6 Loan Apps for 2023: Cash Advances and Overdraft Protection
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6 Loan Apps to be Available in 2023. Cash advances as well as Overdraft Protection
Cash advance apps 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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Apps for cash advances like Earnin, Dave and Brigit allow you to borrow a tiny amount of your next pay before you receive it. This can be a great solution if you need cash in an emergency situation, but it’s smart to consider cheaper options before you borrow through an application.
In contrast to other borrowing options such as credit cards or , the cost of borrowing via apps isn’t reflected in terms of the interest rates. Instead, the apps may charge subscription or fast-funding fees as well as some recommend that you tip them.
Credit card issuers and lenders explain the costs of using their products as an annual percentage rate, which accounts for interest and other charges they might charge. Apps for loans and other smaller-dollar lenders argue that APR isn’t a fair method to represent the cost of their products, but we’ve included an example with the apps.
There are six applications that let you borrow against future earnings and other options that are less costly to think about.
1. Earnin: The best for the lowest costs
Earnin is a paycheck advance app that tracks your hours worked through a timesheet or by tracking the location of your workplace and allows you to cash out the money you’ve earned. The app also includes an option to notify that your bank balance is low, and an option to add it to your account for a fee.
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The amount: From $100 to $750 for a pay period. The maximum daily amount is $100.
Costs Earnin asks for a voluntary tip, which is capped at $14. You can choose to activate the automatic overdraft protection feature by setting a regular tip.
Speed It is possible to sign up for Earnin’s Lightning Speed feature, which costs $0.99 to $3.99 dependent on the amount you borrow and allows you to receive the money immediately. If not, it generally takes between one and 3 business days.
Payday Repayment Earnin withdraws the cash you have borrowed from your bank account on the next payday.
Example of an APR Example of APR: If you loan $100 seven days before payday, you tip at $2, and then pay the $3.99 fast-funding fee, the APR for the loan is 312.3%.
2. Dave: Best for repayment flexibility
The Dave app allows you to take out a small amount of money to cover expenses while you wait for your next pay check or to avoid overdrawing your bank account. To qualify to receive an advance, Dave users must open an ExtraCash account. The app also comes with the «Side hustle» feature that allows users to find side gigs to earn more money.
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Amount: Up to $500.
Fees: Dave charges three fee for the advance.
$1 monthly membership fee.
$1.99 from $9.99 charge for express service to Dave customers with a checking account to receive the cash advance quicker. The cost is $2.99 to $13.99 when the funds are being transferred to a non-Dave bank account.
Optional tips.
Speed: It takes anywhere from one to three days to receive your cash from Dave. If you pay the express fee to get your money sooner according to the company, you’ll receive your money within one hour.
Payday: The date for your payment is usually set to the next payday automatically however, you can ask for an extension.
Example of an APR: If you borrow $100 in the seven days leading up to when you get your next paycheck and pay the $6.99 express fee, and the monthly $1 subscription fee and add one dollar tip, it’ll cost $8.99 to borrow the $100. The APR for this loan would be 468.8 percent.
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3. Brigit: Great for budgeting tools
Brigit is a budgeting app that can get you up to $250 when you require it. The free version, which offers budgeting and financial advice. For access to an advance on cash, you’ll need purchase the paid plan, which includes all the features of the free plan, plus cash advances, overdraft coverage and monitoring of credit.
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Amount: $50 to $250.
Costs: The monthly fee for the paid plan is $9.99 per month.
Rapid: Brigit says it can give you an advance on within the same day if make your request before 10 a.m. Eastern time; in other cases the advance will be delivered on the next working day.
Payback: Brigit automatically sets your next installment based on your income calendar. You are able to extend the repayment date through the app — but only for every two advances you pay back on time.
Example of APR for example: If you buy an $9.99 Brigit membership and use the app for an instant, $100 cash advance that you’ll be able to pay back in 7 days and pay it back in seven days, your loan has an APR of over 500%.
4. Empower: Best for speedy cash
Empower offers cash advances as well as budgeting tools, and bank accounts. The typical time to fund the Empower cash advance of one working day, which is quicker than the majority of competitors — but users can pay an immediate delivery fee to get the cash within the hour. Empower has the option of automatic savings which allows users to select the amount they want the app to transfer from your checking to savings account or ask the app to make savings for you with artificial intelligence.
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Amount: $10-$250.
Fees: Empower charges a mandatory cost for a subscription following an initial 14-day trial, as well as two optional costs.
A monthly subscription of $8.
A $1-$8 instant delivery fee.
Up to 20% of tips of the advance.
Tempo: If fail to pay the instant delivery fee then it will take approximately an entire day for you to receive the advance.
Payback: Empower withdraws the advance repayment, as well as any tips and fees at the time of your next payday. You can email customer service to alter the date of your repayment.
Example of an APR: If you pay $8 to subscribe to Empower using the app, you can use it to get a one-time $150 cash advance which you’ll be able to repay within seven days, and then pay the instant delivery fee and your loan is a rate of 486.7 percent.
5. Chime: Great to protect against overdrafts
Chime is a mobile-based company which provides checking and savings accounts as well as credit-builder loans Customers can overdraw their checking account by an amount that is predetermined and small without fees via its SpotMe feature. SpotMe is more of an overdraft security feature rather than a cash advance however, it asks if you want to tip for the service. Chime claims that your Chime account will become negative as long as you have an approved amount, and purchases that fall below the cushion will be declined. You must make at least $200 in direct deposits that are eligible into your Chime account each month to qualify for SpotMe.
Amount: $20 to $200. Limits begin at $20 and increase based on your activities on your account.
Fees: There’s no charges. The company asks if you would like to leave a tip.
Speed: Instant. You create SpotMe prior to you draw overdrawn the amount, and then it’s deposited into your account as you move forward.
Repayment Your next direct deposit — typically on your next payday — will repay the amount Chime spotted you.
APR example: If Chime offers you $50 to withdraw and you pay back the balance in 7 days and add a $1 tip, you’re getting the equivalent of a $50 loan with an 104.3% APR.
6. MoneyLion is the best choice for customers who are already clients
The MoneyLion app provides mobile banking or investment accounts as well as financial monitoring and a credit-building loan and cash advances up to $250. The Instacash advance is open to all who have a checking account. You’ll need to pay a fee if you need your funds quickly. 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 are granted an advance.
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Amount: $25 to $250, but only MoneyLion checking account customers get access to the largest sums.
Fees: There is an optional tip plus a fee for instant delivery that varies by the amount borrowed.
MoneyLion checking account users: $0.49 to $5.99 for instant delivery.
Users with non-MoneyLion checking accounts: $1.99 to $8.99 for instant delivery.
Acceleration: If you do not pay the instant delivery fee the delivery time is between 24 and 72 hours to MoneyLion checking account users , and up to five business days for non-MoneyLion checking users.
With immediate payment, MoneyLion account holders will get their advance within minutes, while others get it in four hours, according to the company.
Repayment: The money is taken out of your bank account the next day you’re due to receive your next payment — typically the day before your next payday. If your account isn’t stocked with enough money The app will continually try to withdraw the funds.
Example of APR for example: If you receive an advance of $100 that is deposited immediately into an account that is not your own at $7.99, add an additional $1 to repay the loan within seven days, the loan will be charged at an APR of 468.8%.
Summary of cash advance apps
App for loan
The amount of the loan
Speed without having to pay an amount
Fee for fast-funding
Other fees
$100-$750 max.
1 to 2 days.
$0.99-$3.99.
None.
As high as $500.
Three days or more.
$1.99-$13.99.
A monthly fee of $1.
$50-$250.
1-to-3 days.
Not disclosed.
$9.99 per month for a monthly subscription.
$10-$250.
1 day.
$1-$8.
Monthly subscriptions of $8.
Chime
$20-$200.
Instant.
None.
None.
$25-$250.
One to two days.
$0.49-$8.99.
None.
Pros and cons loan applications
Although loan application fees appear to be small, they can add up quickly. NerdWallet does not recommend making payments for accessing early funds you’ve earned. The apps can be helpful when you need help in an emergency, such as a car repair or unexpected travel, but financial experts say they’re not sustainable long-term solutions for the long-term.
Consider whether there are pros or cons prior to applying a cash advance program.
Pros
Cash in an instant in case of emergency: Certain apps allow you to instantly deposit funds into your checking account, but they might charge an additional fee for that service.
It may be less expensive than an overdraft fee: If you have to choose between a paycheck advance and paying an overdraft charge it is more likely that the advance will be cheaper. Most app fees are under $10, but the bank’s overdraft fee can go up to $35.
Cons
May cause an overdraft fee Certain programs require your bank’s account to take money out when it’s due. Although apps claim they will attempt to prevent the overdraft process, they don’t promise to prevent that they will not trigger an overdraft. The exception is Empower that will reimburse the overdraft charges it causes.
Could lead to a cycle of borrowing: Because apps let you borrow money out of your paycheck a breeze, they could lead to an endless cycle of debt if you rely on advances to pay for regular expenses.
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Are cash advance applications payday lenders?
Cash advance apps are not considered payday lenders, and payday lending regulations do not apply to them.
However, some advocates for consumers consider them thinly disguised payday lenders and they have some similarities. These apps provide small-dollar loans which will be due on your next payday and can incur charges. As with the payday lender, applications that offer advances don’t report payments to major credit bureaus, therefore they don’t affect your credit score.
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Alternatives to cash advance apps
Consider all your options prior to you decide to take the loan via an application. You may have cheaper alternatives which can help you enhance your credit score, finances or both.
Small personal loans They are available for a personal loan from an online lender. These loans could be as little as $1000, and the APRs below 36%, which experts in finance say is the highest rate an affordable loan can get. Certain online lenders tailor their loans to bad-credit borrowers.
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Credit union loans: If you’re a part of a credit union you might be eligible for a personal loan that has a cost of 18% or less. Some credit unions will offer personal loans of $500, and even though they look at your credit score to qualify you, they’ll also consider the status of a credit union member in a loan decision. Some credit unions offer , which are low-cost loans with low interest rates that are repaid over a period of the course of a few months or even a year.
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Buy nowand pay later: «Buy now, pay later» applications such as Affirm and Afterpay break up a major purchase, like laptops or mattresses, into smaller installments. The most popular structure is the pay-in-four plan which requires you to take 25% off the purchase upfront and then make three biweekly installments.
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Other ways to make money: Instead of borrowing it, you could discover a way to earn extra money. You could become a rideshare driver, take online surveys , or even babysit. You can choose a temporary side gig to cover expenses in the event of an emergency, or choose something you like enough to use as an extra income stream.
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Friend and family loans are difficult to request money, but it may be your best option if you’re stuck. A loan from an individual you trust, such as someone from your family or a friend could help you get the money you need , without red tape and without risking your finances. You can also draw up the contract which outlines repayment terms and interest.
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Most frequently asked questions Which app gives you an instant loan instantaneously?
Most cash advance apps say they can pay you in a matter of days, or you can pay a fee to receive the money faster.
The cash advance can be made within one hour at a cost of between $1 and $8.
offers instant advances at an amount of $0.99 to $3.99.
We can offer an advance of one hour with an express fee of $1.99 up to $13.99.
Which app can I borrow $100 from?
The following apps offer advances of $100 or more:
.
.
.
.
.
Some applications set your limit at $100 and provide more advance payments as you pay them back.
Are loan applications safe?
The safest way to use loan apps is in one-time emergencies as fees can accumulate and encourage repeat borrowing. If you’re having trouble paying for the cost of your regular expenses, you should first think about it.
What app will give you the loan instantaneously?
The majority of cash advance apps claim they can provide you with money in a matter of days, or you can pay a fee to receive the cash quicker. Cash advances can be made within one hour at a cost of $1 to $8. provides instant advances for a fee between $0.99 up to $3.99. It can offer an advance in one hour with an upfront fee of $1.99 to $13.99.
What app can I borrow $100 from?
The following apps offer advances of $100 or more: . . . . . Some apps set your limit below $100 at first and offer larger advances as you pay them back.
Are loan apps safe?
The safest way to use loan applications is for emergencies that are not immediate, as fees can increase and encourage repeat borrowing. If you’re struggling to cover regular expenses, consider first.
About the writer Annie Millerbernd is an individual loans writer. Her writing has been featured in The Associated Press and USA Today.
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