When you need money to tide you over until the next payday, borrowing money from a loan app is one solution. Although not ideal for regular use since fees can quickly add up, they can provide instant cash to cover emergencies.
If you decide to use a loan app, comparing the costs of several lending platforms can help you find an option that best fits your budget. We’ll cover some of the best options and alternative financing solutions like personal loans.
Table of ContentsSkip to Section
- 7 cash advance apps for borrowing money
- How do loan apps for instant money work?
- Pros and cons of apps that let you borrow money
- Alternatives to consider
- FAQ
7 cash advance apps for borrowing money
The eight apps below allow you to borrow money instantly. Here’s a breakdown showing how they stack up against each other in terms of loan amounts, funding speed, and fees.
| App | Max loan amts. | Fastest funding available/fee |
| Klover | $200 | Instant, $1.99 – $16.78 |
| EarnIn | $100/day $750/pay period | Instant, $1.99 – $4.99 |
| Brigit | $250 | Instant, $0.99 – $3.99 |
| Chime | $200 in overdraft protection | Receive paycheck up to 2 days early, no fee |
| Albert | $250 | Instant, unspecified fee |
| Dave | $500 | Instant, $1.99 – $13.99 |
| Empower | $250 | Instant, $1 – $8 |
Klover
Best for interest-free loans
- Get a cash advance of up to $200
- Qualify without a credit check
- Agree to share your data with the app instead of paying fees or interest
Klover is a financial technology company that offers a cash advance of up to $200 without fees, interest, or credit checks, by leveraging customer data with advertising partners. Klover also features a Points Program that allows users to earn points for activities such as taking surveys, which they can use for cash advances or other benefits.
- Amounts: $5 – $200
- Repayment: Automatic repayment scheduled on your next payday
- Funding time without fee: Up to 3 business days
- Fastest funding available/fee: Instant, $1.99 to $16.78
- Other fees: None
What’s the overall cost?
If you’re willing to share data with the Klover app and don’t want instant funding, the monetary cost is $0.
EarnIn
Best for large cash advance amounts
- Up to $100/day and up to $750/pay period1
- No interest, membership fees, or credit checks2
- Over 17 million downloads
- Get your money in minutes with optional Lighting Speed transfers3
EarnIn is a a fintech company that offers the largest cash advance amount on our list. You can borrow up to $750 each pay period. That said, the maximum amount you can borrow fluctuates based on various factors, like your spending behavior, repayment history, and paycheck amount.
- Amounts: Up to $100 per day, $750 per pay period
- Repayment: EarnIn withdraws the money you borrowed from its app on your next payday.
- Funding time without fee: 1 to 3 days
- Fastest funding available/fee: Instant, $4.99
- Other fees: None
What’s the overall cost?
Borrowing $200 over 14 days and paying a $4.99 fee means a total borrowing costs of $204.99. The APR on this loan would be 65.05%.
Brigit
Best for access to budgeting and credit tools
- Borrow up to $250
- Funding is available in 2 to 3 days, on average
- You must pay a membership fee
Brigit is an app that can help you manage your finances with various budgeting tools and financial wellness tips. You get access to those features for free but must pay a monthly membership fee for cash advances up to $250 and other benefits like credit monitoring and credit-builder loans.
- Amounts: Up to $250
- Repayment: Withdrawn from your account on a specified due date or a date you choose if you extend it
- Funding time without fee: 2 to 3 days
- Fastest funding available/fee: Instant, $0.99
- Other fees: $9.99 monthly membership fee
What’s the overall cost?
If you borrow $100 from Brigit and pay $9.99 a month for a membership, your total cost would be $111.98 including the $.99 instant fee. This is equivalent to an APR of 624.67%.
Chime
Learn more
Best for those with Chime bank accounts with regular deposits
- SpotMe feature allows customers to overdraw their accounts by up to $200 without a fee
- Funding is instant
- The overdrawn amount is deducted from your next paycheck
Chime’s SpotMe feature allows customers with $200 in monthly qualifying deposits to overdraw their accounts by up to $200 without paying an overdraft fee. While this service is free to use, Chime allows you to leave a tip after paying off your overdrawn balance.
- Amounts: Up to $200
- Repayment: Chime deducts your overdrawn amount from your next paycheck
- Funding time without fee: Instant
- Fastest funding available/fee: Instant, free
- Other fees: None
What’s the overall cost?
The overall cost of this option is $0 since there’s no required fee.
Albert
Best for those who need a higher overdraft amount than Chime
- Allows you to overdraft your Albert Cash account by $250
- You must pay a fee for immediate access to funds
Albert is a fintech company that offers banking, savings, and investment products. If you have an Albert’s Cash account, you’re allowed to overdraft your account by up to $250. It works similarly to Chime, but you have to pay a fee for immediate access to funds.
- Amounts: $250
- Repayment: Amount deducted from next deposit
- Funding time without fee: 1 to 3 days
- Fastest funding available/fee: Instant, for a fee
- Other fees: None
What’s the overall cost?
If you overdraw $200, repay the balance over 14, and pay a $5 fee for an instant transfer, that translates to an APR of 52.14%.
Dave
Best for those wanting to build positive credit history
- Borrow up to $500
- An account and $1 monthly subscription fee is required
- Reports repayment to the three major credit bureaus
You can borrow up to $500 through the Dave app. To qualify, you must open an Extra Cash advance account and pay a $1 monthly subscription fee. Depending on your loan amount, it costs up to $13.99 for instant transfers.
Dave could be a good solution for customers who want to build positive credit history, as it reports payments to the three major credit agencies.
- Amounts: Up to $500
- Repayment: Withdrawn from your account on your next payday or the closest Friday to when you borrowed money
- Funding time without fee: 2 to 3 days
- Fastest funding available/fee: Instant, $1.99 to $13.99
- Other fees: $1 a month membership fee
What’s the overall cost?
If you borrow $250 from Dave and pay a $10.99 express fee to transfer it to an external bank account, your total borrowing costs would be $261.99 including the $1 membership fee. That equates to an APR of 125.04% based on a 7-day repayment period.
Empower
Best for customers who want to save money and build good credit
- No fees or interest for cash advance, but there is an $8 monthly subscription
- Access to credit monitoring and automatic savings tool
Empower cash advances come with no late fees and interest. You’ll gain access to other perks, such as credit monitoring and an automatic savings tool. This tool helps you stockpile cash to build self-sufficiency and reduce your dependency on future advances. The standard funding time takes a day.
- Amounts: Up to $250
- Repayment: Withdrawn from your bank account a date Empower predicts is your next pay date
- Funding time without fee: 1 day
- Fastest funding available/fee: Instant, $1 to $8
- Other fees: $8 monthly membership fee
What’s the overall cost?
If you borrow $250 for seven days and pay an $8 instant transfer fee, your total borrowing costs would be $266, including the $8 monthly membership fee. That translates to an APR of 417.14%.
How do loan apps for instant money work?
You typically download a cash-advance app from the Google Play or Apple Store and connect your checking account. The account you link generally needs to have recurring direct deposits.
Afterward, you can request to borrow a lump sum of money for a short period in exchange for a fee, usually until your next paycheck arrives. The company then withdraws the money from your linked bank account when it’s due.
Pros and cons of apps that let you borrow money
Before you use a loan app, it’s important to weigh the pros against the cons.
Pros
Fast access to cash
Loan apps can provide immediate access to funds. Though some charge a fee for expedited funding, it can be beneficial if you need money for an emergency expense.
No credit check
Many loan apps don’t require a credit check for approval, meaning your credit score won’t be affected.
Convenience
You can apply from anywhere worldwide as long as you have an Internet connection.
Cons
Fees
Fees can add up quickly, especially if you use apps often to borrow money.
Not a long-term solution
Using cash advance apps too much can lead to a cycle of debt.
Short repayment terms
Loan apps provide less flexible repayment terms than other financial products like personal loans.
When considering an instant-money app, it’s also important to evaluate why you’re in the situation in the first place so you can avoid it in the future.
Ask the expert
Eric Kirste
CFP®
Having frequent cash draws from short-term borrowing sources implies a bigger need to do cash flow funding. Are you spending too much? Are there ways to manage spending? Or, are there other concerns or items that need to be addressed in your overall cash flow?
Alternatives to consider
If you don’t think borrowing cash from a loan app is the right move for you, consider the following alternatives:
- Personal loan
- 0% APR credit card
- Loan from family or friends
Personal loan
A personal loan from a bank, credit union, or online lender may be a better option if you need to borrow a large amount and spread payments over a longer timeframe. Loan amounts vary by lender but generally range from as low as $1,000 to as high as $100,000 or more.
0% APR credit card
If you have a good credit score, you might qualify for a card with a 0% APR offer that allows you to avoid interest during a specific period. But remember that once the promotion ends, the card’s standard rate will kick in, and you’ll have to pay interest on any remaining balance.
Family and friends loan
Though asking a family member or friend to borrow money can be difficult, they may be willing to give you more favorable terms than a traditional lender or loan app. If you find someone willing to lend you money, repay it as promised to avoid causing a possible rift in your relationship.
Ask the expert
Eric Kirste
CFP®
The borrowing apps may be easy, but they are an expensive source of very short term funding. It would be more cost effective to work with a bank or if you’re borrowing a smaller amount, looking into a 0% credit card option. Any option should be reviewed with alternatives based on cost and the length of time you need the funds for.
FAQ
Are instant money apps like payday loans?
Instant money apps are technically not payday loans since the same laws do not regulate them. However, similar to payday loans, some apps charge high fees, which may translate into sky-high APRs.
Is a direct deposit required for cash advance apps?
Some cash advance apps like Bridget and MoneyLion require direct deposits, while others don’t.
How secure are these instant money-borrowing apps?
Reputable loan apps generally have security measures to protect your personal and banking information. For example, when you connect your bank account to MoneyLion, the transaction is handled by Plaid, a fintech company that uses encryption tools to secure digital transactions.
What happens if you can’t repay on time?
Cash advance apps may automatically withdraw money from your bank account when payment is due. Your bank may charge you an overdraft fee if you don’t have enough cash in your account to repay the loan amount.
Do these apps affect your credit score?
The answer depends on the loan app. Earnin doesn’t require a credit check and doesn’t report payments to the three major credit agencies: Equifax, Experian, and TransUnion. However, Dave reports payments: on-time payments can help build your score, while missed payments can hurt it.
1 Subject to your available earnings, Daily Max and Pay Period Max. EarnIn services may not be available in all states. Restrictions and/or third party fees may apply, for more information please visit http://EarnIn.com/TOS.
2EarnIn does not charge membership fees for use of its services and/or interest on Cash Outs. Restrictions and/or third party fees may apply. For more info visit http://EarnIn.com/TOS
3Fees and restrictions apply to use Lightning Speed. Lightning Speed may not be available at all times. Transfer may take up to thirty minutes, actual transfer speeds will depend on your bank. Some of our services require payment of the Lightning Speed fee upfront, see Cash Out User Agreement for details. Subject to your available earnings, Daily Max and Pay Period Max. EarnIn services may not be available in all states. Restrictions and/or third party fees may apply, for more information please visit http://EarnIn.com/TOS
