A majority of working Americans, including those who earn between $50,000 and $100,000 a year, live paycheck-to-paycheck, meaning that they are living from one paycheck to the next.
There are several options available to you right now if you need an additional couple hundred dollars before you get paid and are considering taking out a cash advance. Here are the 10 best cash advance apps that you should take a look at.
Have A Look At Best Cash Advance Apps
A large number of people are struggling to keep up with their bills and finding it nearly impossible to pay them all off, which puts them into debt. It is for this reason that many people consider short-term options like installment or payday loans to keep their finances afloat until their next paycheck arrives.
It is important to note, however, that as technology continues to progress and many financial services become more digital, these high-interest, short-term loans are not the only way out of financial difficulties.
Best cash advance apps are instead used as a temporary, immediate financial solution to help those who are struggling to keep up with their bills and need a little extra help. This is a list of some of the instant cash advance app options that you can choose from if you’ve found yourself in a tight financial spot.
1) Chime
With overwhelmingly positive reviews on Google Play and Apple’s App Stores, Chime is one of the fastest-growing fintech companies in the world. According to the Better Business Bureau, the company is rated B with an unaccredited rating.
Pros
- A cash advance of up to $200 is available (interest-free)
- Direct deposit provides same-day access to funds
- Credit is no problem, even if you have bad credit
- An account that offers full-service features such as online bill payment and cash advances
- There are no hidden fees or overdraft charges.
- Notifies you when you get paid through banking alerts
- It is possible to set up automatic savings for a portion of each paycheck
- As you build your financial/credit history, it works in conjunction with other apps
- Customer service is available 24/7
Download: Android (Free), iOS (Free)
2) Even Instapay
With over a hundred features, Even is more than just a cash advance application that Walmart created in response to the COVID-19 pandemic. Additionally, it is a tool that helps users budget their finances and save money by providing an easy, simple way to do so. In terms of how the app works, it takes payroll information from a qualifying employer in order to provide a small cash advance to the employee.
With an A+ rating from the Better Business Bureau, they are even BBB-accredited. However, there are no customer reviews on the site. On the Apple App Store, Even has 4.9/5 stars. It has 4.8/5 stars on Google Play.
Pros
- Money that’s been earned but not yet paid can be accessed immediately through the Even app’s Instapay feature
- A maximum of 50% of earned wages is available
- Advances are not subject to interest
- You can pick up your funds at any US Walmart or receive them directly by direct deposit within one business day.
- With a joint bank account, you may be able to get an advance
- Online applications make easy
- Set up a budget and track your spending with these free online financial tools
- Automatically set aside money for savings
Download: Android (Free), iOS (Free)
3) DailyPay
The DailyPay system allows employees to build an account based on the number of hours they work each day. This balance will then be available to them for the purpose of drawing on before payday.
Pros
- From Day 1, you will be able to access your pay and have it sent to any account instantly or the next business day.
- There are no late fees, overdraft fees, or payday loan interest and fees.
- Anytime you want, you can transfer money
- There are other financial tools and services available as well
Download: Android (Free), iOS (Free)
4) Brigit
A fast-growing company that offers cash advances to eligible people in the UK, Brigit was established in 2019 and has grown rapidly since then. Upon visiting Brigit’s BBB page, it is easy to see that it has a B rating with 1,57 out of 5 stars and 8 positive customer reviews. In spite of this, the app has 4.5/5 on Google Play with over 52,000 reviews. A total of 140,000+ reviews have been left for the app on the Apple App Store, which has a rating of 4.8/5.
Pros
- You can get up to $250 in cash advance (funds will be available within one business day)
- We do not check your credit or charge you interest
- There is the option to extend the due date on the first loan once without penalty (with up to 3 delayed payments if your borrowing history is good).
- The Brigit Plus plan offers optional automated advances (a $10 monthly fee).
- Brigit Plus offers flexible repayment options, instant deposits, credit monitoring, and identity theft protection.
- Financial resources (example: tips and ways to earn more money) for free
Download: Android (Free), iOS (Free)
5) Dave
Dave offers a highly reputable online checking account that provides cash advances to over a million members. With a B rating, it is accredited by the Better Business Bureau. There are only 1.27/5 stars out of 218 customer reviews on the Better Business Bureau website. It has been rated 4.8/5 on the Apple App Store with over 490,000 reviews, and it has a similar rating on Google Play with over 460,000 reviews.
Pros
- You can get a cash advance of up to $200 to avoid overdrawing your account
- Credit checks are not required
- Interest-free
- Using average expenses to automate budgeting
- LevelCredit subscription is free (optional) and reports payments and financial activity to the credit bureaus to help build credit.
- There is no minimum balance requirement.
- Monthly donations made to charity by a charity-focused company
- Typically, users save around $500 per year in fees
- Tools and resources for budgeting for free
Download: Android (Free), iOS (Free)
6) Earnin
Known to be a leader of high repute with a good reputation and a majority of positive reviews, Earnin has been providing loans for the past seven years. Approximately 1.3 million people use the app on a daily basis. According to the Better Business Bureau, Earnin has an A rating with an overall score of 4.06/5 stars.
Pros
- Cash advances are limited to $100 per day or $500 per pay period
- No credit score required
- Interest-free cash advance
- No hidden fees
- Customer-first approach
- Can get up to 10% cashback by linking a valid credit card (at participating locations)
- Operated through FDIC-insured institution
- Alerts for low account balance with the option for an automatic $100 cash advance to avoid overdraft fees
Download: Android (Free), iOS (Free)
7) MoneyLion
MoneyLion is an online banking service that offers a variety of services such as savings accounts and investment accounts as well as cash advances. The company has a B- rating on its BBB page, and it is not accredited by the Better Business Bureau. As per BBB, the company has a rating of 4.69/5 stars, based on the reviews of more than 2,400 customers.
Pros
- It’s more than just a cash advance app; it’s a savings account, an ETF investment account, and a RoarMoney account as well.
- Instacash provides instant access to funds with a $250 borrowing limit
- No credit check
- No interest
- 24/7 Instacash feature for cash advances
- Access to paycheck up to 24 hours early via RoarMoney account
- No minimum account balance
- Option to build investment portfolio based on individual risk tolerance
- Cashback rewards through the RoarMoney account
- Optional Credit Builder Plus accounts for those who need a loan up to $1,000 and want to build credit.
Download: Android (Free), iOS (Free)
8) Empower
There is much more to Empower than just a cash advance app. This is a fintech company that is growing rapidly and is offering automatic savings tools as well as budgeting tools. The company also offers access to an extensive network of ATMs. Its website promises that “The Empower Card is the only card you’ll ever need.”
Pros
- You can get a cash advance of up to $250 without paying interest
- Collect your wages up to two days faster (this is separate from the cash advance feature)
- Empower Perks to let you earn up to 10% cash back on places where you already spend money and items you already buy
- Get unlimited access to more than 37,000 MoneyPass ATMs across the United States
- You’ll pay no overdraft fees or insufficient funds fees, and there are no account minimums
- The automatic Savings feature keeps track of your income and expenses, then — using that information — will transfer money into your AutoSave account.
Download: Android (Free), iOS (Free)
9) Possible
In simple terms, Possible is an app that offers consumers short-term installment loans that they can pay back over time. According to the Better Business Bureau, the company is accredited and has a rating of A- and a rating of 4.53/5 stars, which is a good rating.
Pros
- Loan amounts are larger than average: They’ll advance up to $500 within minutes (minimum $50)
- No credit score required
- It may be used to rebuild credit
- Avoid overdraft fees
- Flexible repayment terms with optional delayed payment
Download: Android (Free), iOS (Free)
10) Varo
As one of the most recognizable online banks in the world, Varo is a full-service bank that offers users early access to their paychecks. As well as offering cash advances, it also offers a variety of other services. A+ rated and 3.92/5 stars out of 377 customer reviews, it is accredited by the Better Business Bureau, and it has an A+ rating. The BBB’s official page for Varo can be viewed.
Pros
- The maximum cash advance is $100 (minimum $20)
- Complete online banking service
- With direct deposit, you can access your paycheck as soon as your employer transfers the money over (up to 2 days earlier than anyone else)
- No interest or hidden fees
- No credit check is required.
- No minimum Varo bank account balance
- Direct deposit of tax refunds provides early access to refunds
Download: Android (Free), iOS (Free)
The bottom line
You may need to step back and look at the bigger picture if you find yourself heavily reliant on short-term personal finance options, such as Instant cash advance apps. It is generally not a risky idea to take out Money borrowing apps only once in a while, as long as your need for them is temporary.