What Is the Best Cash Advance App in 2023? | Asked and Answered by AdvanceSOS
Bills are hard to pay sometimes, so many turn to personal loans, payday loans, and even checking account overdrafts. Fortunately, as technology keeps advancing, these high-interest short-term loans are now not the only way out of a financial jam.
Most cash advance apps can help you through a tough time by giving you cash on the spot whenever you need it. A cash advance app works like a credit card cash advance – you have an account with a credit line to draw funds from. If you have a credit card but forgot your PIN, find out how to get a cash advance on a credit card without a pin.
So, if you need cash at once, an online cash advance loans from a direct lenders can help you. Use these apps to borrow money against your next paycheck to get by until your next payday. Discover the best cash advance apps you can use if you need to borrow money ASAP.
1. Earnin: The Budget-Friendly Choice
Earnin is an app that lets you borrow the money you’ve already earned. It keeps track of how many hours you’ve worked using a timesheet or by tracking your location. The app also has a feature that tells you when your bank account balance is low and can loan you money for a fee.
Earnin’s Website | Earnin’s BBB Profile
- Amount: $100-$500
- Fees: $14 standard tip. Setting a regular tip of $1.50 enables overdraft protection.
- Speed: Earnin’s Lightning Speed feature costs $1.99 to $3.99 and provides you the money in an instant. Without the Lightening Speed feature, you would normally receive the cash within one to three business days.
- Repayment: Earnin withdraws your loan from your bank account on your next payday.
2. Dave: For Micro-Cash Advances
With Dave, borrow small cash to cover expenses until your next paycheck. Users with a Dave spending account can borrow more money than those who don’t have one. The app also has a Side Hustle feature that helps people find ways to make extra money.
Dave’s Website | Dave’s BBB Profile
- Amount: $5-$200 for Dave spending account users; $5-$100 for non-users.
- Fees: A few optional service fees. Faster money withdrawal costs $1.99 to $5.99.
- Speed: Three days. You’ll get your money within eight hours if you pay an express fee.
- Repayment: You can change the default payment date of your next payday.
3. Brigit: Your Budgeting Buddy
Brigit helps manage money online and can give you up to $250 anytime. Use the app’s free plan to enjoy free financial advice. To get a cash advance, use the paid plan.
Brigit’s Website | Brigit’s BBB Profile
- Amount: $50-$250
- Fees: $9.99/month
- Speed: Can provide you with an advance the same day if you request it before 10 a.m. ET. Otherwise, funds arrive on the next working day.
- Repayment: Income-based pay period arrangement. You can extend your app repayment date once for every two on-time advances.
4. Chime: Stay Secured From Overdraft Fees
Chime is a payday cash advance app that offers checking and savings accounts. From the app, you can also avail a personal loan to help build credit. With SpotMe, overdraw your account by a small, predetermined amount without a fee. Your account can go negative to a limit, and purchases that put you below that cushion will be turned down.
Chime’s Website | Chime’s BBB Profile
- Amount: $20-$200; limit increases with account activity.
- Fees: No required costs, but you can tip.
- Speed: Instantaneous
- Repayment: Next direct deposit (usually payday) refunds app.
5. MoneyLion: For the All-In-One Feature
MoneyLion offers mobile bank and investment accounts, financial tracking, and a credit-builder loan. Their cash advances are up to $250. The cash advance is available to anyone qualifying with a checking account, but you’ll have to pay a fee if you need your funds at once. MoneyLion has no standard interest or fees with the cash advance.
MoneyLion Website | MoneyLion BBB Profile
- Amount: $25 to $250; MoneyLion checking account customers get the most.
- Fees: Has an optional tip and a fee for rapid delivery that varies by the amount borrowed. $0.99 to $5.99 for instant delivery.
- Speed: If you don’t pay the instant delivery price, checking user accounts takes 12 to 48 hours. For non-users, three to five days.
- Repayment: Payments are automatically deducted from your account on your next payday. If your account lacks funds, the app will try to withdraw them again and again.
In Conclusion
If you don’t have your paycheck yet, the apps above can help you with dinner, your water bill, or your car payment. But aside from the obvious convenience, cash advance apps are great at keeping short-term debt from major credit bureaus. Remember that getting a payday loan through an app isn’t a long-term fix for your money problems. Moving forward, think twice before getting money this way. Do so only for emergencies. Learn how to write letter for request cash advance from company to try and convince your employer for some cash first. Another better option is low-cost loans from direct payday lenders instead.
