6 Loan Apps in 2023. Cash advances as well as Overdraft Protection

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6 Loan Apps for 2023. Cash advances and Overdraft Protection
The apps for Cash Advance are quick options for cash that are best used for emergencies of a single moment.


Last updated on Nov 7 2022.

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Cash advance apps such as Earnin, Dave and Brigit let you borrow a small amount from your next paycheck prior to when you get it. This simple solution can be helpful should you require money in an emergency, however, you should consider alternatives that are less expensive before borrowing via an app.
Unlike with other borrowing options like credit cards , the cost of borrowing via an app isn't expressed as an interest rate. Instead, the apps might charge subscription or fast-funding fees, and many suggest paying them a tip.
Credit card issuers and lenders define the cost of their products as an annual percentage rate, which accounts for interest and other fees they may charge. Apps for loans and other smaller-dollar lenders argue that the APR method isn't an accurate way to depict the price of their services, however we've provided an example using the apps.
These are the apps listed below that allow you to borrow against future earnings and alternatives that aren't as expensive to take into consideration.
1. Earnin: Best for low fees
Earnin is a paycheck advance app that tracks your hours worked -- using the timesheet, or by keeping track of the location of your workplace and allows you to borrow money you've earned. The app also includes an option to notify you when your account balance is low and a feature that will top it off at a cost.
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The amount: From $100 to $750 for a pay period. The maximum for a day is $100.
Costs Earnin requires a gratuitous tip that is capped at $14. You can choose to activate the overdraft protection feature automatically by setting up a recurring tip.
Speed The option to enroll in Earnin's Lightning Speed feature, which costs $0.99 to $3.99, depending on the amount borrowed, and gets you the cash instantly. If not, it generally takes one to 3 business days.
Payday Repayment Earnin withdraws the cash you took out of your account the next payday.
APR example Example of APR: If you loan $100 for seven days prior to payday, you tip at $2, and then pay the $3.99 fast-funding fee, the APR for the loan is 312.3 percent.
2. Dave: Best for repayment flexibility
The Dave app lets you get a small amount funds to cover your expenses while you wait for your next pay check or to avoid having your bank account overdrawn. To be eligible for advances, Dave users must open an ExtraCash account. It also offers a "Side hustle" feature that helps users find side gigs to earn more cash.
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Maximum: $500.
Fees: Dave has three fees for its advance.
$1 monthly membership fee.
$1.99 from $9.99 charge for express service to Dave customers with a checking account to obtain the cash advance quicker. The fee is $2.99 to $13.99 when the funds are being transferred to an un-Dave bank account.
Optional tips.

Speed: It takes one to three days to receive your money from Dave. In the event that you choose to pay an express charge in order to get your money faster according to the company, you'll get your funds within one hour.
Payment date: Your payment due date will usually be set to the next payday automatically, but you can request an extension.
Example of an APR For example: If you are able to borrow $100 seven days before you receive your next paycheck, pay the $6.99 express fee, and the $1 monthly subscription fee and add a $1 tip, it'll cost $8.99 to borrow the $100. The APR for the loan is 468.8 percent.
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3. Brigit: Great for budgeting tools
Brigit is a budgeting application which can provide you with up to $250 when you need it. It is possible to use the free version of the app offering assistance with budgeting and financial planning. For access to the cash advance, you need to use the paid plan, which includes all of the features offered by the free plan, plus cash advances, overdraft coverage and monitoring of credit.
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The range of $50-$250.
Costs: The cost of the paid plan is $9.99 per month.
Speed: Brigit says it can give you an advance on the next day if you make your request before 10 a.m. Eastern time; in other cases the advance will be made available on the next working day.
Payment: Brigit automatically sets your next payment based on your income schedule. You can extend your repayment date within the app, but only one time for each two advances you repay on time.
APR example: If you get a $9.99 Brigit membership and utilize the app to only get one-time cash advances of $100 which you'll pay back in seven days, your loan is a rate of over 500%.
4. Empower: The best option for quick cash
Empower offers cash advances along with budgeting tools as well as bank accounts. The typical time to fund an Empower advance is one day, quicker than the majority of rivals. However, customers are able to pay an instant delivery fee to receive cash within the hour. Empower has the option of automatic savings, which lets users select an amount for the app to transfer money from your checking into a savings account. You can also ask the app to save money for your account by using artificial intelligence.
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The amount is between $10 and $250.
Fees: Empower charges a mandatory cost for a subscription following a 14-day free trial and two additional charges.
$8 monthly subscription fee.
Instant delivery of $1 to $8 cost.
Tips up to 20% of the advance.

Time: In the event that you do not pay the delivery fee immediately, it'll take about a day to receive the advance.
Payment: Empower withdraws the advance repayment, as well as any fees and tips at the time of your next payday. You can email customer service to change your repayment date.
APR example for example: If you spend $8 to subscribe to Empower, use the app to get a one-time $150 advance , which you'll pay back within seven days, and then pay the $6 charge for delivery in one go then your loan is a rate of 486.7 percent.
5. Chime: Excellent to protect against overdrafts
Chime is a mobile-based company that offers checking and savings accounts as well as credit-builder loans Customers can take overdraws from their checking account for a small, predetermined amount with no fees through the SpotMe feature. SpotMe is more of an overdraft protection feature than a cash advance, however, it asks if you want to tip for the service. Chime says your account can go negative up to your limit, and any purchases that lower the cushion are rejected. You must make at least $200 in direct deposits that are eligible to your Chime account every month to qualify for SpotMe.
Amount: from $20 to $200. Limits start at $20 and increase based on your transactions.
Costs: There aren't any fees. The company asks if you would like to leave a leave a tip.
Speed: Instant. You create SpotMe before you overdraw the amount, and then it's deposited into your account moving forward.
Repayment The next direct payment usually the day after your paydayyou will be able to repay the amount Chime found you.
Example of APR: If Chime gives you $50 to draw and you repay the balance within seven days and then add an additional $1 to your tip, you're basically getting a $50 loan with a 104.3 percent APR.
6. MoneyLion: Best for customers with existing accounts.
The MoneyLion app lets you access mobile bank and investment accounts, financial tracking, a credit-builder loan and cash advances up to $250. Its Instacash advance is open to any person with a checking account. However, you'll have pay a cost if you require funds in a hurry. MoneyLion states that they don't charge charges or interest for the cash advance. However, you'll be asked to pay an optional tip when you receive an advance.
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Amount: $25 to $250, but only MoneyLion checking account holders have access to the largest amounts.
Fees: MoneyLion offers an optional tip plus a cost for delivery in an instant that is based on the amount of money borrowed.
MoneyLion checking account holders: $0.49 to $5.99 for immediate delivery.
Customers with checking accounts that are not MoneyLion: $1.99 to $8.99 for instant delivery.

Speed: If you fail to pay the fee for instant delivery, it takes 24 to 48 hours in the case of MoneyLion checking account customers and two to five business days for non-MoneyLion check account users.
With immediate delivery, MoneyLion account holders will get their money within minutes, while others will receive it within four hours, according to the company.
Repayment: The funds are taken out of your bank account the next day you're scheduled for your next pay check -- typically the day before your next payday. If your account does not have enough funds The app will continually try to withdraw the funds.
Example for example: If you receive a $100 advance deposited instantly into an external account at $7.99, add an additional $1 to pay off the loan within seven days, it will cost you an APR of 468.8 percent.
Summary of cash advance apps
Applicable to loans



The amount of the loan



Speed without paying the cost of



Fast-funding fee



Other charges



$100-$750 max.


One to two days.


$0.99-$3.99.


None.


up to $500.


Up to 3 days.


$1.99-$13.99.


One-time membership fee of $1 per month.


$50-$250.


1 to 3 days.


Not disclosed.


$9.99 per month for a monthly subscription.


$10-$250.


1 day.


$1-$8.


A monthly subscription of $8.


Chime


$20-$200.


Instant.


None.


None.


$25-$250.


1 to 2 days.


$0.49-$8.99.


None.








Pros and cons of loan apps
While loan application fees appear to be small, they can add up quickly, and NerdWallet doesn't recommend making payments for accessing early money you've earned. The apps can be helpful in emergencies, like a vehicle repair or unexpected travel However, experts in finance say they aren't sustainable, long-term solutions for the long-term.
Consider your pros and cons before making use of a cash advance application.
Pros
Cash in an instant in case of emergency: Some apps will instantly deposit funds into your checking account -- however, they might charge an additional fee for this service.
Could be less expensive than an overdraft fee If your choice is between a cash advance or paying an overdraft charge, the advance is likely less expensive. Most app fees are under $10, while the bank's overdraft fee can go up to $35.
Cons
Could result in an overdraft charge Some programs require your bank's account to make withdrawals when the money is due. Though apps say they try to avoid triggering any overdrafts, they don't guarantee it. There is one exception: Empower who will pay the overdraft charges it causes.
Can lead to repeated borrowing: Because apps let you borrow money directly from the next pay check simple it could create a cycle of debt if you rely on advances to pay for regular costs.
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Are payday cash advance apps lenders?
Cash advance apps are not considered to be payday lenders, so payday lending regulations don't apply to them.
Some consumer advocates view them thinly disguised payday lenders and they have a few common features. These apps offer small-dollar loans that will be due on your next payday, and could incur high charges. Similar to cash advance lenders, the apps that offer advances don't report payments to the major credit bureaus, so they don't affect your credit score.
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Cash advance alternatives apps
Compare all your options before you go with consider all your options before you take a loan from an application. There may be cheaper options which can help you enhance your credit score, finances or both.
Small personal loans: You may qualify for a small personal loan from an online lender. These loans can be as low as $1000, and the APRs below 36%, which many experts believe is the highest rate that an affordable loan can get. Certain online lenders make their loans to borrowers with bad credit.
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Credit union loans If you're a member at an institution like a credit union, then you may be eligible for a modest personal loan that has a cost of 18% or less. Certain credit unions provide personal loans that are $500 and though they review your credit score to determine if they can approve for a loan, they will consider your status as a credit union member in the loan decision. Some credit unions provide , which are low-cost loans that have low rates of interest, which you pay back over several months or one year.
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Buy nowand pay later: "Buy now, pay later" apps like Affirm and Afterpay divide a big purchase, like laptops, mattresses, or mattresses into smaller installments. The most common arrangement is the pay-in-4 plan which requires you to make 25% payment of your purchase in advance and then make three biweekly payments.
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Other options to earn money: Instead of taking out loans, you may come up with a method to earn extra money. You can be a rideshare driver, complete surveys online, or help with babysitting. You could choose a short-term side job to pay for an emergency expense or find one that you are happy with enough to use as an extra source of income.
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Family and friend loans They can be difficult to request money, but it might be your best option if you're caught in a financial bind. A loan from someone you trust, such as someone from your family or a friend, can get you the cash you require without the hassle of paperwork or risk to your finances. You can also draw up an agreement that outlines the terms of repayment and the interest rate.
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Frequently asked questions Which app grants you the loan instantaneously?


The majority of cash advance apps claim they can get you money in a matter of days, or pay a fee in order to receive the cash faster.
You can borrow money within an hour at a cost from $1 to $8.
provides instant advances for the cost of $0.99 to $3.99.
You can request an advance in less than one hour with an express fee of $1.99 up to $13.99.







Which app can I get $100 from?


The following apps offer advance of at least $100:
.
.
.
.
.

Certain apps limit your credit limit to $100 initially and offer larger advances as you pay them back.







Are loan applications safe?


The best way to use loan applications is for one-time emergencies as fees can add up and they may make it easier to borrow again. If you're having trouble paying for regular expenses, think about first.









Which app can provide you with the loan instantaneously?
The majority of cash advance apps claim they can provide you with money within a few days, or pay a fee to get the money faster. You can get cash in less than an hour for a fee of $1-$8. offers instant advances at a fee of $0.99 to $3.99. It can offer an advance in one hour for an upfront fee of $1.99 to $13.99.


What app can I borrow $100 from?
The following applications offer advance of $100 or more: . . . . . Certain apps limit you to below $100 at first and offer larger advances as you repay them.


Are loan applications secure?
The safest way to use loan applications is for emergencies that are not immediate, as fees can increase and make it easier to borrow again. If you're having trouble paying for regular expenses, consider first.







About the writer Annie Millerbernd is a personal loans writer. Her writing has been featured on The Associated Press and USA Today.







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