Have you ever run out of money that you couldn’t even buy gas or groceries? In such a scenario, your only option may be waiting for your monthly paycheck. Instead of waiting to be paid, you could consider using the Dave app. Dave gives users an advance on their paycheck and does not charge interest. Instead, it charges a monthly subscription fee of $1.
When you ask for an advance, the app deposits money to your account within 1-3 days. However, some people may find it hard to wait a day for the advance. Fortunately, you can pay a fee to get your money within eight hours. You would have to pay an express fee of between $1.99-5.99. Dave is not the only app you can use for cash advances. There are many others you can consider, and each has varying terms.
Here are 15 apps that are similar to Dave below.
Brigit offers budgeting and credit-building features besides paycheck advances. You must pay a $9.99 monthly subscription fee to borrow from the app. Once you pay the fee, the app will automatically send you $250 when it senses you will face a shortage. To use this app, you must link a bank account with it. The app monitors your bank account to determine whether you need the advance.
An advantage of getting a credit-builder loan from Brigit is that you do not need good credit to qualify. That is because the loan is secured and kept in your account; hence no risk to the lender. When you take this loan, you will have to contribute monthly payments for a year. After paying off the loan, you will get back what you contributed. Most budgeting apps require you to use other apps to manage your money. However, Brigit has its budgeting app, so you will not need to download additional apps.
DailyPay is unique since it offers advances on 100% of the wages earned in a pay period. The app is thus beneficial to people who require large advances as opposed to standard cash advance offers. Unfortunately, you can only qualify for DailyPay services if your employer is a DailyPay partner.
When you take an advance, the app moves your earned wages into a bank account in the app. Each time you request an advance, the app charges a fee. This app prevents you from over-borrowing by deducting taxes and other withholdings. Otherwise, you would borrow what you cannot pay back and end up with a bad credit score. According to Investopedia, having a bad credit score can make you unable to land certain jobs.
When you use this app, you will be paid two days earlier before payday. The money will go to your Chime checking account, from where you can withdraw. One of the easiest ways of getting an advance is through the app’s direct deposit feature. To get a direct deposit account, you must fill out a direct deposit form.
You can access this form after heading to the settings tab. Once you fill out the form, you can send it to your employer and wait for your payment. One challenge of keeping money in banks is the endless costs you incur. For instance, there are monthly fees and minimum balance fees.
Even though Chime works like a bank, there are no monthly fees or minimum balance fees. That means you can leave the money in the account for as long as you like. Chime is also a good way to grow your savings as you spend. Each time you spend, a round-up fee is deducted from your checking account. The fee is transferred into your savings account. So, the more you spend, the more you save.
Earnin helps you get paid as you work. The beauty of the app is that you can access your pay any day you feel like. To use the app, you must link your bank account. Additionally, you should add your employment information for the app to recognize your pay schedule. After setting up the app, there are different ways of adding earnings. You can do that via the Automagic Earnings feature or by sending an electronic timesheet. The beauty of Earnin is that it does not charge interest.
Instead, it allows you to donate a tip of any amount. Since there are no limits on donations, withdrawing money from the app becomes cheap. As a result, you do not need to take out a payday loan or overdraw your account. A feature you should know about Earnin is the overdraft notification feature called Balance Shield Alert. The feature alerts you when your account balance falls below a specific amount. Besides alerting you, the feature will send $100 to your bank account if your balance drops below $100.
To qualify for an advance from Varo, you must have an active Varo bank account that is at least 30 days old. Additionally, you must have had at least $1,000 in direct deposits. When you qualify for an advance, the app will give you $100, which you must pay within 30 days. For this amount, no interest is charged.
As you use the app, your cash advance will increase. Depending on the advance, you may pay a fee between $0-5. When you open a Varo bank account, you will receive a debit card with a zero liability policy. The policy stipulates that the owner will not be held responsible for unauthorized charges. Another advantage of the card is that you can use it in at least 55,000 ATMs in the Allpoint network nationwide. According to Varo Money, you can use it in stores like Walgreens and Target at no cost.
SoFi allows you to claim your paycheck two days early. Since it is a bank, it offers an advance through its credit card. The minimum and maximum advance you can get per day are $40 and $1,000, respectively. If you take a huge advance, expect to pay standard fees. You may pay $10 or 5% of the advance.
SoFi is not just a place to take advances. You can begin investing with the app through SoFi Invest. When you open an investment account, you will not be asked to invest a minimum amount. Moreover, you will not incur any account or management fees. Signing up with SoFi Invest only takes 2 minutes since they only ask a few identification questions.
Payactiv is a benefit corporation that provides workers on-demand access to earned but unpaid wages. When you use this app, you will get a portion of your wages through the Earned Wage Access (EWA) feature. The feature allows you to access 50% of your net earnings.
It is up to you to decide how you want to transfer the funds. You can transfer them to your bank account or pick them up as cash at Walmart. Besides taking cash advances, the app allows you to send or receive money with other Payactiv users. All you have to do is add a person’s phone number to whom you wish to transact.
MoneyLion allows you to borrow a portion of your expected income and repay it within two weeks. Like Earnin, it asks you to donate a tip. MoneyLion is a bank, but fortunately, you do not need to open an account to use its services. However, those without a bank account will have to wait up to five days to get an advance.
If you need it sooner, you will have to pay a fee. The maximum advance you can get is $250. Fortunately, there is no interest on the advance. When you connect your bank account, there will be borrowing limits. The limits gradually increase by $5 or $50.
The app gives you early access to your paycheck. Since it is rather limiting, you cannot use the app for expensive emergencies like car repairs. That is because its maximum advance is $500. If you want your advance immediately, the app will charge between $2.99-4.99.
There are some qualifications you must meet to qualify for an advance. First, you need a debit card that matches your supported checking account. Also, the app must not consider your spending activity “high.” Lastly, the app is only available to people who work in traditional workplaces and not remotely.
Through Albert Instant, you can get up to $250 from your next paycheck. To qualify for the advance, you must include a paycheck via direct deposit and proof of consistent income. You can pay a fee to get the money right away or wait 2-3 days for free. Another notable characteristic of Albert is how it minimizes overdrafts.
It does that by declining transactions that would result in an overdraft. In case a transaction triggers an overdraft, the app will reimburse you.
Empower offers a maximum cash advance of $250. However, when you first use the app, you will begin with an advance of $10. If you find the cash advance too little, you can opt for a payday loan that goes up to $1,000. The loan attracts interest rates of $15-25.
Empower is an exemplary budgeting app. It helps you track how you spend and save money. Its AutoSave feature monitors your daily spending and income and automatically makes deposits to your linked savings account.
With Even, you can request up to 50% of your next paycheck. The beauty of the app is that you receive the money in seconds without any hidden fees. Since it receives payroll information from your employer, you can track how much you have earned so far.
Although there is no interest charge, you may need to pay a monthly subscription to receive money immediately. Even allows you to determine the percentage you want to save from your paycheck. Once you select the percentage, the money will promptly be deposited into your savings.
With this app, you can borrow anywhere from $10-50. Since the amount is from your paycheck, FloatMe does not charge late fees or penalties. In case you are short on cash when the money is due back, the app will deduct a partial payment to avoid overdrafts. To take a loan from FloatMe, you must not be self-employed.
With self-employment, the money you earn per day is inconsistent. That means there are high chances of you being unable to pay the loan. People who are eligible for a loan are W-2 employees who earn at least $200 per pay period. Also, your income must come from your paycheck directly deposited into a bank account.
With Klover, you do not need to provide a credit check. You can withdraw as little as $10 or as much as $250. It takes up to three business days to get the money. Or, you could pay some fee to get the money in less than a day. As you enjoy withdrawing money from this app, you can use it to earn points.
You get these points by scanning receipts, inviting friends, taking surveys, or watching advertisements. The beauty of these points is that they cannot expire. You can use the points to enter sweepstakes, get larger advances or pay instant deposits. At the moment, the app does not let you transfer points to other users.
1. Credit Genie
You can get a cash advance of up to $100. Whichever amount you take, the app will not pressure you to constantly pay up. You will only do so when you are able to. This app takes certain measures to keep your account safe. The app does not disclose your financial information to anybody.
Additionally, it uses bank-level 256-bit SSL encryption on all data. Lastly, all your records will be deleted when you terminate your account.
Have you been struggling to take an advance for the longest time? Thankfully, this article should guide you to choose the one you deem fit. Although cash advances are convenient, you may want to limit taking them. That is because some apps charge high interest on them. Only use these apps as a last resort.
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