You could occasionally find yourself in a bind when you desperately need money. You can seek assistance from a facility if you don’t have any friends nearby who could offer you some more money. However, the processing times for conventional lenders are frequently weeks long. Although payday loans have been available for a while, lenders have the power to impose astronomical costs. Payday loan interest rates might exceed 600%.
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Fortunately, several apps allow you to borrow money, making it simpler for you to receive quick cash. Not only is the application procedure simple, but it also just takes a little under five minutes to get started. The fees are also significantly lower than those of conventional payday loans.
Every cash advance app has advantages and disadvantages, so it’s crucial to conduct your homework and choose the one that suits you the most. Make sure to study the terms and conditions before borrowing, and never take on more debt than you can afford.
|Best cash advance AppsDave: Best for highest cash advanceBrigit: Best for same-day loansEmpower: Best for quick cash advanceMoneylion: Best for multiple optionsEarnin: Best for earning-based borrowingVola: The best option for same-day loans up to $300Payactiv: Best for short-term loansAlbert: Best for no late fees|
- Dave: By way of its brand provides the largest cash advance in the sector, up to $500. Additionally, every new member is given a dave spending account, which allows them to get the funds promptly in exchange for a nominal fee.
Maximum amount: $500
Processing time is between one and three days, or if you choose to pay an express
Repayment: you can alter the default date, which is the day your next paycheck is due
- Empower: You can receive up to $250 in cash advances from Empower. Additionally, using the Empower card will allow you to receive up to 10% cash back on purchases made at particular shops. Furthermore, 37,000 ATMs around the nation accept the card for free transactions. Even better, people who have Empower cards can receive their wages up to two days early.
Maximum amount: $250
Instant processing time
Return: With your subsequent paycheck
- Earnin: Earnin is a payday loan app with a distinctive financing structure. Its app keeps track of the hours you have put in and lets you retrieve your money by your earnings. Additionally, there is a notification option in the app that notifies you when your bank balance is low.
Between $100 and $500
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Processing time: Normally, it takes one to two business days to execute an order, but if you choose Earnin’s lighting speed, you will receive your money immediately
Repayment: on your following paycheck
- pay active: There are more features to pay active than just the ability to borrow money. In reality, it enables users to pay their bills, obtain rebates on specific purchases from department stores, and save money on prescription medications. Check out the pay active-affiliated retailers and use the app to redeem your discounts. For instance, murphy USA offers 10 cents discount for every gallon. Additionally, the software allows you to pay for uber journeys with your salary.
A predetermined percentage of your earnings.
Transfers to the payActive card are processed immediately, but transfers to other debit cards take 48 hours. For a cost of 1.99, quick card transfers are available.
Repayment: Not necessary because you are being compensated for previous earnings
Fees: PayActiv is cost-free if your paycheck is directly deposited onto your PayActiv card. If you don’t, there is a daily fee of $1 for using bill payment, card loading, and cash access. There is a .99 processing fee if you opt to use the instant deposit to another card or cash pick up at a Walmart location. The PayActiv app allows you to pay bills and receive savings on items like gas and prescription medications. Fees apply without a PayActiv card.
You may view your earnings on the app and retrieve them whenever you need to.
Additionally, you can instantly pay your invoices through the app.
- Brigit: if you apply to Brigit before 10 a.m. Eastern standard time, you can borrow $250 on the same day. To access this feature, though, you must subscribe to the company’s monthly subscription plan.
Maximum amount: $250
Processing time: if you apply before 10 a.m. EST, you receive your loan the same day. In any other case, your account will be credited the following business day. If you have access to instant cash.
Repayment: based on your income plan, the app determines the repayment date. If you have promptly repaid two advances, you may also schedule this once.
Fees: The plus premium plan has a monthly fee of $9.99.
- Moneyline: Moneylion provides you with a loan as well as several other tools including investment accounts and budget management
Amount: $50 to $250. If you sign up for credit builder plus or have a Roarmoney account, you can access greater loan amounts.
Fees: A tip is an optional payment. Additionally, if you have an account instant delivery costs $3.99, if not, it costs $4.99.
- Vola: Vola separates from other loan apps because it provides same-day cash advances of up to $300 without a credit check. Additionally, it aids more than 6,000 banks and credit unions.
Maximum amount: $300
Fees: $2.99 to $28.99 per year for a subscription.
- Albert: Albert created its solutions to simplify your financial life by removing complications. It provides auto repayment, fast cash advances, and no late fees.
Maximum amount: $250
Fees: no fees to advance cash instantly if you advance it to Albert cash, instant advances to an external account will pay a small fee.
In the end, you can borrow a small amount from cash advance apps like Earnin, Dave, and Brigit. If you need money right now, this quick fix might be useful but explore for more affordable choices first.