The world is spinning so fast — there are many plans and work. Sometimes there are cases when you’re feeling a bit behind and need a helping hand. It may refer to any issue, such as practical, social, or financial support. In this article, we want to share some ideas on how to get money quickly when you are in need.
Apps Where You Can Borrow Money Instantly
For instance, here you’ll find the best borrowing apps, requirements you should go through while selecting, and many more essential topics. In addition, we’ll share several tips on how to take loans responsibly and build a decent reputation.
5 Best Apps That Let You Borrow Money Instantly
Borrowing has been helping people for decades. Earlier, the process was more complex because consumers had to go to land-based banks and talk with the assistant. Now, this option is still available, but it’s possible to proceed more efficiently and conveniently — for example, by using the Internet.
A wide range of online banks is compatible with desktops and phones, as well as with different operating systems. Further, you’ll find some of the best money-borrowing apps and learn their pros and cons in addition to main points such as APR, fees, and rates.
PayDaySay – best for matching with direct creditors
This cash app is good for iPhone and iPad users. Its task is to maintain the direct connection between the consumer and the creditor. Moreover, it provides a great database that allows choosing the best borrowing option with the necessary amount of money.
The application won’t get on your nerves because it consists of a few steps – customers have to insert their general personal and financial data. The payment term is approachable. It starts from 65 days and goes up to 2 years. The payback period depends on the specifics of your agreement and the overall amount you’ve borrowed.
The rate amount is pretty wide. PayDaySay allows taking a small loan such as $100, the same as the largest sum, which is $2500. You can borrow for any purpose and receive the money within one workday or even on the same day.
The APR level varies between 5.99% and 35.99%, which puts the original interest rate at risk and might add up some additional charges. Consider that creditors ask for a fee as well. Yet, you can never guess or predict the real terms because everyone sets different limits.
Therefore, you always have to check the information directly by asking the lender. The cash app itself is free for everyone.
PayDaySay has plenty of advantages, such as high security, instant transaction speed, and no credit check, which means you won’t get a hard inquiry, keeping your score safe. However, it’s not a direct credit – it’s only a mediator, so take into account that only lenders make decisions whether to approve you or not.
– best for small advances
Dave app suits those who need fast small loans. The credits are given for different purposes and aims. You can use this cash app to borrow if you need to cover something until the next paycheck or to avoid outspending your account.
To activate Dave consumers need an active bank account which will be connected to the cash app further. Also, you can find several beneficial features such as “Side Hustle” which helps to find side gigs to increase your earnings or budgeting built-in tools that will help you to manage the banking.
The rate amounts are low. Customers can borrow up to only $100. Yet, if you open Dave Banking Account the limits will increase to $200. Also, the cash app charges a monthly service fee that equals $1. In case you have an empty account, you’ll be notified in the Mobile App or via SMS message.
Consider that you can pay an extra $1.99 to $5.99 if you want to get the loan faster. The sum of the additional expenses depends on the amount of the credit. The average transaction term is 3 days, but with the fee, it supposes to take no more than 8 hours.
Dave is a convenient app, especially for small funds. It doesn’t require any credit check and works with different credit scores. In addition, there is no interest rate, although you have to pay $1 for a subscription. On the other side, there are some drawbacks as well.
On the surface, extra expenses and long waiting terms don’t work in favor of the cash app loan. The rate amount is very low, so it won’t satisfy those customers who need a greater sum. Lastly, no consumer can improve their credit because there are no inquiries that might help you even if you wanted.
Brigit – best for budgeting tools
Brigit is another option for borrowing small funds. Yet, it has more benefits – for instance, consumers can postpone the due date three times if they have severe issues with the payback process. It is suitable for everyone and for different purposes. Moreover, you can take an urgent loan and receive it right in your banking account.
The maximum limit is $250. The application is easy, and the procedure of filling up the data is quick – you just need to indicate the basics of your personal and financial information. Also, there are no hidden charges, so you won’t overpay for extras.
However, if you want to get access to managing tools and cash advances from the app, you need to subscribe to a paid plan. It consists of everything from the free pack plus automatic deposits, cash advances, overdraft regulations, and cash monitoring. The Brigit charges $9.99 per month for these features.
Unfortunately, just like all the apps, this one also has disadvantages. Yet, they can be neglected because the damage from them is almost imperceptible. For example, the waiting term is approximately 3 workdays or the mandatory monthly fee.
Even if you have no loan currently but use the cash app, you need to pay the charges. On the other side, Brigit provides several decent offers, such as email customer support, special budgeting features, and due date extension.
Current – best for fee-free overdrafts
Current is a convenient mobile app for $200 loans with no interest and low fees. It will help consumers to spend less and find the best way of borrowing. Also, Current doesn’t require any credit checks, so your credit score won’t be messed up.
The cash app is free, and any customer can register an account there. Yet, if you want to get a premium with all the beneficial built-in features, such as overdraw regulations, you must sign up and pay $4.99 each month.
For instance, with the premium account, direct transactions will be two days faster, and overspending will be covered with no fee. The freshly made accounts can have up to $25 in overdrafts, while long-term holders can increase the limits up to $200. Now, Current also provides a special perk – it gives $50 to everyone who signs up for a premium account.
The cash app always works in favor of the user. It instantly releases pre-authorized holds on purchases with changeable prices. For example, the gas stations usually put a hold on the account for up to 10 days. Current releases the hold and returns money to your account.
When you’re signed for a Current, you’ll have a Current Debit Card which is available everywhere where Mastercard can get proceeded. The other option is casing-out, which is possible at every ATM with no charges.
Moreover, Current allows you to cash checks right in the app. It has a generous cash-back system – for instance, you can receive back 4% from plenty of national and local restaurants and 2% at newly opened gas stations.
MoneyLion – best for multiple financial products
This is another reputable cash app out there. It is widely prevalent among financial apps. It is a good choice if you have any kind of urgent needs that have to be covered within a couple of days. MoneyLion offers a loan of up to $250.
It also offers two types of subscriptions – core and plus. Correspondingly, the core one is free, and the plus, the so-called premium, requires extra expenses. If you’re not ready to pay fees or just want to avoid them, then it’s better to go with the core membership. Plus subscription costs $28 monthly but includes the following benefits:
- financial and budgeting tracking
- automated investing
- credit building loans
The MoneyLion is one of those loan apps that can help you to improve your credit score. The core membership doesn’t cost anything, so it doesn’t have any impact. However, the premium membership can qualify you for the special loan with the 5.99% APR that allows for increasing the credit rate.
In general, there are no obvious drawbacks to the cash app borrow. Perhaps, the fee for the plus account but still it can be justified. On a positive note, there are plenty of points. MoneyLion gives you a choice whether you want to pay extras or not, so it can be considered an app with no interest rates.
It also doesn’t require a credit check, so consumers won’t damage their credit scores. Lastly, the cash app accepts any score you have before registration. Doesn’t matter if it’s too low or high, you’re still good to go.
Our Selection Requirements
Selecting the right cash app borrow is essential because further financial situation depends on it. You don’t want to get into sticky fees or overpay for nothing. Before making the final decision, you need to analyze all the suitable options by the certain requirements carefully. We’ve made a short check-up list to help you find the best borrowing app:
- Amount Rate. Every consumer needs a certain amount of money, but not every cash app is ready to provide the needed sum. Therefore, it’s important to select the one that suits your request.
- APR. Each consumer has to pay interest for borrowing money. To understand whether you’re not overpaying and still borrowing in your favor, you have to check the APR.
- Fees. Nobody wants to have extra expenses, and that’s the reason why it’s better to go with fee-free options.
- Repayment. Funds are withdrawn automatically. So, you must keep a check on the due date. If your account is empty on the day of the deposit, the app will try to withdraw the sum again later.
- App overview. The reviews of other users will help you to build a fair picture of what the cash app is and make the final decision whether it’s worthy or not.
How to Choose the Best App for Borrowing Money
Selecting the right cash app and the creditor is a challenging part of borrowing. Consumers have to take into account plenty of aspects, such as personal reasons and lenders’ reliability, etc. Anyway, the scheme isn’t that complex.
- First, you need to start with the reason: why do you need this money? Is there any other way to get them? Ask yourself a few questions to make sure that using the cadh app loan is the best option in your case.
- Then, think about how much money you need. Is it a small sum like $100, or maybe the expenses are greater, and you need $500? Better write a list of what you need and what are the costs of everything. It helps not to take more than you need and can repay.
- After it’s done, check your credit score. Is it low or decent? Once you have these definers, you can start searching for options. For example, for small expenses like $200 and a bad credit score you can use the loan apps mentioned before: MoneyLion, PayDaySay, Brigit, or others.
- When you’ve done the research and now you have a list of, let’s say, 5-10 most suitable variants, you need to compare them by our selection requirements: rate amount, APR, fees, etc. Also, in the end, it would be nice to read through several reviews on each cash app. Other users’ opinion usually helps to see whether the app is as good as it promotes itself.
How to Borrow Responsibly?
Plenty of consumers are always worried about taking a loan and think it means they’re not financially stable. Yet, it’s not true because credit can help us to get to the bigger goal faster. It shows strategic thinking, which is valued.
On the other side, some consumers take the money and forget about their responsibilities. To avoid problems and mess with banking you should consider several things while applying and having a debt:
- Borrow only the sums that you can pay back. It’s dangerous to take large amounts, knowing you won’t be able to repay the whole sum until the due date. If you do so, you’ll have to pay extra for the payment delays, and maybe you won’t be able to take out a loan for the next half- or a year.
- Read carefully through the terms and conditions. People got used to skipping this section just by clicking on the confirmation button. Later, when they bump into certain issues, they don’t understand how they happened. However, always take time to read through T&C because you may not agree with some aspects, and before you’re applied, you still have time to negotiate or choose another cash app.
- Use verified sites and applications. No need to explain a lot – if you see a threat to your personal information or banking account, better avoid it and don’t apply if it looks suspicious.
Pros And Cons of Using Apps for Borrowing Money
If you’re still deciding whether you need a money-borrowing app or not, let’s get into a detailed review of their advantages and disadvantages. On the one hand, there are plenty of benefits for every user – there are even free-of-charge and premium programs.
In addition, some apps might even positively impact borrowers’ credit scores. Those loan apps offer flexible repayments, convenient conditions, and sometimes rewards.
On the other hand, nothing’s perfect, so drawbacks are attached as well. Some options require mandatory high-interest rates, although nobody likes to pay extras. Also, the limits of the loans are smaller. Their maximum varies up to $250.
It might be helpful, but sometimes this sum isn’t enough to cover the bills. Lastly, online services can never promise 100% security, so there is always a risk of data leaking, scams, or hacking.
Money borrowing has become easier than ever before. Now it’s possible to take a loan just with one click. However, it doesn’t mean that consumers have to apply for all the loans they want thoughtlessly.
There is a wide range of aspects that have to be considered – for example, the Amount Rate, Annual Percentage Rates (APRs), Fees, Repayment, and Users’ reviews – and it’s only on the technical side.
Also, consumers have to learn how to select the best option, how to borrow responsibly and avoid greater financial problems. In addition, there is a need to get into the field first and find out what are the basic pros and cons of borrowing apps in general.
So, don’t waste your time, and never neglect the terms and conditions of any cash app you’re applying for. Following all the rules and tips, you’ll get the most out of your loan.