrives. The above list of available apps could be the difference between whether you eat dinner, pay your water bill or make a car payment this month if you haven’t earned a paycheck yet. Keep in mind applying for a payday loan via an app isn’t a long-term solution to your financial problems. Moving ahead, do think twice about getting funds this way and only when you are in a super crisis and/or only occasionally. The best way to avoid even going near a payday loan and the app is to try and keep better track of your expenses and finances. Try to maintain a budget and cut back on things you don’t need, like $6 coffee drinks and other luxuries you can do without. Take lunch to work and eat dinners at home, and you’ll see your bank account grow. You can also take a fun side hustle or gig to make ends meet. Ultimately, doing all these tips could be a lot better than putting faith in a high-priced lender. Don’t Be Afraid to Ask for HelpConsider contacting a credit counselor if you’re struggling with debt and need help getting your finances under control. They’re experts in personal money management and can help you get back on your feet. Best of all, their services are free. Contact a local service provider today FAQsWhat happens if you can’t repay a cash advance app? Failure to pay a payday advance app back may result in being banned from the app and its services. However, the payday advance app will continue trying to withdraw money from your bank account, which could cause overdraft fees to stack up. Be sure you can repay your payday loan and disconnect your bank account from the app when you no longer use its services. What’s the difference between a cash advance app and a payday loan? A cash advance is a short-term cash loan you take out through your credit card. A payday loan is a short-term loan that typically comes with just a few application requirements and a quick turnaround time. What if a payday advance app won’t lend me enough? Unfortunately, these cash advance apps only offer small-dollar loans. If you need more than the maximum amount offered, you’ll need to apply for personal loans or try a credit card cash advance. Will using a cash advance app help or hurt my credit score? Like any use of your credit cards, a cash advance can affect your credit score, especially if you aren’t careful about how much money you obtain and when you pay it back. What is Instacash? Instacash is a short-term cash float from MoneyLion. You can get up to $250 instantly to cover an unexpected expense or to use for a fun opportunity at 0% interest. Traditional payday advance loans often charge ludicrously high interest rates that can go as high as 790% per year in some states. How can I borrow $200 from cash App?There's no way to “unlock” Cash App Borrow, you just have to make regular deposits so they see a pattern of money coming into the account. The maximum loan amount, $200, is available if you deposit at least $1,000 per month into your Cash App account.
How can I get cash right now?4 Options to Consider if You Need Cash Now. Borrowing money from friends and family.. Selling or pawning your stuff.. Take out a cash advance on your credit card.. Shop around for the right bad credit loan.. What app lets you borrow money without direct deposit?Download the free Earnin app, create an account in just a few minutes and you can borrow money right away, as soon as you're verified. There is no credit check and you don't need to setup direct deposit. Earnin links to your existing account and gives you advances against your next paycheck.
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