Best Cash Advance Apps: Top Picks for Quick Funds

Cash advance apps have become a handy tool for many who need a quick boost of cash between paychecks. These apps allow users to borrow money from their upcoming paycheck, giving them access to funds when unexpected expenses arise. 

Popular apps like EarnIn and Dave are among the choices available to help people manage financial shortfalls without traditional loans.

Different apps offer varying benefits. Chime is recommended for its users, while Brigit provides aid for those wanting not just small advances but also budgeting assistance. Empower quickly delivers small sums without fees, and MoneyLion offers larger advances efficiently. 

These apps give consumers more power over their finances, though it’s wise to weigh other financial options as well.

Key Takeaways

• Cash advance apps provide quick access to small funds.
• Options vary based on user needs and potential benefits.
• Consider other financial solutions before opting for these apps.

Overview of Cash Advance Apps

Cash advance apps have different strengths. Chime and Varo are ideal for their current users. Brigit offers small loans and budgeting help. Empower provides quick access to funds. EarnIn and MoneyLion allow larger advances.

Chime: Ideal for Current Chime Users

Quick Look at Chime MyPay

Advance Limit: Users can access up to $500, but it won’t exceed half of their upcoming paycheck.
Fee for Fast Funding: A small fee of $2 makes sure the money reaches quickly.
Repayment: When the next paycheck drops into the Chime account, the advance is automatically cleared.

Funding Time:

• If you skip the quick funding fee, it might take a day.
• Pay the fee, and the cash is there at once.

Benefits

• The most a customer can borrow is either $500 or 50% of their paycheck, whichever is smaller.
• In just one day, the cash can be in their hands.
• The instant cash option comes with a tiny fee.

Drawbacks

• Customers must use a Chime account to opt-in.
• There aren’t any extensions for payback dates.

People need to be Chime checking account holders to use Chime MyPay. Plus, they should have at least two deposits of $200 or more in their Chime account. Vital details such as your Social Security number, valid email, and home address are required. You need to be 18+, a U.S. citizen, and this helps you qualify.

Brigit: Great for Smaller Cash Loads and Budgeting Support

Quick Info on Brigit’s Fast Cash

Brigit provides quick cash loans ranging from $50 to $250. Users pay a monthly fee of either $8.99 or $14.99 to join. If they want the money quicker, they can pay an extra $0.99 to $3.99.

Repayment is drawn from the user’s bank on the expected next payday.

Transfer Speed: Getting the funds can take up to three days without the speed fee. With it, users might see their cash in just 20 minutes.

Advantages of using Brigit include features for managing a budget and improving credit scores. The app also aims to avoid causing overdraft fees.

Drawbacks involve the monthly fee. The cash sizes are also smaller compared to some other services.

To get a loan from Brigit, users need to subscribe. They also need a bank account that shows at least 60 days of activity and has a positive balance. Plus, this account should have received three regular paychecks from the same source. This helps confirm users’ financial stability for loan approval.

Power Up: Ideal for Quick Cash

Quick Cash Power-Up Overview

Empower offers a way to get quick cash without complex fees. For beginners, advances range from $10 to $300, while returning users could get up to $350. 

The app keeps costs low by not allowing a tip and a fast funding fee on the same advance. 

Monthly subscription fees are $8, which you can skip if you opt out. You can also choose to pay a speed-up fee ranging from $1 to $10.50 for faster cash.

Empower covers you if you get an overdraft fee because of the app. This is rare in the world of cash advance services. 

There is a tip option of up to 20% per advance, but it cannot exceed your eligible amount for the year. 

Your repayment is automatically withdrawn on the date you agreed to.

Funding Speed:

• Without express fee: 1 day.
• With express fee: Under an hour.

Good Stuff

• Users get a refund if the app leads to an overdraft fee.
• You can’t be charged for both a tip and fast service.
• Great for gig workers and freelancers.
• Advances delivered promptly, often within a day.
• Includes tools for budgeting and building credit.

Not So Good Stuff

• Advances are smaller than those offered by some apps.
• Withdrawal of repayment can occur without a notification.

To qualify for this fast cash solution, users need to be at least 18 years old and have a bank account active for over 30 days. 

Empower seems to be aimed at those who need real solutions fast, offering a tailored service for quick cash while ensuring users stay on top of their budgeting and credit building.

EarnIn: Great for Bigger Advances

Quick Look at EarnIn Funds

Advance Limits: Borrow up to $100 each day and a maximum of $750 per pay cycle.

Cost Details:

• 
  Speedy Funding Fee: Optional, ranging from $2.99 to $5.99.
  
• 
  Gratuity: Tip up to $13 for each advance.
  

Repayment: Automatically deducted from your bank account with your next paycheck.

Funding Speed:

• 
  Without Express Fee: 1 to 3 days.
  
• 
  With Express Fee: Funds are available in minutes.
  

Benefits:

• Hefty advance amounts.

Drawbacks:

• Needs access to your bank account.
• Overdraft fees may happen if your account lacks enough funds on the repayment day.

Qualification Requirements:

• Two direct deposits made into the bank account.
• Employment with payments from an employer’s payroll system.
• Proof of work hours through a timesheet, GPS tracking, or work email verification.
• Must be at least 18 and residing in the U.S.

Varo: Ideal for Varo Users

Quick Look at Varo’s Cash Advance

Varo offers cash advances ranging from $20 to $500. A flat fee applies to these advances, which can vary between $1.60 and $40. 

Borrowers can easily see the cost upfront, making it straightforward to understand. 

The repayment period spans from 15 to 30 days after borrowing, and borrowers need to pick a date from a list of available options.

Funds are provided instantly upon approval. This instant funding is common for banks, but it’s worth noting that Varo requires borrowers to have a Varo checking account.

Eligible borrowers need direct deposits of at least $800 within the current or previous month. 

Accounts must be in good standing, meaning they’re not negative, closed, or suspended. If someone has a Varo secured credit card, there should be no missed payments.

Pros:

• Offers tools for saving and building credit.

Cons:

• Fees are unavoidable and can be high.
• Only available to Varo account holders.
• No flexibility in changing repayment dates.
• Risk of overdrawing Varo accounts during repayment.

Anyone considering a Varo cash advance should check the requirements to see if they qualify.

MoneyLion: Top Choice for Big Cash Advances to MoneyLion Users

MoneyLion Instacash Overview

MoneyLion’s Instacash services stand out for users who have an account with them. Members can enjoy cash advances of up to $1,000, depending on the accounts they utilize. 

This could be especially helpful for those who use different MoneyLion features. 

One unique aspect of Instacash is its option to delay a scheduled repayment by up to two weeks, which is not commonly seen in cash advance apps.

Advance Details

• Amount: Members can receive up to $500, or up to $1,000 if they use other MoneyLion features. The funds are given in increments of $100.

Fees

• Membership Fee: An optional monthly charge of either $9.99 or $19.99.
• Fast-Funding Fee: Also optional, ranging from $0.49 to $8.99 per cash advance.
• Voluntary Tip: No set maximum amount.

Repayment

Repayment is typically scheduled for the next payday, as determined by MoneyLion.

Fund Timing

• Standard Funding: 1 to 2 business days for those with a MoneyLion checking account, while others may wait 2 to 5 business days.
• Express Funding: Available in just minutes with a fast-funding fee.

Advantages and Drawbacks

Pros

• The service attempts to help users avoid overdraft fees.
• Users can extend their repayment dates.

Cons

• Cash advances might take a few days to reach your account.
• The maximum amount disbursed at one time is $100.

Requirements for Instacash Advance

To qualify for a MoneyLion Instacash advance, you must own a bank account that is linked and in good standing with MoneyLion. 

The account should have been active for at least two months and must show a pattern of regular direct deposits.

Other Cash Advance Apps You Might Try

Dave

Dave gives users a way to get some cash to tide them over until their next paycheck or to prevent overdrawing their bank account. Using Dave can be a bit costly due to high fees for quick funding. The borrowing steps can feel a bit complicated. 

If it’s quick cash you need through Dave, keep in mind these details:

• Monthly Subscription Fee: $1
• Optional Quick Funding Fee: Between $3 and $25
• Optional Tip: Up to 25% of borrowed amount

Repayment is automatically scheduled for your estimated payday or the first Friday after receiving the advance. Quick withdrawals are available with an express fee. Without this fee, the wait might be longer.

Klover

Klover provides a chance for advances based on your bank details and a points system. One can get up to $100 through bank account qualifications and another $100 via gathering points. Points are earned by completing tasks like uploading receipts, answering surveys, and watching videos. 

Although Klover offers small cash advances, the additional steps may not make it the fastest solution.

• Optional Quick Funding Fee: From $1.49 to $20.78
• Optional Tip: Up to 20% of borrowed funds

Repayment comes directly from your bank account on your payday, as decided by Klover, or seven days following the loan. Funding without express options takes some time, while express fees can speed things up.

SoLo Funds

SoLo Funds is a unique option, offering peer-to-peer cash advances. Users post loan requests in its marketplace, and other users act as lenders. Approval chances range between 55% to 60%. 

Be cautious, as SoLo Funds has faced regulatory challenges in recent years. Key points include:

• Optional Tip: Up to 15% of borrowed funds
• Optional Donation: Up to 9%
• Instant Withdrawal Fee: 1.75%
• Late Fee: 10% (additional ones possible)

Borrowers select a repayment date and handle repayment manually. Once a loan request is accepted by a lender, cash becomes available in just a few minutes. If a request remains unfunded after three days, it is removed from the marketplace.

Important Details About Cash Advance Apps

Cash advance apps differ from borrowing options like credit cards or personal loans. These apps do not explicitly state costs as an interest rate. Instead, fees can include subscriptions, quick funding charges, and even tips.

Unlike traditional methods where costs are shown as an APR, cash advance apps argue that APR is not a fair way to show what they charge. 

Usually, they offer a breakdown of potential costs for example loans to provide perspective. 

Exploring options thoroughly can aid in making informed choices when comparing cash advance apps.

Advantages and Disadvantages of Loan Apps

Benefits

Quick access to funds during emergencies. Loan applications sometimes transfer money immediately to your bank account. This convenience often comes with an added fee for the fast service.

Possibly more affordable than overdraft charges. If you’re deciding between getting a paycheck advance or facing an overdraft fee, the advance could be less costly. 

Many app fees are below $10 without optional tips, and bank overdraft charges can reach up to $35.

No credit check required. Unlike traditional methods, most loan apps don’t look into your credit history. 

This means you can get an advance even with a low score. Plus, these apps usually don’t report your repayment habits to credit agencies or work with collection services, so there are no credit repercussions if you delay repayment.

Drawbacks

Risk of causing overdraft fees. These apps need access to your bank account to retrieve money when it’s due. While some try to avoid causing an overdraft, they can’t assure it. However, a few like Empower will reimburse any overdraft fees they cause if requested.

Costs can accumulate. Although cash advances are typically cheaper than payday loans, expenses from subscriptions, speedy funding fees, and optional tips can build up over time.

May encourage repeated borrowing. Since they make it easy to tap into your future paycheck, some apps might lead users into habitual borrowing if they’re used to manage routine expenses. This could create a cycle of dependency.

Are Cash Advance Apps Like Payday Lenders?

Some folks debate if cash advance apps feel like payday lenders. They’re not exactly the same, though. Payday rules don’t apply to cash apps, but both give out small loans the user needs to pay back with their next paycheck.

Example of APR in Cash Advance Apps

Borrowing $100 with a cash app a week before payday can come with extra costs. An express fee might be $5, a monthly subscription might add $1, and tipping $1 brings total costs to $7. This makes the APR for the loan 365%.

Are apps like DailyPay and Payactiv cash advance apps?

DailyPay and Payactiv offer something called earned wage access. These services team up with employers so people can access parts of their paychecks before the actual payday. 

It’s different from cash advance apps, which don’t involve employers. Instead, cash advance apps provide users with a short-term loan until they receive their paycheck.

Earned wage access programs might have fees, but they usually aren’t as high as cash advance app fees. Sometimes, an employer might even cover these costs. 

It can take a few days to get the money from earned wage access apps, which is about the same as using a cash advance app.

Although getting early access to wages might be useful, some people tend to get into the habit of doing this often. This habit might make managing their budget a bit challenging in the long run.

Different Options Instead of Cash Advance Apps

There are many ways to get cash that might be cheaper than using a cash advance app. These options can help with money or credit and can fit different needs and situations.

Small Personal Loans

Some online lenders offer small loans starting at $1,000. The annual percentage rates on these loans are usually under 36%. 

Financial experts often suggest this rate as the maximum you should consider for a loan. This makes them an option for people who have lower credit scores.

Credit Union Loans

If someone belongs to a credit union, they might have a chance to get a personal loan with interest rates of 18% or less. Some credit unions even offer loans as low as $500. 

Being a member can increase the chances of approval, and these unions might offer special payday loans with low rates, which can be paid back over several months.

Buy Now, Pay Later Apps

Services like Affirm and Afterpay let you pay for things in smaller parts. If you want to buy something big, like a laptop, these apps let you spread the cost. 

Usually, the cost is broken into four payments where you pay 25% at first and then pay the rest in three biweekly installments.

Extra Income Sources

Instead of borrowing, people might choose to earn extra money. Options include becoming a rideshare driver, taking online surveys, or babysitting. 

Picking up a short-term gig can help manage unexpected expenses, or it might even become a regular way to earn extra cash.

Loans from Friends or Family

Borrowing from someone you know can be a good solution. Approaching a friend or a family member can provide the needed funds without the hassle or paperwork that usually comes with loans. 

Creating a simple contract with terms of repayment and any agreed interest can make the process clear for both parties.

How We Rate Cash Advance Apps

Cash advance apps are reviewed using a detailed method. Over 24 different aspects are considered for each company. Information is checked with company representatives. 

The app is then compared with others in the market offering similar services. This process involves thorough fact-checking by writers and editors. Updates are made whenever needed during the year.

The highest rating cash advance apps can achieve is four stars. Points are given to apps with user-friendly features. 

This includes limits on optional tipping, protection against overdraft fees, low borrowing costs, and evaluating a user’s financial health before giving an advance. 

Points are also given for additional features valued by users, like fast funding without extra charges, the option to borrow less than approved, and good customer reviews.

Key Features Rated:

• Caps on Voluntary Tips: Apps gain points if they allow caps on tips, which can help keep borrowing costs low.
• Overdraft Fee Protection: Apps gain points for safeguarding against overdraft fees.
• Low Borrowing Costs: Apps gain points for low fees and interest on advances.
• Financial Assessment: Apps gain points for considering the user’s finances before issuing advances.

Moreover, apps that encourage better financial habits by providing tools for budgeting and saving receive extra points. These features can help users avoid repeat borrowing. 

Importance is given to each factor based on its influence on customer experience.

Apps with Fast Funding:

• Empower: Offers cash advances within an hour for a fee between $1 and $8.
• EarnIn: Provides instant advances for charges from $2.99 to $5.99.
• Dave: Offers an advance within an hour with a fee ranging from $3 to $25.

Apps for Borrowing $100:

• EarnIn
• Dave
• Brigit
• Empower
• MoneyLion
• SoLo Funds
• Klover

These apps may offer more than $100 but typically require a track record of repayments before increasing limits. 

Building a good repayment history can increase borrowing limits, sometimes making it possible to receive up to $200 over time.