Cash Advance Apps That Give Instant Access to Loans
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Summary:
In times of financial need, cash advance apps can offer instant solutions. This article explores eight cash advance apps that allow you to borrow money quickly, outlining their features, fees, and repayment terms. Understanding these options can help you make informed decisions for managing emergencies.
If you’re faced with unexpected expenses before your next payday, cash advance apps can provide a lifeline. While not recommended for frequent use — because you don’t want to get in the habit of being short every paycheck — these apps offer immediate access to funds for emergencies. It’s important to compare costs among different platforms to choose the best option for your financial situation, and be sure to weigh the risks and rewards of using these apps, says Veetahl Eilat-Raichel, co-founder and CEO of Sorbet.
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How do loan apps for instant money work?
Typically, you download a cash advance app from the Google Play store or Apple’s App Store and link it to your checking account with recurring direct deposits. You can then request a lump sum for a short period, usually until your next paycheck. If you can wait a few days, you can have the money transferred to your bank account for free — or, for a small fee, you can have the funds deposited within minutes.
The app will automatically withdraw the borrowed amount from your linked bank account on the due date. These apps don’t charge interest, so the payment will be exactly what you borrowed (minus any fees you paid for an expedited transfer).
Cash advance apps for borrowing money instantly
The following are eight cash advance apps that allow you to borrow money right away.
3. Chime
Chime’s SpotMe feature allows customers with regular deposits to overdraw their Chime-only accounts by up to $200 without incurring fees. This instant funding option is deducted from your next paycheck. While the service itself is free, Chime allows users to leave a tip after repaying the overdrawn balance.
- Borrowing limits: $20 to $200
- Repayment: Deducted from your next paycheck
- Funding time: Instant
- Fastest funding: Instant, free
- Other fees: None
2. Albert
Similar to Chime’s SpotMe feature, Albert allows you to overdraft your Albert Cash account by up to $250, providing a solution for those needing a higher overdraft amount. However, unlike Chime, Albert charges a fee for immediate access to funds.
- Borrowing limits: $25 to $250
- Repayment: Amount deducted from next deposit
- Funding time: One to three days for free
- Fastest funding: Instant, for an unspecified fee
- Other fees: None
3. Brigit
Brigit offers access to budgeting and credit tools alongside cash advances of up to $250. Users must pay a monthly membership fee for these services, so it’s important to consider the total cost before you sign up.
- Borrowing limits: $50 to $250
- Repayment: Withdrawn on a specified due date
- Funding time: Two to three days without a fee
- Fastest funding: Instant, $0.99 to $3.99
- Other fees: $9.99 monthly membership fee
4. Dave
Dave offers cash advances of up to $500 with a unique feature: unlike with most other cash advance apps, Dave users are not required to set up direct deposit for their paychecks. However, for advances, users must open an Extra Cash advance account and pay a $1 monthly subscription fee.
- Borrowing limits: Up to $500 (minimum not specified)
- Repayment: Withdrawn on your next payday
- Funding time: Two to three days without a fee
- Fastest funding: Instant, $1.99 to $13.99
- Other fees: $1 a month membership fee
5. EarnIn
EarnIn stands out for offering larger cash advance amounts, allowing users to borrow up to $750 per pay period. This app’s funding time ranges from one to three days for standard transfers and offers instant funding for a fee.
- Amounts: Up to $100 per day, $750 per pay period
- Repayment: Deducted from your next payday
- Funding time: One to three days for free
- Fastest funding: Instant, $1.99 to $4.99
- Other fees: None
6. Empower
Empower offers cash advances up to $250 with no fees or interest, making it an attractive option for those looking to save money and build credit. However, users must pay an $8 monthly subscription fee for access to the service, including credit monitoring and automatic savings tools.
- Amounts: $10 to $250
- Repayment: Withdrawn on a set pay date
- Funding time: One day without a fee
- Fastest funding: Instant, $1 to $8
- Other fees: $8 monthly membership fee
7. Klover
Klover is a financial technology (fintech) company that stands out for offering interest-free loans of up to $200. This app allows you to qualify without a credit check by sharing your data with the app instead of paying fees or interest. Additionally, Klover features a points program through which users can earn rewards for activities like taking surveys.
- Amounts: $5 to $200
- Repayment: Automatic deduction on your next payday
- Funding time: Up to three business days without a fee
- Fastest funding: Instant, $1.99 to $16.78
- Other fees: None
8. MoneyLion
MoneyLion is a comprehensive fintech platform offering cash advances up to $500, with the possibility of accessing $1,000 if you have another account with MoneyLion. The app provides various financial products, including credit-builder loans and savings accounts.
- Amounts: Up to $500
- Repayment: Withdrawn on a set deposit date
- Funding time: Up to five days without a fee
- Fastest funding: Instant, $0.49 to $8.99
- Other fees: None
Pros and cons of apps that let you borrow money
While most cash advance apps don’t charge interest for small loans, it’s important to consider other benefits and drawbacks of these financial apps.
FAQ
How much can I borrow with these apps?
The maximum loan amounts vary among apps but typically range from $200 to $750 per pay period. However, keep in mind that you won’t automatically be able to get the maximum advance. Usually, the app will start you at the minimum amount — e.g., $10 or $20 — and over time increase the amount you can borrow. As you continue to use the app, repay the loans, and make deposits, your advance limit should increase.
Are there any fees associated with these apps?
Yes, most apps charge fees for instant funding or monthly membership fees for access to additional features. The upside is that most apps do not charge interest or late fees, which is a big advantage over payday loans. You can also further reduce fees if you’re willing to wait a few days for the money rather than pay for an instant transfer.
Key takeaways
- Cash advance apps offer quick solutions for financial emergencies.
- Each cash advance app is different, so be sure to compare fees and repayment terms before choosing an app.
- Before using an app for a cash advance, consider the total cost, including instant transaction fees and membership charges.
- Make sure to use these apps responsibly to avoid falling into a cycle of debt.
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