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There are a lot of people who don’t like the idea of having to manage their finances. In reality, however, it is an important part of anyone’s life. If you are in a situation where you have to pay off your debts regularly, it can be very difficult.
This is why it is very important that you get the right cash advance apps. These are apps that will help you meet your financial needs so that you can get your finances under control and avoid paying off any unnecessary debt that may arise in the future.
What is a Cash Advance App?
Cash advance apps allow you to borrow money from your next paycheck without having to wait to receive it. This quick fix can be useful if you need cash quickly. Like other financial options, borrowing money costs you interest, but these apps aren’t like credit cards or personal loans. Instead, some apps’ interest comes in the form of monthly or annual fees that increase the amount you borrow. Many apps suggest that you tip the lenders you use.
How does the Cash Advance app work?
Cash advance apps monitor your spending and offer you cash advances ranging from $20 to $500. The amount you can borrow depends on several factors: your credit history, your bank account balance, the number of hours you work, and whether you have a bill to pay.
Since these apps rate your credit based on the amount of money you earn and spend, they can be intrusive. Some cash advance apps also require you to upload your work schedule or opt in to GPS tracking so they can verify you’re actually working.
Cash advance companies generally charge low fees, no good credit requirements, and do not charge interest. Payday and installment loans are predatory and can charge high interest rates and fees of up to 300%.
Best Cash Advance Apps
Earning: the best for paying less
Earnin is a new platform that aims to make the monetary system fair by helping workers escape the cycle that is holding their wages back. Earnin lets you borrow up to $250 each pay period, but the amount you can borrow depends on how many hours you’ve worked. Earnin does not charge you money to use its service, but you will need to upload your work schedule to get a cash advance.
Dave: the best for the preparation
Dave is a different loan service that lets you borrow up to $250 each pay period, and it does it instantly. When you have funds that are about to go over, it warns you to apply for them to be refunded immediately. You can also request a cash advance to cover the cost of your next payday. There are no interest requirements and no credit checks.
Brigit: best for budgeting
Brigit offers both a free subscription and a paid subscription. You can borrow up to $250 from your next paycheck if you need extra money fast. If you want an instant cash advance, you have to pay it monthly (starting at $9.99). It’s more expensive to get an advance from Brigit, but it’s free to borrow money the same day with a debit card. Brigit lets you borrow up to $250 each pay period, and it will monitor your account and automatically send you a loan when you might run out of money.
Chime SpotMe: the best overdraft protection
Chime SpotMe is a free service that helps you get up to $200 off your next pay period if your account goes over its limit. Must have received $200 in eligible direct deposit into your Chime account within the last 34 days. If you receive a paycheck by direct deposit, you can borrow up to $200.
MoneyLion: best for variety
MoneyLion lets you borrow up to $250 starting on your next pay period, with no interest or credit checks. It is available 24/7 and the money will appear in your account within seconds. The RoarMoney feature gives you the option to receive money from your next paycheck two days before it arrives in your account.
Klover: the best for some advanced needs
Klover is a subscription-based monthly cash advance app that charges a small Klover+ fee of $2.99 per month to access your money. This is for people who earn money regularly and only need small advances of up to $100 per pay period – with the option to increase this amount to $130 for additional activities. But it costs up to $9.99 to process your advance, which is more than some other cash advance apps like Dave or Brigit. It’s better for people who only need a small advance and don’t need to get it right away.
B9: Ideal for full access to paychecks
B9 Cash advances you up to 100% of your money as soon as you receive your next paycheque, sometimes as early as 15 days before your next payday. There’s no charge to get a cash advance before your next paycheck arrives — and you don’t have to tip when asking for a cash advance — but you do need to establish your history payment and income to obtain a full advance. B9 charges a monthly fee of $9.99, which is similar to Brigit’s, but you can access more of your money sooner, so for some people it’s better value.
Vola Finance: the best for the self-employed
Vola Finance is a monthly paid app that lets you get up to $300 in cash advances. It charges a minimum of $2.99 per month to access the service. Vola doesn’t require you to work regularly to get a cash advance – and you don’t have to be a regular employee to be able to apply for one. As long as you have an account balance of $150 or more and have deposited money into the account, you may qualify for a maximum of $300 per payday. Vola provides cash advances as well as a way to track your money to avoid paying overdraft fees.
These are the best cash advance apps currently available. Each of these apps is useful in different ways and you can use them in combination with each other to improve your financial life. Try each of these cash advance apps and see which works best for you.
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