We live in a fast-changing world where financial stability may quickly turn into an economic crisis. If you’ve ever experienced a money shortfall, you realize how necessary it is to learn simple budgeting tricks.
Cash advance has become widespread all over the world with thousands of online platforms providing fast lending solutions to consumers in need.
Are there apps that loan you money? Do you want to fulfill the immediate cash need straight away? Even savvy consumers who tend to have some savings in their accounts can face urgent disruptions from time to time.
The best cash advance apps serve as useful alternatives to online creditors for the times when you want to get the funds at once.
Some people turn to online creditors and other finance-related service providers while choosing the following payday loan apps can also become your financially sound decision. Yet, you need to bear in mind that you take full responsibility for the repayment process.
No matter which solution you opt for, you should first do some research and think twice before you make your choice.
Apps like Dave are suitable for borrowers who are strapped for money and look for the best ways to improve their money potential.
This is a modern tool that is connected to the bank account of the user. To use this platform, you need a stable income and a valid bank account. These are the basic demands for using this payday loan app. Also, there are no credit checks as Dave doesn’t require the payment or credit history of the consumer. It may be a lifesaver for those whose credit rating is less-than-stellar. Although, you won’t have a chance to boost or repair the credit if you wish to.
Budgeting in-built tools are among the greatest benefits of cash advance apps like Dave. Thus, people can save more by analyzing their transactions and manage every category of their expenses. The company site claims that they help each client to save up to $500 per year.
How does it work? There are two speeds to get the needed money.
The standard speed means the cash can be acquired within a few days, while there is an option to receive the money within a few hours provided that you pay a fee of $4.99.
There are already thousands of positive reviews as the app doesn’t take any charges. You don’t pay the interest rates but you might pay an optional tip if you want to support the platform and increase your loan limit. The membership for the whole month costs just $1. On the downside, Dave allows taking up to $100 which might not be enough for certain expenditures.
Do you want one more alternative when it comes to getting extra cash? Let’s compare other loan apps like Dave. Earnin is designed to solve your urgent money needs. Although, this tool works best for full-time workers. It allows employees to receive the cash they have already earned. That being said, Earnin lets people get the funds in advance.
Apps like Earnin and Dave have similar as well as distinctive features. Unlike Dave, Earnin offers a chance to receive a paycheck in advance in case you need to cover urgent costs or make big-ticket purchases and can’t wait until the next payday. In other words, you get the money you’ve earned so far but haven’t given by your employer.
Earnin doesn’t charge any interest rates and fees. Also, there are no membership charges which make this platform very attractive among users. Consumers are just asked to leave a “tip” which is optional.
What are your options? You may use this tool for free and take out the minimum amount of cash at a time.
Otherwise, you can increase your limit up to $500 if you use this platform for several months and often leave tips.
Such loans app has some drawbacks, though. There is no customer support so you won’t be able to get a consultation or discuss your options. Also, the total amount you can get in a form of cash advance is not very big which cannot be enough to cover all the expenses. Yet, it’s a type of transparent and fair lending without any interest or hidden rules.
Of course, you have more than one choice when it comes to lending services. If apps like Earnin and Dave aren’t suitable for you for some reason, go ahead and review the Brigit app.
Brigit is a popular online tool that lets people get extra cash to stay financially afloat until the next payout.
Brigit connects to the checking account of the consumer and tracks spending. When a person is going to experience an overdraft, the app will send special notifications.
While other apps similar to Dave and Earnin don’t have any customer support whatsoever, Brigit offers email support. Consumers can discuss their issues with managers via email. Bear in mind that you might receive an answer during two business days, which may be too long if your issue is urgent.
Payday advance apps like Dave don’t extend the due date, while Brigit app allows to do it up to three times in case the borrowers have any problems with repayment.
Another advantage of Brigit is that it reviews your balance and notifies you when it is almost zero so that you don’t pay overdraft fees.
The downside here is that consumers have to pay a monthly charge of $9.99 for membership even if you don’t take out cash monthly.
Also, the turnaround time is up to three days, so it may take some time until you obtain the funds. If your cash need is immediate, this might not be the best cash app with a direct deposit.
MoneyLion is also among the payday advance apps like Brigit. It has two kinds of membership – core and plus.
Core membership doesn’t cost anything. It offers many services including free checking accounts, various rewards, as well as extra options for consumers.
Plus membership costs $28 per month. It includes all the above-mentioned benefits and also offers special loans with 5.99% APR designed to build your credit.
MoneyLion provides an instant cash deposit that will be delivered to your checking account the same business day. There are no hidden charges or late fees.
Moreover, the platform doesn’t require a credit check so consumers with poor credit ratings can also apply.
The downside is that you are allowed to take out up to 10% of the amount on your direct deposit. Also, this platform doesn’t work in Iowa, Nebraska, Indiana, Montana, Vermont, or Nevada.
Payday advance apps like Dave or MoneyLion allow obtaining a maximum of $250 for various purposes.
We’ve reviewed four of the most popular small loan apps to borrow money until payday. They are considered to be the best loan apps and each comes with its benefits and drawbacks. Instant loan apps similar to Earnin can be a good solution for people who want to avoid lending institutions and just need some quick cash until the next payday without too much effort or fuss.
Remember that you take full responsibility for borrowing money whether you use apps like MoneyLion, Dave, Earnin, or Brigit.