10 Best Cash Advance Apps: Instant Money When You Need It
Are you tired of overdrafting your checking account? Do you need access to a short-term loan to tide you over until payday? That’s exactly what cash advances are for. Read on to learn about the 10 best cash advance apps that can put money in your pocket quickly.
Top 10 Cash Advance Apps
Fortunately, there are apps that let you borrow money, making it easier for you to get urgent cash instantly. Not only is the processing quick, but the fees are lower than traditional payday loans, or high-cost loans you must pay back on payday.
Here are the top 10 apps for cash advances:
EarnIn – Best for Earnings-Based Borrowing – GBR Score: 4.6
Chime – Best for Overdraft – GBR Score: 4.5
Brigit – Best for Same-Day Loans – GBR Score: 4.1
MoneyLion – Best for Lending Options – GBR Score: 4.3
Current – Best for Checking and Spending – GBR Score: 4.5
Dave – Best for Highest Cash Advance – GBR Score: 4.0
Empower – Best for Investing – GBR Score: 4.8
Payactiv – Best for Short-Term Loans – GBR Score: 4.7
Vola – Best for Same-Day Cash Advances Up To $300 – GBR Score:4.25
Albert – Best for No Late Fees – GBR Score: 4.8
EarnIn – Best for Earnings-Based Borrowing – GBR Score: 4.6
EarnIn makes it possible to tap into money you earn when you earn it, rather than waiting on payday. Its app tracks the number of hours you have worked and allows you to access your money according to your earnings. Plus, the app has a notification feature that alerts you in case your bank balance is low.
Borrowing Amount | Up to $750 per pay period |
Processing Time | 1-3 business days |
Repayment Terms | Repay on payday |
Fees | Free (tipping is up to you) |
Chime – Best for Overdraft – GBR Score: 4.5
Chime is an online bank with checking and savings account offerings. You can also take advantage of MyPay, a cash advance service that allows you to access up to $500 instantly. You can receive your money immediately for a small $2 fee, or wait 24 hours to receive it for free.
You can also utilize the Chime SpotMe1 service, allowing eligible members to overdraw up to $200 on debit card2 purchases without incurring a fee. Chime also offers a secured credit card and a savings account.
Borrowing Amount | Up to $500 |
Processing Time | Less than 24 hours (or instant for a fee) |
Repayment Terms | Automatic withdrawal on payment due date |
Fees | $2 for instant payment |
Brigit – Best for Same-Day Loans – GBR Score: 4.1
Brigit gives you a way to easily access up to $250 the day you apply for it — provided your application is submitted before 10 a.m. EST. The app also makes it easy to track your spending and build your credit. To use the app’s cash advance function, you have to pay a monthly fee.
Brigit cash advances are free–but you’ll pay a fee if you want the money instantly. Otherwise you’ll wait 2 – 3 days for the deposit to clear.
Borrowing Amount | Up to $250 |
Processing Time | 2 – 3 days (or instant for a fee) |
Repayment Terms | Automatic withdrawal on payment due date |
Fees | $8.99 – $14.99 monthly membership fee |
MoneyLion – Best for Lending Options – GBR Score: 4.3
MoneyLion is an online bank offering several financial solutions. Moreover, if you have direct deposit on your account, you’ll be able to access up to $1,000 in short-term loans and cash advances.
Borrowing Amount | Up to $1,000 |
Processing Time | 1-5 days; Instant with a fee |
Repayment Terms | Debit from your account on the agreed-upon payment due date |
Fees | None |
Current – Best for Checking and Spending – GBR Score: 4.5
Current is an online banking solution that provides Overdrive. Overdrive is Current’s take on overdraft protection and allows you to instantly access up to $200.
Borrowing Amount | Up to $200 |
Processing Time | Instant as an overdraft |
Repayment Terms | Paid back with your next direct deposit |
Fees | None |
Dave – Best for Highest Cash Advance – GBR Score: 4.0
Dave is a mobile banking solution that’s designed to help you with all areas of your finances. As part of its services, the platform offers cash advances up to $500. All new members also receive a Dave Spending Account, which allows them to receive the funds instantly for a small fee.
Borrowing Amount | Up to $500 |
Processing Time | 1-3 days free or 5 minutes or less with a fee |
Repayment Terms | Payment on the agreed-upon due date |
Fees | $1 per month |
Empower – Best for Investing – GBR Score: 4.8
Empower is a financial app that also comes with online banking features and the ability to tap into up to $300 instantly. Empower also offers a short-term line of credit for up to $400 called ‘Thrive.’ It can help you build credit and grow to $1,000 over time.
Borrowing Amount | Up to $300 |
Processing Time | 2-5 days free or immediately with an additional fee |
Repayment Terms | Automatic debit on the day of scheduled repayment |
Fees | $8 subscription fee; Up to $8 instant fee |
Payactiv – Best for Short-Term Loans – GBR Score: 4.7
Payactiv is an employee payments platform that helps employers make money available to employees more quickly. If your employer doesn’t use it, you can sign up for it yourself and access up to 50% of your wages as you earn them.
Payactiv isn’t just a payments app. It also allows users to pay their bills and get discounts on certain department store purchases and prescription drugs. You can check the stores associated with Payactiv and redeem your discounts directly in the app.
Borrowing Amount | Up to 50% of earned wages |
Processing Time | Instant |
Repayment Terms | Repay on payday with direct deposit |
Fees | None |
Vola – Best for Simple Cash Advances – GBR Score: 4.25
Vola offers a wide range of spending analytics for better money management. The company also makes it easy to access short-term loans. In fact, once you sign up, you can get your payday advance in just three taps. Vola also supports over 6,000 credit unions and banks.
Borrowing Amount | Up to $500 |
Processing Time | Instant |
Repayment Terms | Payment is due on the predetermined due date |
Fees | None |
Albert – Best for No Late Fees – GBR Score: 4.8
Finally, Albert is an online bank that offers checking and savings accounts. You can also access up to $250 instantly in overdraft protection when you need it. You must have a paid monthly subscription to Albert Genius to access Albert Instant.
Borrowing Amount | Up to $250 |
Processing Time | Instant |
Repayment Terms | 6 days (may extend additional 7 days) |
Fees | $14.99 per month subscription |
Criteria for Selecting the Best Cash Advance Apps
To choose the best cash advance apps, we first narrowed our search to apps that offer instant cash advance money, as well as free options with no additional cash advance fees. We then selected those that don’t charge interest on your cash advance. And while some do require a subscription or fees–we ensured that none charge hidden fees or interest that could end up hurting you later.
We chose a variety of apps that offer differing loan terms and amounts. For example; MoneyLion offers up to $1,000–while apps like Albert only offer $250 in overdraft protection. All apps that have built-in banking features offer FDIC-insured accounts–and many of these apps have baked-in financial wellness and budgeting features.
How To Choose the Right Cash Advance App for You
To find the best cash advance app, you’ll first want to assess your current financial situation and your immediate needs. If you are looking for quick cash, make sure to understand the terms of the app and how you’ll be able to pay back the cash advance before borrowing.
You’ll want to compare several apps on the following:
Requirements
Some cash advance apps require a monthly subscription–while others require a peek inside your banking history. You may need to prove direct deposit is set up on your accounts–and have some money in your bank before you can access funds. Make sure to understand all of the requirements needed to ensure you meet those qualifications before signing up.
Cash advance limits
Different cash advance apps offer different amounts–and you’ll need to understand those limits to make sure the app will work for you. Some apps offer $250, while others offer up to $1,000. Comparing these limits between apps can help you choose the right one.
Costs
Cash advance apps aren’t charity–they will charge you money to borrow in most cases. Make sure you understand how the fees work before jumping in and borrowing from a cash advance app.
Final Take
If you need quick cash to get you to your next paycheck, don’t worry; there are plenty of ways to get it. Consider using one of the cash advance apps above to access the money you need.
Jacob Wade, Scott Jeffries, Cynthia Measom and Caitlyn Moorhead contributed to the reporting for this article.
Information is accurate as of Aug 16, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
1Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
2Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
This article originally appeared on GOBankingRates.com: 10 Best Cash Advance Apps: Instant Money When You Need It
