Even the best financial wizards need a bit of help every once in a while. If payday is still around the corner but you need a little cash now, these apps can help to deposit small amounts of additional...
Even the best financial wizards need a bit of help every once in a while. If payday is still around the corner but you need a little cash now, these apps can help to deposit small amounts of additional funds into your bank account quickly.
We’ve researched the best options, examining each service’s loan amounts, fees (even those tricky hidden fees), overall speed to get to your checking account and repayment terms.
If you’re looking for the best cash advance app options, we’ve got you covered.
5 Best Cash Advance Apps
|
Earnin |
Up to $500 |
Voluntary tips. Extra charge for instant transfer. |
1-3 days or instant (Lightning Speed). |
Auto debits from your bank on your next payday. |
SEE DETAILS |
|
MoneyLion |
Up to $250 |
Voluntary tips. Extra charge for instant transfer. |
12-48 hours or instant. |
Auto debits from your bank on your next payday. |
SEE DETAILS |
|
Dave |
Up to $250 |
$1/mo. Extra charge for instant transfer. |
1-3 days or within 8 hours (Express). |
Auto debits from your bank on your next payday. |
SEE DETAILS |
|
Brigit |
Up to $250 |
$10/mo. |
1-2 days. |
Auto debits from your bank on your next payday. |
SEE DETAILS |
|
Chime |
Up to $200 |
Voluntary tips |
Instant. |
Auto debits from your bank on your next payday. |
SEE DETAILS |
Why Use a Cash Advance App?
Cash advance apps allow short-term, low-amount loans — with many options not charging a single penny for their services. These apps are perfect when your direct deposit for payday hasn’t yet hit, but you need a cushion to prevent from hitting overdraft fees.
Cash advance apps provide you money at a much lower fee (and much less hassle) than a traditional personal loan. They typically also work with your pay period, to automatically debit the borrowed amount the next time your direct deposit hits. These apps also avoid some of the major pitfalls of payday loans and sometimes provide options for building credit via the major credit bureaus.
Earnin
The service doesn’t feature any mandatory fees, as Earnin operates completely on a tip-based model where you can throw in a few dollars to support the cash advances. Once requested, your money will get to your bank account in 1-3 days, or, you can use the Lightning Speed feature to get money instantly for a one-time fee.
When it’s time to repay, Earnin will automatically bill your checking account on payday.
MoneyLion
MoneyLion operates on a tip-based revenue model, so there aren’t any mandatory fees for its Instacash service — simply tip what you think is appropriate to help support your cash advances. Money is delivered to your checking account within 12 to 48 hours, or you can pay a one-time fee for an instant deposit.
Money is auto-debited on payday via an automatically scheduled payment.
Dave
While Dave also runs on a tip-based model, where you can tip what you feel your loan is worth to help support the company, a monthly membership is required but costs just $1. The standard cash-out option takes up to three business days to hit your bank account, or you can opt for the Express method for a small one-time fee.
Like other apps, Dave automatically pulls from your bank account on payday to pay back the cash advance, but the date can be changed if needed.
Brigit
You won’t need to feel guilty about skipping out on tipping for the service due to the monthly fee, so if you pull out cash often that might be something to consider. Money from Brigit is generally delivered the next day (unless you request it before 10 AM ET for same-day delivery), but there is no instant option.
Your cash advances will automatically be debited from your checking account on your next payday, but limited extensions can be requested every two advances you pay back within a timely manner.
Chime
When it comes to fees, the service is provided at no charge to Chime members, but you can submit a tip if desired. Money added to your Chime account via the SpotMe cash advance feature is instant and you won’t find yourself waiting for any money to transfer; the entire process is automatic.
On your next pay period, Chime will automatically repay the amount you owe.
Frequently Asked Questions (FAQs)
Earnin is our top pick due to its comparatively high cash advance amount of up to $500, tip-based revenue model without any mandatory fees, and multiple options for getting your money to you, including the Lightning Speed instant feature.
The majority of the cash advance apps on our list provide an option for obtaining your loan instantly, including Earnin, MoneyLion and Chime — although small one-time fees are required with the latter two choices. Dave also offers an express transfer option that can give you your money within 8 hours.
All of the apps in our cash advance app guide have the option to borrow at least $250; however, your permitted borrowing amount may differ in each app as the terms are set by the providers. If you need a certain amount of money, your best bet is to try out a few different apps to see which provides you with the best loan.
Due to the type of debit card that Cash app provides to its users, it may not work with all cash advance services. MoneyLion supports the Cash app debit card, even for instant transfers. Our top choice, Earnin, may have issues as it does not support prepaid accounts.
Cash app is allowing select users to borrow up to $200 via a cash advance.
You’ll need to follow these steps to see if the service is available to you. Open Cash app, then navigate to the Banking tab (first at the bottom of the screen), next scroll down and select the Lending option—if you do not see the Lending option, you do not have access to this feature. Lastly, request the amount of money you wish to borrow and select the lending terms.
Michael Archambault is a senior writer for The Penny Hoarder specializing in technology.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.