Sometimes you need a little cash fast to pay for an unexpected expense, or to tide you over until your next paycheck comes in. These apps are a great way to get some cash without paying interest or monthly fees.
Apps like Earnin, Dave and Brigit let you borrow a small amount of money before you receive your next paycheck. However, it’s important to read the terms and conditions before borrowing from an app.
1. Dave
Dave is one of the many apps that help people get small cash advances ahead of their paychecks. This allows them to avoid overdraft fees on their bank accounts, while also giving them a chance to save money or make some extra cash.
In a time when many people struggle to manage their finances, Dave can offer a quick way to access funds. The app will automatically analyze your checking account and alert you when it thinks you’ll be short on money.
Unlike some cash advance apps, Dave doesn’t charge interest or fees on its loans. Its members can also give tips to the company, which the founders say helps support the business.
However, some consumer advocates say the tips and what are called express fees inflated by Dave are disguised interest charges that should be disclosed under the half-century-old Truth in Lending Act. And while the company claims that its tips are a flat, optional fee and its express fees are a non-interest charge, they still add up to a lot of money for users over time.
It’s best to use Dave only in emergencies, and for small amounts that you can afford to pay back in full by your next paycheck. Otherwise, the cash advance app could become a debt trap, encouraging bad spending habits and putting you at risk for overdraft fees on your bank account.
If you have a high credit score and a stable job, Dave may be a good option for you. But if you have a low credit score or are unemployed, you’ll want to consider another financial app that doesn’t require a credit check.
In addition to offering advances on your paycheck, many fast cash loan apps can also help you budget and build your credit. You can use the budgeting tools to track your spending and income, so you don’t overspend or miss important bills.
You can even find side jobs on the app to make extra cash. With Dave’s “Side Hustle” feature, you can find and apply for work-from-home options like rideshare drivers or food delivery drivers.
2. Earnin
Fast Cash Loan Apps help you access a portion of your paycheck before payday, without the hassle of a high-interest payday loan. These apps also offer features to help you stay on top of your financial health, including low balance alerts and the chance to win free cash when you put money into savings.
One of the most popular alternatives to payday loans is Earnin, which lets users borrow up to $1,000 in advance each pay period. Unlike payday loans, Earnin doesn’t charge fees and doesn’t require a credit check.
To use Earnin, you need a smartphone with a working internet connection and a bank account. Once you download the app and provide your employer’s name, address, phone number, next pay period’s date, and hours worked, the company will verify your information. The process can take 48 to 72 hours.
Once your info is verified, you can link a bank account to Earnin and start receiving your earnings each pay period. Earnin also offers a Balance Shield feature that will send you an earnings alert when your bank account balance drops below $100.
However, a recent study found that many users were confused about this feature. They mistakenly thought it would link up with their pesoagad loan app employer’s payroll system and automatically send them an earnings alert. It’s unclear whether the Balance Shield actually works, and it doesn’t appear to have any effect on your ability to earn if you don’t tip Earnin.
It also doesn’t seem to work if you don’t have a working GPS on your mobile device, which is required by the company for location tracking. That could frighten some people who are worried about revealing their real locations.
There are also some concerns about the app’s terms of service. Some users say they are charged for the amount of the cash advance, plus tips (which Earnin calls a «tip,» but are actually a service fee).
Aside from the potential for these charges to add up quickly, they might make the app less affordable than other forms of personal loans. That’s a big drawback, especially for people who need more than the loan limits set by Earnin.
3. PaydaySay
PaydaySay is an online platform where borrowers can connect with creditors that provide them with short-term loans. Its goal is to make the process of getting loans easy and fast.
They have a network of direct lenders and partners to help borrowers find the best loan deal for their individual needs. The company offers a variety of loans, from short-term payday loans to longer-term debt solutions.
The application process is quick and simple, and it only requires a few basic details. They also offer 24-hour customer support to answer your questions and address your concerns.
These apps are a great way to avoid high overdraft fees and protect your credit score. However, some are scams, so it’s important to shop around before agreeing to a cash advance app.
A few of these apps are free to use, but some have monthly membership fees and interest rates. They can also encourage users to spend money that they don’t have and become stuck in a cycle of overdrafts and cash advances.
In the past, payday loans were a common solution for people facing unexpected expenses. But the Consumer Financial Protection Bureau (CFPB) says that many lenders misrepresent their no-cost payment extensions and charge high fees for debt relief.
This is why a lot of people are turning to cash advance apps. They’re a cheaper alternative to payday loans and come with helpful budgeting tools. Some even automatically cover overdrafts, making them a good option for those who regularly overdraw their bank accounts.
Another benefit of these apps is that they don’t require a credit check. Some of them have instant loan transfers, which means you can get money within a few hours after registering for an account.
The app doesn’t charge a monthly fee, but the lender you’re matched with might, so be sure to ask. It’s also a good idea to read the terms of any loan agreement.
These apps are designed to help you find the money you need when you need it, not when the lender wants it. They offer a wide variety of loans, from short-term payday and installment loans to long-term personal loans. Some have low interest rates, while others offer high-interest rates.
4. Empower
Empower is a money management app that offers budgeting, spending tracking and automatic savings features. It also allows you to link your bank account and get access to cash advances on your paycheck.
The company says its mission is to improve the financial and credit health of everyday Americans and alleviate stress caused by the paycheck-to-paycheck cycle. It offers a free trial and then $8 per month to use all of its money management features.
If you’re looking for an app to help you budget, save and track your finances, Empower is one of the better options out there. It provides helpful notifications for bill increases, credit card usage, and bank fees. Its artificial intelligence can also recommend ways to improve your finances.
It’s also one of the few apps that allows you to link your checking account, which gives it access to your income and balances. It has a monthly subscription fee of $8 but also offers a free cash advance up to $250, which can help you with emergencies or to build credit.
You can use the app on iOS and Android devices. It has a good reputation in both the Google Play and Apple App Stores, with over 50,000 reviews on each.
The app tracks your spending and lets you set goals and targets for how much you want to save each week or pay period. It has a feature called AutoSave that automatically transfers extra funds to your savings account as they become available.
Another great benefit of the app is its ability to help you get paid up to two days earlier. This can help you avoid overdraft fees and ensure you have access to your paycheck before payday.
While cash advances from apps like Empower can be useful if you need to cover an emergency expense, repeated borrowing isn’t a sustainable habit. Many financial advisors recommend saving up for emergencies before resorting to these types of loans.
