Moyo Studio / Getty Images
Every now and then, you may be stuck in a situation where you are in dire need of money. If you don’t have a friend around who could lend you extra money, you can turn to an institution for help. However, the processing times of conventional lenders can often last for weeks.
Payday loans have been around for a long time, but lenders can charge huge fees. In fact, payday interest rates can exceed 600%.
6 best cash advance apps
Fortunately, there are apps that let you borrow money, which makes it easier for you to get urgent money within minutes. Not only is the processing fast, but it also takes less than five minutes to start applying for a loan. Plus, the fees are much better than traditional payday loans.
Here are six apps that let you borrow money:
1. Dave: Ideal for small loans
If you have a minor expense that can’t wait for your next paycheck, Dave is an option you may want to consider. If you have a Dave expense account, you will have access to larger loans.
- Rising: $ 5 to $ 100 if you don’t have an expense account, but up to $ 200 if you have a Dave expense account.
- Processing time: 3 days
- Refund: By default, this is the day your next paycheck arrives, but you can change the date.
- Costs: Dave charges a subscription fee of $ 1 which is paid monthly. You can unsubscribe if you wish. Plus, you can tip 20% or less on the loan you took out – it’s optional.
2. Empower: Great for quick cash advances
Empower offers you cash advances of up to $ 250 with no late fees or interest. Plus, you can use the Empower Card to get up to 10% cash back on your purchases at specific merchants. The card also offers free transactions at 37,000 ATMs across the country.
Best of all, Empower cardholders receive their paychecks up to two days in advance.
Rising: Up to $ 250
Processing time: 2 days
Refund: On your next paycheck
Costs: No interest, credit check or late fees
3. Earn: Best for Income Based Borrowing
Earnin has a unique loan system where its app tracks the number of hours you have worked and allows you to access your money based on your income.
Additionally, the app has a notification feature that alerts you if your bank balance is low.
- Rising: $ 100 to $ 500
- Processing time: Typically, processing time is 1-2 business days, but you can get your money’s worth instantly if you go for Earnin’s lighting speed.
- Refund: During your next troubleshooting
- Costs: Earnin uses a voluntary tip model. Typically, the voluntary tip is set at $ 14 by default. If you want to benefit from the overdraft protection feature, you must set a recurring tip of at least $ 1.50. However, if no overdraft protection is required, the tip can be set at $ 0.
4. PayActiv: Ideal for short term loans
PayActive is more than just an app that lets you borrow money. In fact, it also allows users to pay their bills and get discounts on some department stores and prescription drugs. Check the stores associated with PayActiv and use your discounts right in the app. For example, you can get 10 cents per gallon with Murphy USA.
The app lets you see what you’ve earned and lets you access it when you need it. Plus, you can pay your bills directly through the app.
In addition, the app allows you to book Uber rides using your earned salary.
- Rising: A fixed percentage of what you earn
- Processing time: You can get your earned salary instantly if your employer is also using the app.
- Refund: Not required since you are paid for what you have already earned.
- Costs: PayActiv is free if you deposit your paycheck directly on your Payactiv card. If you don’t, you will be charged $ 1 per day for each day you use cash access, load the card, and pay the bill. If you choose to pick up cash at a Walmart store or use Instant Deposit on another card, you will need to pay a processing fee of $ 1.99.
5. Brigit: Ideal for same day loans
Brigit allows you to borrow $ 250 on the same day as your request, as long as your request is submitted by 10 a.m. EST.
However, you must use the company’s monthly plan to access this feature.
- Rising: $ 50 to $ 250
- Processing time: You get your loan the same day if you apply by 10 a.m. EST. Otherwise, the money is deposited into your account the next business day.
- Refund: The app sets the repayment date according to your income schedule. You can also postpone this once if you have repaid two advances on time.
- Costs: The Paid Plus plan costs 9.99 per month.
6. MoneyLion: Great for multiple options
In addition to offering you a loan, MoneyLion offers many other features, such as financial tracking and investment accounts.
- Rising: $ 50 to $ 250. You can lend larger amounts if you have a MoneyLion checking account.
- Processing time: You get your loan in 12 to 48 hours if you have an account and in 3 to 5 days otherwise.
- Refund: On your next troubleshooting. If your account is empty for five days after your payday date, you will have to pay late fees.
- Costs: You can pay an optional tip. In addition, there is a charge of $ 3.99 for instant delivery if you are an account holder and $ 4.99 otherwise.
Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every statistic, quote and fact using reliable primary resources to make sure the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.