8 Cash Advance Apps to Help Manage Your Finances (2024)

What is a cash app loan?

A cash app loan is an alternative to a traditional personal loan.

When you take out a personal loan, you agree to make monthly payments until you pay back the full amount borrowed. The lender makes money by charging you interest. Although many people benefit from these loans, even the best personal loans aren’t right for every situation. For example, if you need a few hundred dollars to pay an unexpected bill, a cash advance can be a good option since most banks don’t work with such small amounts.

Cash advance apps offer access to small, short-term loans. Instead of repaying the money over several years, you usually have to pay back a cash advance with your next paycheck. If you want a cash advance, you have to fill out an application and provide some basic information about your financial situation. Cash advance apps typically require proof of income and proof of an active bank account.

If you’re approved for a cash advance, the lender will use direct deposit to add the funds to your bank account. In exchange, you give them permission to debit your checking account when you receive your next paycheck. This debit includes the original amount borrowed plus any fees.

Brigit: Best for financial management

Brigit’s free plan comes with several financial tools that give you the information you need to change your habits.

If you want to borrow money, you have to upgrade to the paid plan, which gives you access toup to $250at a time. The paid plan also includes overdraft protection, ensuring that you don’t fall into a deeper financial hole while you’re trying to cover an emergency. You have to repay the advance on your next payday.

• Loan amount:$50-$250
• Speed without paying a fee:1-3 business days
• Speed with fast-funding fee:20 minutes
• Fast-funding fee:$0.99-$3.99
• Subscription fee:$8.99-$14.99 per month
• Funding method:Direct deposit

Empower: Best for small loan amounts

Empower allows you to borrow as little as $10, making it a solidoption for small loans.

If all you need is a few dollars until you get paid again,using Empowercan help you avoid borrowing more than you can afford. The app also comes with helpful budgeting tools, such as an automatic savings feature that makes it easier to build up your emergency fund. This feature allows you to transfer small amounts of money to your checking account at predetermined intervals.

• Loan amount: $10-$300
• Subscription fee: $8
• Speed without paying a fee: 1 business day
• Speed with fast-funding fee: Typically within 15 minutes
• Fast-funding fee: $1-$8
• Funding method: Direct deposit

EarnIn: Best for large cash advances

The EarnIn app tracks your location or work hours to determine how much you can borrow.

If you need more than other apps offer, consider using EarnIn toborrow up to $750. You can also use the app to give yourself a bit of a cushion when your bank account drops below a certain threshold.

• Loan amount:Up to $100 per day and $750 per pay period
• Speed without paying a fee:1-3 business days
• Speed with fast-funding fee:Within minutes
• Fast-funding fee:$1.99-$4.99
• Additional fees:Up to $14 in optional tips
• Funding method:Direct deposit

Chime: Best for overdraft coverage

Chime is a bit different from the other apps on this list as it doesn’t offer true cash advances.

Instead, it lets you overdraft your Chime checking account by using theSpotMe feature. To use SpotMe, you must have at least $200 in qualifying deposits to your Chime account every month.

• Loan amount:$20-$200
• Speed without paying a fee:Instant
• Fast-funding fee:N/A
• Funding method:Direct deposit
• Additional fees:Optional tip

Dave: Best for flexible funding options

If you open an ExtraCash account, Dave allows you toborrow up to $500at a time.

This makes the app ideal for covering small emergencies, such as a broken radiator in your vehicle or a power bill that’s much higher than expected. The Side Hustle feature helps you find jobs that make it easier to improve your financial circ*mstances.

• Loan amount:Up to $500
• Subscription fee:$1
• Speed without paying a fee:2-3 business days
• Speed with fast-funding fee:5 minutes or less
• Fast-funding fee:$3-$25
• Funding method:Direct deposit
• Additional fees:Optional tip of up to 25% per advance

Klover: Best for saving money on fees

With Klover, you qualify for one advance of $100 based on your bank account eligibility.

If you participate in the app’spoints program, you may qualify for a second $100 advance. The program awards points for certain activities, such as watching videos, taking quizzes and uploading receipts.

• Loan amount:$5-$200
• Speed without paying a fee:3 business days
• Speed with fast-funding fee:Instant
• Fast-funding fee:$1.99-$16.78
• Additional fees:Optional tip of up to 20% of the advance amount

MoneyLion offers several types of bank accounts as well as loans designed to build your credit and tools to help you learn more about financial management. If you already have a MoneyLion account, you may be able to take out a cash advance of up to $500 with Instacash.

• Loan amount:Up to $500
• Speed without paying a fee:12-24 hours if you have a MoneyLion checking account; 1-5 business days if you don’t have a MoneyLion checking account
• Speed with fast-funding fee:Within minutes
• Fast-funding fee:$0.49-$8.00 per advance of $100
• Additional fees:Optional tip (no maximum)

SoLo Funds: Best for peer-to-peer lending

SoLo Funds connects you with individuals who are willing to give you a short-term loan.

This makes it quite different from other apps. Because it uses apeer-to-peer lending model, SoLo does have some of the longest funding times, but it may be worth the wait to get the money you need. If no one funds your request within three days, it’s removed from the platform.

• Loan amount:$20-$575
• Speed without paying a fee:Within minutes of approval
• Fast-funding fee:N/A
• Withdrawal fee:1.75% (optional)
• Donation:Up to 9% (optional)
• Tip:Up to 12% of advance amount (optional)

Pros and cons of using a cash advance app

Like other borrowing options, cash advances have multiple pros and cons.

Pros of cash advance apps

Getting a cash advance can help you avoid late fees, overdraft fees and other problems associated with financial shortfalls.

Several cash advance apps offer instant funding, giving you quick access to the funds you need without a lengthy application or approval process.

Cash advance apps are suitable for users with bad credit or limited credit histories. When you apply for a traditional loan, the bank does a credit check to determine if you’re likely to repay the loan as agreed. If this credit check shows that you have a low score, there’s a good chance that the lender will deny your application. When you apply for a cash advance through an app, the lender doesn’t do a credit check. This makes it easier to access funds while you work on improving your credit score.

Cons of cash advance apps

It’s easy to get trapped in a cycle of taking out a cash advance, repaying and then taking out another one. If you take out a cash advance from more than one company at a time, you may end up with no money in your bank account when you get your next paycheck. This is a cycle of debt that it’s difficult to escape from.

Cash advance apps offer no incentive to change your financial habits. If you know that you can always get another cash advance to cover your bills, you may not focus on setting up an emergency fund or paying off debt. Even if you have overdraft protection, you may end up paying unexpected overdraft fees if you make a mistake while trying to juggle multiple cash advances.

Some apps charge multiple fees, which may make it more expensive to borrow money. For example, you may have to pay a fee to access the premium version of an app. If you need money quickly, there may also be an express fee for instant approval. Keep an eye on these fees when using cash advance apps.

Alternatives to cash advance apps

If cash advance apps aren’t right for you or if you need more money than you can get with a cash advance, consider the following alternatives:

• Small personal loans:Although banks prefer to make large loans, it’s possible to get a small personal loan from a credit union or an online lending company. Your preferred lender may allow you to borrow as little as $500.
• Credit union loans:Credit unions are member-owned, so they tend to offer a larger variety of loan options than traditional banks. For example, many credit unions offer payday alternative loans (PALs), which have amaximum term of 12 monthsand a maximum loan amount of $2,000. PALs are a more flexible alternative to traditional payday loans that can help you avoidhigh interest rates.
• Family and friend loans:If you need a small amount of money, you don’t have to take out a cash advance or borrow money from a bank. You can ask a friend or a family member for a loan. If you pursue this option, document the loan terms in writing. This can help you avoid conflict later.
• Buy now, pay later apps:Buy now, pay later (BNPL) apps allow you to purchase necessities and pay for them over time instead of paying the whole amount at once. For example, if you need to replace a tire on your vehicle, you can use a BNPL app to split the cost into multiple installments. This makes it easier to buy the things you need even when you’re on a tight budget.
• Credit-builder loans:If you have a limited or no credit history, consider applying for a credit-builder loan. This type of loan makes it easier to prove that you’re a responsible borrower. Paying your loan as agreed can help you increase your credit score, making it easier to qualify for other credit products, such as credit cards.

FAQ: 8 Cash advance apps that cover you till payday

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