Here Are 5 of the Best Cash Advance Apps Worth Downloading
Posted on November 21, 2022 in Loans
Need money fast? Below are our top 5 cash advance apps that will keep you afloat until payday. Depending on criteria, you can instantly borrow up to $250 and $500 from these apps.
Table of contents
Things happen. Everyone ends up, at least once in their lifetime, in need of quick cash, and many of us have that need more than once.
Maybe you lost some work. Perhaps you had an unexpected expenditure and you had to dip into your savings account. Or maybe you just got behind.
The point is, you’re not alone.
In the past, people have had the opportunity to go to a check cashing place to get an advance on their paycheck, also known as a cash advance.
Today, this process is made easier by cash advance apps, which can provide you with money if you need cash before your next pay period. Read on to find out more about cash advance apps and why one might be right for you. There are a number of major pros and cons of cash advance apps to be aware of.
What Is a Cash Advance App?
A cash advance app is an application you can download on your phone to have at the ready in the event you are in need of quick cash, ideally in the case of an emergency.
Of course, no one wants to have to borrow money, if they can avoid it. But, again, things happen, and it is always better to be prepared and have peace of mind that you will have access to quick cash if you do find the need arise.
These apps are also referred to as loan apps and overdraft apps, and they have come a long way since the days of payday loans, coming in with lower fees and rates and offering consumers the opportunity to break, or avoid altogether, the cycle of borrowing before payday.
Benefits of the Best Cash Advance Apps
The primary benefit to any cash advance app is the chance to grab a quick hundred or couple hundred dollars to last you until you get paid. Unlike a credit card, you don’t have to wait 7 to 10 days for your card to arrive or even worry about high interest rates.
An added benefit to the cash advance app is that repayment is already taken care of. Unlike a short term loans or a credit card where you have to establish monthly payments, agreements, and terms, the cash advance app will simply deduct the money you borrow on the day you get paid. And then you’re done.
Finally, most cash advance apps don’t even require a credit check, which can make all the difference between accessing cash and meeting your needs and struggling just to get by until you get some cash flow.
Downsides of Cash Advance Apps
The primary downside to downloading a cash advance app is the obvious one – you have to borrow money.
Once you start borrowing, it can be really easy to fall into the debt cycle, where you end up borrowing before every paycheck and never quite getting caught up. This is similar to what can happen if you take out a personal loan, or payday loan.
Fortunately, if you choose the right cash advance app, you may be able to avoid high fees and interest rates that only make that debt cycle harder to climb out of.
That’s why we created this list in the first place, to help you make the best choices for you, while still accessing cash when you really need it.
The best of both worlds.
5 Best Cash Advance Apps
Below, you’ll find the 5 best cash advance apps, based on fees, credit checks, spending limits, and more.
Take time your time browsing through the information here, and experiment with what works best for you. You may even end up deciding to find alternatives to cash advance apps that better suit your financial situation.
Fee: From $0 to $3.99 per transaction
Earnin is a cash advance app you can download well in advance of ever needing it that will track your hours on a timesheet and lend you money, up to $500, based on what you’ve earned.
You can also connect this app to your bank account, and Earnin will notify you any time your bank balance is low. For an additional fee, the app will top off your bank account for you so you never become overdrawn and have to pay those nasty overdraft fees.
The APR will vary based on how you use the app, how quickly you want to access your money, and the app suggests tipping for each transaction.
For example, you could use the lightning speed feature for a cost of $1.99 to $3.99 depending on how much you borrow, and have money instantly. Without the feature, you’ll wait for 1 to 3 days for the money to be deposited into your account, but your APR will be lower.
Fee: $1 monthly membership. $1.99 to $9.99 express fee for Dave checking account holders. $2.99 to $12.99 express fee for non-account holders. You also have the option to provide a voluntary tip.
The Dave app offers many options for accessing cash up to $500 before your payday.
The way it works is you download the app open an ExtraCash account for a monthly subscription fee of $1. Then, anytime you need cash, Dave will lend you money to cover your expenses until your next paycheck.
You can avoid the express fee by simply waiting 1 to 3 days to get cash in your account.
The Dave app has two pretty cool bonuses.
First, you can request an extension on your repayment, so if you’re paycheck is short or you have more expenses than you originally thought, you can push repayment out to the next check, helping you avoid that debt cycle.
Second, Dave has a “Side Hustle” feature on its app that helps you find extra work on the side to make some extra cash.
Fee: $0 to $9.99
Brigit is not just a cash advance app. It is also, and primarily, a budgeting tool. Downloading the app and using the financial tools to help you budget and get your bills paid on time is completely free.
For $9.99 a month, you will have the additional option of accessing up to $250 anytime as a cash advance at no additional charge on top of that monthly fee.
The budget tool is a nice service to have on hand and totally worth downloading and exploring for free, but you have to ask yourself if it is worth paying $9.99 a month just to have the option of a cash advance you may never need.
If you borrowed $100 one time, at $9.99, you’re paying an APR of over 500%.
Fee: $8 monthly fee. $1 to $8 instant delivery fee. Tips up to 20% of advance amount.
Empower’s greatest strength as a cash advance app is its ability to get your cash to you fast. You will pay a monthly fee no matter what, just to subscribe, after a 14 day free trial period, and beyond that, your fees will be optional.
Empower also has budgeting tools and an automatic saving feature that will transfer money from your checking to your savings for you on a set schedule, which can be useful if you want to take the guesswork out of savings.
At no additional charge, Empower can get you up to $250 in your account within a day, and for that additional instant delivery fee, your money will be in your account within hours.
Repayment is automatically scheduled for your payday, but you can request an extension by calling their customer service line.
Fee: Optional tips.
Chime offers cash advances, and is perhaps the easiest and cheapest among our five top cash advance apps, and probably because it is not a cash advance app, in reality.
The truth is it is more of an overdraft feature on the Chime App.
You see, Chime will set up a checking account for you, and if you have direct deposits over $200 each month, you automatically qualify for their SpotMe feature, which ensures any overdrafts you incur, up to $200, will be covered.
With a Chime account, your overdraft limit will begin at $20 and work upwards from there as your account activity continues to be positive and active.
Chime gives you the option to tip the company every time they cover one of your overdrafts, but you do not have to pay, of course.
Which Cash Advance App Is Best for You?
Of course, you will have to decide, based on your budget, based on your specific needs, and based on how you see your future potentially unfolding, which cash advance app may be best for you.
At the very least it can be helpful to have a budgeting tool on hand like the one offered by Brigit, which you never have to pay for if you never need a cash advance. Then, in the event you do need cash, you can always sign up for that feature if you need money until your next paycheck.
Further, it cannot hurt to have a checking account like Chime that will have your back, without hiking up fees, in case you ever make an accounting error or a miscalculation. Who hasn’t done that?
Again, it does not cost you anything extra to take advantage of Chime’s services, so why not?
And of course, having a free app like Dave or Earnin on your phone might be nice, just in case. Because everyone has those just in case situations come up every once in a while.
Conclusion on the Best Cash Advance Apps That Will Cover You Until Payday
Having an app is so much more freeing than having to turn to friends or family, and potentially damage relationships, anytime you find yourself in a tough spot.
In the end, take your time, and check out all of the apps. Pick the one, or more, that feels good to you and adjust as you see fit moving forwards.
Related blog posts
Need expert financial advice?
Let TurboFinance connect you with the best consulting services and resources to help you take control of your finances and find a path to build wealth.Get A Free Consultation Today!