Payday loans are a great way of financing such demands. From helping you access different loans to giving you financial tips, here is a selection of some of the best cash advance apps:
Dave is a cash advance app that offers extra cash when you’re really in need. To begin using the app, you need to open a Dave checking account. Upon completing the process, you will be able to get up to $100 in cash advances at 0% interest. If you have a Dave spending account, the app lets you access amounts from $5 to $200.
Earnin tracks your working hours and gives you a cash advance wherever you need it. If you want a short-term loan with lower fees, the Earnin app is a great choice you should consider. The app offers small loans ranging from $100 to $500.
You can also allow the app to link to your bank. The app will track your monthly income and calculate your earnings per hour. This will make it possible for you to access the amount of money you've earned. Earnin will automatically withdraw their money once you receive your paycheck.
This app allows users to borrow up to $50 without interest between pay periods through a cash advance. These advances are called floats by FloatMe, and you can use them to cover an emergency, an unexpected expense, or to pay a bill.
With FloatMe, your credit history won't be reviewed, so you won't have to worry about doing a hard hit on your credit.
With SpotMe Chime, you can cover an overdraft whenever it occurs. Chime provides up to $20 in cushion to cover your overdraft fees. Over time, this can be increased to approximately $100.
Besides, with a Chime checking account, you won’t incur monthly fees or minimum balance fees.
Alternatives to Cash Advance Apps
Cash advance apps normally offer small loans that may not resonate with everyone. If so, here are some alternatives you can consider for more advanced lending.
These are loans offered to borrowers with a fixed amount of money that must be paid within an agreed period. The regular payment amount which is usually done every month is the same throughout the repayment period. This gives the borrower a chance to plan wisely.
Some of our lenders offer installment loans to borrowers like you. [You can find more information including how to get started here]
These are short-term cash advance loans given to borrowers and are repayable or due within the next paycheck. Payday loans have become common among many people because they get the chance to access instant funding without the risk of backing the loan with collateral.
However, payday loans come with high-interest rates which makes them a not-so-good alternative compared to other loan types.
These are loans requiring the borrower to secure them with an asset/title. In short, title loans are secured loans. They put lower risk on the lender making them one of the best options for borrowing because of low-interest rates.
In case the borrower defaults, however, the lender is legally-bound to repossess the property in order to recover their principal and interests.
Auto loans are a good example of title loans where the borrower uses their car as collateral against the loan
These are loans borrowed from a lender to be repaid in monthly installments. Unlike title loans, personal loans don't come with limits on usage. You can use them for debt consolidation, renovating your car or home, covering emergency bills, etc.
Most personal loans are unsecured—they’re not backed by collateral. Lenders decide your creditworthiness based on factors such as your credit score, debt-to-income ratio, credit history, etc.
A quick loan is a short-term loan that’s normally for a small amount of money and might come with high-interest rates and fees. Quick loans are usually advanced the same day the loan application is approved. They are a great option for small demands such as car repairs.
Same Day Loans
These are short-term loans given relative to your income. A lender assesses your monthly income as the primary determinant of your creditworthiness. They are also unsecured which means the borrower doesn't have a high risk. The biggest disadvantage of payday loans is high-interest rates.
Online lending is the opposite of traditional lending where a borrower has to visit the physical premises of the lender and complete paperwork before a loan is given to them. Every online lender has apps and/or web portals for borrowers to apply for loans.
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Cash advance apps give the borrower a chance to access loans without going through a strenuous process. Besides, most apps don’t offer large loans which means as a borrower the small amount you take can be easy to repay.
For the alternatives, you can always get loans from lenders based on your credit score, monthly income, etc. USBadCreditLoans is here to help you access affordable loans.