Finance

Apps That Loan You Money Instantly and Without Excessive Charges

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When you have not saved enough for a rainy day, a minor inconvenience like an unexpected medical bill can put you on a bumpy financial road.

Now, before you choose to overdraft your account or empty the credit card, it would be smart to consider apps that loan you money on less rigid terms.

What Will We Talk About Here?
  • Apps that loan you money provide a small amount to help you financially till the next paycheck arrives and deduce the amount immediately from your checking account on next payday.
  • Some of the best apps that provide you with loan include Chime, MoneyLion, Dave, Earnin, and Brigit.
  • If you do not want to get loan like this, you can choose to borrow money from friends or family, get small personal loans from credit unions or find ways to make money online.

…and Much More!

Apps That Loan You Money – What Are Your Options?

There are a number of cash advance apps that let you borrow small amount of money until your next paycheck arrives. Although they seem like a good cushion, most apps require you to pay subscription charges or provide a tip in addition to interest fees.

  • Keep in mind that excessive use of such apps is never recommended.

However, if it has come to it, you better make a smart decision by choosing an app that loan you money with reasonable charges and easy repayment terms.

Here we have discussed few of these that are bound to help you out in times of need.

You might be interested in reading: Can You Overdraft Debit Card?

Chime

Chime operates as an online bank that provides checking accounts, savings account, as well as credit builder loans. It also allows customers to overdraft without any charges through SpotMe feature. Moreover, Chime alerts users when they get an update or initiate a transaction. In this way, it is possible to keep a check on all money transfers and immediately disable account in case a suspicious activity takes place.

Chime does not charge any sort of fees. Therefore, all services like mobile deposit and direct deposit are free to avail. It does, however, earns money when you swipe your debit card.

  • The overdraft acts as a loan and you can get an amount ranging between $20 to $200.
  • However, you need to ensure $200 direct deposit every month in order to qualify for this program.
  • Chime also requests customers to submit a tip although it is not compulsary to do.
  • There are no additional charges for the service.
  • Typically, the amount would be deducted from your account once you receive the next paycheck.

You might be interested in reading: Apps Like Chime.

MoneyLion

MoneyLion is worth all the attention that it gets considering the range of features that it brings to the table. You can make use of an impeccable mobile banking account, there is no need to worry about management fees and customers can avail credit-builder loan with a minimal membership charges.

The amount that you loan would be automatically withdrawn from your linked account once you receive the next deposit. Keep in mind that if funds are insufficient and the repayment does not occur within 5 days, MoneyLion will charge you with late fee.

  • You can avail advance of up to $250 with 0% APR Instant Cash after becoming an eligible member.
  • It is not mandatory to pay any tip although you can always choose to do so.
  • MoneyLion charges $3.99 for instant funding to its own account and about $4.99 for sending money to external checking account or a debit card.
  • Without instant delivery, the money may take up to 5 business days to reach you.
  • If a users opts for $100 loan to an external account, he will pay 300% APR if he repayment is done within 7 days.

Dave

Dave provides you with two funding options. Applicants who choose standard funding need not to pay anything more than the monthly fee but the money will take up to 3 days to reach you. The other option is that of express funding which guarantees that you would get the amount instantly upon paying a fee which is variable and has not been clearly specified by the authorities.

The app also sends in alerts if your account balance is getting too low. This has helped many customers steer free of overdrafting their account and facing additional charges. The best part? Dave comes with a Side Hustle features that allows users to find side gigs and make some money online.

  • With Dave, you can get a cash advance of up to $100 with monthly membership of just $1. Users with spending account can get up to $200.
  • The app also does not charge any interest fee but it may request you to pay a tip at the time of borrowing money. The tip is up to 20% of the borrowed amount.
  • Applicants must have a steady paycheck that is connected to direct deposit into their checking account in order to be eligible for loan through Dave.
  • The amount would be deducted from your account automatically on your next payday.
  • Dave does allow users to choose a date of their liking if they are not comfortable with deductions as soon as the paycheck arrives.

Earnin

One of the best paycheck advance app is Earnin that lets you borrow money quickly from what you have earned.

It does not charge any interest fees although the eligibility criteria is a bit tricky. Applicants must have consistent pay schedule, either weekly, bi-weekly, semi-monthly, or monthly and should be receiving 50% + of their paycheck through direct deposit.

If you are approved for the loan, you can choose to obtain it immediately with a small additional fee. As for the repayment, the deduction would be automatic and occurs on the day next to your payday.

  • Earnin allows you to borrow up to $100 per pay period but with constant and responsible use the advance limit may increase to $500.
  • It hosts “Lightening Speed” feature through which you get the funds immediately but your linked bank must support it or otherwise, you would be funded in 2 business days.
  • The app also notifies users when their account balance is low and they are close to overdraft.
  • Another outstanding feature is Balance Shield Cash Out that lets you take out $100 of your income beforehand so you do not incur negative balance in your account.
  • It is up to you whether you want to give any tip or not. The tip is capped at $14 and you can opt out of it if need be.

Brigit

Another option that offers loans is Brigit that does not perform credit checks and does not require you to submit any tip either when you borrow money.

Moreover, it is compatible with more than 6,000 banks including Chime, Capital One, NetSpend, and Varo. However, you need to have at least 3 recurring deposits from the same, verified employer in order to qualify for the loan.

An interested feature here is that of Brigit Score Model. Through this scheme, the app access your bank account health, earning profile, and spending behavior in order to determine whether you are eligible for Brigit Instant Cash or Not. Typically, you have to score more than 70 to be approved.

  • You can get an advance of up to $50 to $250 with Brigit.
  • It does charge $9.99 per month if you wish to avail features like instant money transfers and certain budgeting tools.
  • Brigit Plus Membership comes with additional charges.
  • It offers Auto Advance feature depending on your spending habits. If your account balance is low, Brigit would automatically transfer certain amount to your bank and prevent you from overdrafting.
  • Users opting for one-time $100 loan with Brigit Membership will pay 500% APR if they repay within 7 days.

Current

Current is an online bank that operates through mobile app and lets you open a checking account conveniently.

It serves all features that traditional banks can provide such as security of the funds and a reliable way to manage your spending more effectively.

  • Current lets you get paid two days earlier than your actual payday so you can utilize the funds as per your need.
  • You can also choose to overdraft your account for up to $100.
  • It offers gas hold refunds if you use Current card at the pumps to pay for fuel.
  • Users can upgrade to premium account with $4.99 monthly charges.
  • There is a 30-day free trial if you want to see how it goes before signing up with the service.

Branch

In addition to the fee-free checking account and ATM withdrawals that you can avail with Branch, it is a name that stands out on the list of Apps that loan you money.

Branch provides cash advances for the hours that you have already worked for and lets you take out cash at more than 40,000 ATM locations around the US.

You will be given loan depending on your direct deposit history and how much you earn against how much you spend.

Applicants must show proof of $40 direct deposit for at least consecutive 2 months. The fees are quite reasonable as well and the exact charges that you have to pay depends on how you obtain the cash.

  • Instant access to funds is free as long as you receive it on your Branch debit card.
  • Funds delivered to an external bank or debit card are also free but can take up to 3 days to reach you.
  • Instant transfer of funds to external bank or debit card will cost you between $2.99 to $4.99. The fee depends on the amount that you obtain.
  • Advance limit is low for the new users but it does increase over time.
  • An outstanding feature here is that Branch does not charge any interest on the loan money that you get.

Apps That Loan You Money – Everything You Need To Know

So the basic aim of apps that loan you money is to offer a platform to users from where they can get small amount of funds in emergency without having to go through excessive credit checks.

They are a good choice because they charge lower fees than payday lenders and the funds are generally available immediately.

  • You can use this extra cash to get through the month till the next paycheck arrives.

However, since there are many of these cash advance apps available, do not step into choosing one that you come across first.

You can find thorough reviews online and should compare fees, interest charges, and repayment terms before deciding which is most suitable for you.

Should You Rely On Apps That Give You Money?

Well, there is no solid answer to this statement because if you are in need and the app is serving you good terms, there is no point of struggling financially and it is better to avail the loan.

  • However, the amount that you borrow would be deducted from the next paycheck leaving you with less money to spend in the next month. Additionally, the fees can also add up and cost you a lot.

Most financial experts do not encourage the use of these apps and think that repetitive borrowing could be the sign that you need to come up with a better budget plan or lower your expenses.

Moreover, some apps when taking out money from your account would result in an overdraft. This excessive withdrawal of money can leave you with financial issues that are difficult to cater to.

It is also possible to get habitual to borrowing money which can leave you with cycle of debts. Nonetheless, cash advances apps or apps that loan you money are not without their benefits.

  • They can immediately provide you with money in your checking account.
  • These apps charge lesser fees than payday lenders.
  • Most apps cost less than $10 to provide you loan.

Apps That Loan You Money – Alternatives

You have a lot of options to compare when you need to choose an app to get a cash advance from.

At the same time, you don’t have to choose any if you are not comfortable with the idea of paying hefty interest or losing money at the start of the month when the amount gets deducted from your paycheck.

Luckily, there are cheaper alternatives that can help you with finances in times of need and some of these can even help improve your credit score over time.

Borrow Money From Friends or Family

It may seem like a tough step to take since requesting money from friends or family often leaves us shy.

However, if you can borrow money from someone who trust you, there is a bigger catch: You will not have to deal with any application fee or worry about paying back interest. Both parties can also come up with manageable repayment scheme. To avoid ambiguity, it is better to draw a written contract.

Credit Union Loans

Credit Unions also provide small personal loans to their members. The real catch here is that that APRs are quite reasonable sometimes as less as 18%.

The amount that you can qualify for would depend on your credit score and creditworthiness. Typically, you should not have trouble scoring $500 loan or less.

Small Personal Loans

Online lenders are another reliable alternatives to apps the loan you money. Depending on your score and income history, online lenders provide loan as small as $1000 with roughly 36% interest charges.

Pretty high? We thought so too. However, there are certain loan providers that will link you to multiple lenders. In this manner, you would be able to find one that is most suitable for you.

Find Other Ways To Make Money

The world of interest is full of opportunities and you will be amazed to find out that there are easiest ways to make money online. Moreover, you can think about taking up a part-time job or choose a temporary side gig that generates enough money to cover your emergency finances.

The Bottom Line

Cash advance apps are a good back up plan when in need of emergency funds. However, their comfort is not be abused. This is because every time you avail loans from these apps, it would mean that there will be less money available from your paycheck once it arrives.

  • Most apps that lend you money deduce the amount from your linked bank account as soon as you get the paycheck.

Therefore, it is important to consider them as a backup and a backup only! If you think you are having trouble meeting your financial needs, try to make a budget plan or seek help from friends and family before you think about applying for a loan.

Frequently Asked Questions

Are there apps that can give me $100 instantly?

There are apps like Earnin and Klover that let applicants avail instant loans of $100. Moreover, there is no credit check and in some cases, the loan application will be approved within minutes.

Can I borrow money from Venmo?

Yes. Venmo does provide loans to its users. In fact, you can loan as much as $5,000 through Venmo. Consequently, the app will take out small amount from paychecks until your loan is paid in full.

What are some of the best instant loan apps?

MoneyLion, Dave, Cash app, and Brigit are some of the best apps that provide instant loans.