If you are looking to settle a bill or an urgent issue but your paycheck day is still far, using cash advance apps can be a good alternative.
For this reason, I have compiled a list of the best cash advance apps that can be of help to you.
Researches show that more than 40% of Americans are unable to make ends meet. Usually, there’s always something to settle before the paycheck day and that is why people go for alternatives like paycheck advance apps.
Cash advance apps help you make it from one payday to the next by either giving you access to your paycheck earlier than usual or granting you cash advances to pay back when you receive your paycheck.
This way, if you need an urgent fund to take care of rent or the car, you have access to funds to cover it without paying high interest or fees.
Table of Contents
- What Are Cash Advance Apps?
- What Are The Best Cash Advance Apps?
- #1. Empower
- #2. MoneyLion
- #3. Earnin
- #4. Dave
- #5. Brigit
- #6. Varo
- #7. Chime
- #8. PayActiv
What Are Cash Advance Apps?
Cash advance apps are apps that allow you receive a short-term loan that can be of use pending till you receive your paycheck. It’s a service provided by most credit cards and charge card issuers that allow their cardholders to withdraw cash up to a certain limit.
Generally, these apps are free or charge a little fee, but they don’t charge interest on the loan. This makes them attractive to borrowers because they offer fast approval and funding.
These paycheck advance apps are an inexpensive alternative to payday loans or credit cards as they help you solve your cash flow issues and handle matters of emergencies when they pop up.
Now that you have a good understanding of what cashback apps are, let’s look at some of the best cash advance apps below.
What Are The Best Cash Advance Apps?
Here are some of the best cash advance apps that can allow you to withdraw up to $100 before your paycheck day.
Empower is a robust financial app that allows you to get cash advances up to $250 once per pay cycle without any charges or interest rates.
Once you subscribe to this app, you have automatic access to its other features like budgeting, saving, and some financial tips to help you get out of the paycheck cycle and constant need for cash advances
This paycheck cash advance app uses your banking history and activity- direct deposit, and average monthly deposit to determine if you are eligible for a cash advance.
You can make regular deposits to your Empower checking account to be instantly qualified for a cash advance. This checking account has an interest rate of 0.25%APY.
Empower is free for the first 30 days. Afterward, it charges an amount of $8 monthly to renew your access to its robust money management features.
To learn more about Empower and sign up for your cash advance, click the link below to download from google store.
Another one of the paycheck advance apps is MoneyLion. This app offers a free cash advance up to $250 straight to your account without any interest rate or signs up fee. To get this cash advance from Money lion, all you need to do is install the app and signup for your own cash advance. Like Empower, you must have funds directly deposited into your account.
MoneyLion gives you access to some banking features like checking services, credit monitoring, investment management all without the bank hassles. You can also get a special feature called “Credit Builder’ that grants you a credit loan of $500 at 5.99 APR. It is available for people with poor credit.
MoneyLion has two membership levels- free core membership and paid plus membership. The paid plus membership costs $29 per month and gives you unlimited access to all the features on this cash advance app. However, you don’t need the paid plus membership to access the cash advance.
Earnin is one of the first paycheck advance apps. Its goal is to ensure that workers break free from the paycheck cycle by allowing them to access their money anytime they please. This free cashback app allows you to withdraw up to $100 initially and then $500 as you use the app.
This app offers other features asides from cash advancement which includes; Balance shield, cash-back rewards, savings, and health-aid. Once you get your paycheck, Earnin deducts the exact amount.
However, to effectively use the Earnin app, you must have a checking account at a supported bank and be employed in a physical place. Although this cash advance app offers cash advances with no interest or fee, you can optionally add tips to the company. The app recommends 4%.
The Earnin app can also be used as a shopping app to help you earn cashback. If you shop within the app and pay with your Earnin account, you can get back between 1% – 10% on your purchases.