8 Best Cash Advance Apps That Cover You Until Payday

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From time to time, you may get stuck in a situation where you urgently need money. If you don’t have a friend who can lend you extra money, you can turn to an institution for help. However, processing times from conventional lenders can often take weeks.

Payday loans have been around for a long time, but lenders can charge huge fees. In fact, payday interest rates can exceed 600%.

8 Best Cash Advance Apps

Luckily, some apps allow you to borrow money, making it easier for you to get urgent money in just a few minutes. Not only is the processing fast, but it also takes less than five minutes to start applying for a loan. Plus, the fees are much better than traditional payday loans.

Here are the 8 best apps for cash advances.

  • David – Best for highest cash advance

  • Empower — Ideal for quick cash advances

  • To win — Ideal for income-based borrowing

  • PayActiv — Ideal for short-term loans

  • Brigitte — Ideal for same-day loans

  • SilverLion – Ideal for multiple options

  • Vola — Ideal for same-day cash advances up to $300

  • albert — Ideal for no late fees

1. Dave: Best for highest cash advance

Dave offers the largest cash advance in the industry – up to $500 through his new ExtraCash feature. All new members also receive a Dave Spending account, which will allow them to receive funds instantly for a low fee.

  • Rising: Up to $500

  • Delay of treatment : One to three days or instantly if you choose to pay express.

  • Repayment: By default, this is the day of your next paycheck, but you can change the date.

  • Costs: Dave charges a $1 subscription fee which is paid monthly. Users can also leave an optional tip. If you opt for instant money, you’ll pay an express fee of 99 cents to $6.99 for Dave’s spending account and $2.99 ​​to $11.99 for external transfers.

Advantages

The inconvenients

Dave offers the largest cash advance in the industry.

Express fees apply to receive money instantly.

2. Empower: Ideal for quick cash advances

Empower offers you cash advances of up to $250. Plus, you can use the Empower Card to get up to 10% cash back on purchases at specific merchants. The card also offers free transactions at 37,000 ATMs across the country. Even better, Empower cardholders receive their paychecks up to two days earlier.

Advantages

The inconvenients

Interest-free loan up to $250.

$8 subscription fee after 14-day free trial.

3. Earnin: Best for income-based borrowing

Earnin is a payday advance app that has a unique loan system. Its app tracks how many hours you have worked and lets you access your money based on your income. Additionally, the app has a notification feature that alerts you if your bank balance is low.

  • Rising: $100 to $500

  • Delay of treatment : Typically, the processing time is 1-2 business days, but you can get your money instantly if you opt for Earnin’s Lightning Speed.

  • Repayment: On your next repair

  • Costs: Earnin uses a voluntary tipping model up to $14. If you want to take advantage of the overdraft protection feature, you must set a recurring tip. However, if no overdraft protection is required, the tip can be set to $0.

Advantages

The inconvenients

The more you use the app, the more Earnin will allow you to borrow.

Charges may apply to use Earnin’s Lightning Speed ​​feature.

4. PayActiv: best for short-term loans

PayActiv is more than just an app that lets you borrow money. In fact, it also allows users to pay their bills and get discounts on select department store purchases and prescription drugs. Check stores associated with PayActiv and redeem your discounts directly in the app. For example, you can get 10 cents off per gallon with Murphy USA.

The app lets you see what you’ve won and lets you access it when you need it. Plus, you can pay your bills directly through the app.

Additionally, the app lets you book Uber rides using your earned salary.

  • Rising: A fixed percentage of what you earn

  • Delay of treatment : Transfers to the PayActiv card are instant and transfers to other debit cards take 48 hours. Card transfers can be made instantly for a fee of $1.99.

  • Repayment: Not required since you are paid for what you have already earned.

  • Costs: PayActiv is free if you deposit your paycheck directly to your PayActiv card. If you don’t, there’s a $1 per day fee for each day you use Cash Access, Card Load, and Bill Pay. If you choose cash pickup at a Walmart store or use instant deposit on another card, you will pay a $1.99 processing fee.

Advantages

The inconvenients

You can pay bills and get discounts on things like gasoline and prescription drugs with the PayActiv app.

Without a PayActiv card, charges apply.

5. Brigit: best for same day loans

Brigit lets you borrow $250 the same day you apply, as long as your application is submitted by 10 a.m. EST.

However, you must use the company’s monthly plan to access this feature.

  • Rising: Up to $250

  • Delay of treatment : You get your loan the same day if you apply before 10 a.m. EST. Otherwise, the money is deposited into your account the next business day. Instant cash may be available if you have a debit card connected.

  • Repayment: The app sets the repayment date according to your income schedule. You can also reschedule it once if you have repaid two advances on time.

  • Costs: The paid Plus plan costs $9.99 per month.

Advantages

The inconvenients

No late fees or penalties if you can’t pay on time.

$9.99 fee to access cash advances.

The app allows you to defer payment.

Early cut-off time to request and receive money the same day, unless you have a debit card connected.

6. MoneyLion: best for multiple options

Besides offering you a loan, MoneyLion has many other features, such as financial tracking and investment accounts.

  • Rising: $50 to $250. You can access larger loan amounts if you have a RoarMoney account or become a Credit Builder Plus member.

  • Delay of treatment : If you have a RoarMoney account, you will get your loan in 24-48 hours, and if you choose to have the money deposited in an external account, it will take 3-5 days. You can also choose to have your money within minutes to hours by paying turbo fees.

  • Repayment: During your next repair.

  • Costs: You can pay an optional tip. Additionally, there is a $3.99 fee for instant delivery if you are an account holder and $4.99 otherwise.

Advantages

The inconvenients

Access to amounts over $250 is possible.

It can take three to eight weeks to become eligible for the maximum amount of Instacash.

Various account features.

A fee is charged to get money the same day.

7. Vola: Best for same-day cash advances up to $300

When looking to borrow money with a loan app, Vola stands out because it offers same-day cash advances up to $300 with no credit check. It also supports more than 6,000 credit unions and banks.

  • Rising: Up to $300

  • Delay of treatment : Within five hours

  • Repayment: Manually or automatically on the due date

  • Costs: Subscription fees from $2.99 ​​to $28.99

Advantages

The inconvenients

Up to $300 advanced in the same day.

Subscription fees apply.

Five-day cooling-off period between reimbursement and request for another advance.

8. Albert: Best No Late Fee

Albert has designed its products to take the complexity out of your financial life. It offers instant cash advances, automatic repayment, and there are never late fees.

  • Rising: Up to $250

  • Delay of treatment : Instantly, which may incur a fee, or within two to three days for free

  • Repayment: Automatic reimbursement on your next pay date

  • Costs: No fees to advance money instantly if you advance it to Albert Cash; instant advances to an external account will pay a small fee.

Advantages

The inconvenients

Albert never charges late fees and there are no fees if you repay after the due date.

A 30-day free trial of Albert Genius is required when signing up for Albert Instant, which you can cancel.

Carry

Each cash advance application has its pros and cons, so it’s important to do your research and choose the one that’s right for you. Be sure to read the terms and conditions and don’t borrow more than you can afford.

FAQs

Choosing the right app for a cash advance is important. To help you decide, here are answers to some frequently asked questions.

  • What’s the easiest app to get a cash advance?

    • Vola lets you borrow up to $300 without a credit check. However, each application has different qualifications for borrowing money, so it’s important to do your research and choose the one that best suits your situation.

  • How can I borrow $200 on Cash App?

    • On the Cash app, go to the “Bank” header and select “Borrow”. Although Cash App Borrow is not yet available to everyone, it allows you to borrow up to $200 as long as you meet their requirements.

    • If the “Borrow” option does not appear, it is not yet available to you.

  • Which app gives you $100?

  • Which app gives the most cash advance?

    • Dave is offering up to $500 with the ExtraCash feature.

    • Earnin also offers up to $500, but the amount is based on hours worked.

Cynthia Measom contributed reporting for this article.

Rates and fees are correct as of June 28, 2022 and are subject to change.

This article originally appeared on GOBankingRates.com: 8 Best Cash Advance Apps That Cover You Until Payday


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