Money borrowing apps can provide a quick fix when you’re facing an unexpected expense. However, chỉ số chứng khoán using them too often can increase your debt and damage your credit score.
EarnIn offers paycheck advances, while Dave lets you borrow a set amount of cash for a fee. Both apps have fees, including subscription and fast-funding charges.
Even
Whether you need to borrow money in an emergency or simply want a better way to track your spending, there are loan apps that can help. These financial tools offer cash advances or payday advance loans, but they typically come with fees. They can also have high interest rates, so they're not ideal for long-term use.
The main function of a loan app is to match you with lenders that are willing to lend you funds based on your needs. Depending on the lender you choose, you may be asked for your credit rating and personal information. The more accurate this information is, the more likely you'll be matched with a lender that will be willing to work with you.
While there are many different types of lending apps, one that has become popular in recent years is Even. This mobile-based app offers a range of financial products, including savings accounts, credit cards, and loans. It's best for those with good credit, but it can still help those with bad scores.
Another lending app, Earnin, provides a form of payday advance that uses your next direct deposit paycheck as security. You can choose to withdraw up to 50% of your earned wages before payday. The company's website says that customers have saved over $100 million in fees and interest compared to credit card debt and overdraft charges. Its services are free for employees, but freelancers must pay a weekly $3 subscription charge.
Brigit
If you’re living paycheck to paycheck and an unexpected emergency happens, it can be tough. Rather than rack up debt or risk an overdraft charge, you can use Brigit to get the money you need before your next payday. The app monitors your bank account and can automatically send you an advance if it thinks you’re about to run out of cash. The advance is repaid when you receive your next paycheck and there’s no penalty for missing the payment.
Users who qualify for an instant advance may receive up to $250.1 Brigit uses a system that’s based on the pattern of your income deposits and reviews your account daily to see if you’re eligible for an advance. It also offers a credit-builder loan program that lets you make monthly payments, which it reports to the credit bureaus. It claims that its members can increase their credit score by up to 60 points, though individual results will vary.
Brigit has a wide range of other features, including budget tracking and $1 million in identity protection. It also uses a secure 256-bit encryption system to protect your financial information and bank account details. Its privacy policy outlines what information it collects, how it’s used and how it’s protected. It also explains its data retention policy and the information it’ll delete upon your request. The premium Genius membership plan adds even more perks, such as 32,000 fee-free ATMs and advanced budgeting tools.
PossibleFinance
Unlike payday loans and high-interest credit cards, Possible Finance uses alternative data sources to assess applicants’ creditworthiness. It also allows borrowers to repay loans in installments, which can help prevent debt traps. Plus, it reports loan payments to the major credit bureaus to improve credit scores.
To qualify for a Possible Finance loan, you’ll need to have a checking account with consistent deposits and a stable income. The app does not support Chime Bank, Simple Bank or PayPal, so you’ll need to have a bank that’s compatible with the platform. You’ll also need a valid driver’s license or state-issued ID to verify your identity.
Once approved, Possible Finance will deposit your funds into your bank account. This can take up to 24 hours, depending on your bank. You’ll then need to sign your loan agreement electronically in the app. Finally, you’ll need to agree on a repayment schedule and the fees for your loan.
To avoid paying higher interest rates, you should make your payments on time. Otherwise, you may end up in a vicious cycle of debt. To avoid this, you should try to borrow from a family member or friend instead of using one of these money borrowing apps. Also, consider a lower-interest personal loan or a credit-builder product to build your credit score. These options have better annual percentage rates than Possible Finance’s high APRs and fees.
Cleo
Cleo is a money management app that offers several nifty features. It connects to your bank account and automatically categorizes your spending. You can also set budgets and track your progress. You can even customize your budget to meet your specific needs. The app is free to use, but you can get a premium version called Cleo Plus. This feature offers more perks, but it comes at a cost.
It does not require a credit check or lengthy application process, which makes it an attractive option for those with bad credit ratings. However, the company does charge a monthly fee for its services. The fee isn’t particularly high, but it may be prohibitive for some.
The app’s cash advance limit is based on transaction history in your linked bank account, rather than your credit score. It offers a tiered system, with new users qualifying for $20-$70 to start. The amount you can borrow increases over time as you repay your loan and complete a number of tasks.
This UK-based finance app is available for iOS and Android devices and offers a range of benefits, including instant spotting through SpotMe and no overdraft fees. It also provides a full suite of personal financial management tools and is compliant with US and U.K. data protection laws. In addition, it is one of the few loan apps to offer salary advances, a feature that many competitors do not offer.
Albert
Albert is a loan app that gives you a fee-free cash advance of up to $250 from your next paycheck. You can access your money within two to three days for free or pay a small fee to have it deposited earlier. You must meet certain eligibility requirements to use the service, including a monthly paycheck that is deposited directly into your connected bank account and consistent income from the same employer for at least two months.
The company’s other services include budgeting and financial advice. The app automatically organizes your spending and savings across all of your accounts and alerts you to overdraft fees and unusual transactions. It also helps you find hidden savings by reviewing your bills through its partnership with Billshark. It will also flag recurring charges that you may no longer need and help you save on pesky subscriptions.
Another useful feature is the ability to earn cash back through the Albert Genius program. The app attaches to your spending account and rounds up every purchase to the nearest dollar, putting the difference into an automatic savings account. However, the program is a paid service and is not as comprehensive as a traditional cash-back app like Acorns. You can sign up for Albert for a free trial but after that, the app will charge you on an annual basis. You can change this to a month-to-month payment in the settings menu.
Dave
Dave is a digital banking app that offers $75 interest-free cash advances. To qualify, users must have a job with regular paychecks and set up recurring direct deposits. The app also considers the user’s spending habits to determine if they can afford to repay an advance in full by their next paycheck. Users must also agree to let the app use their checking account to make automatic repayments.
Unlike traditional payday loans, Dave doesn’t require a credit check to qualify for an advance. But the app does charge a $1 per month membership fee, which covers its operations and investment in new products. The company also earns revenue from donations, interchange fees, and interest on the money it lends to users.
Users can choose to pay back the advance in one lump sum or to have Dave automatically deduct what they owe from their next direct deposit paycheck. However, if the amount isn’t paid on time, the user may be banned from the service.
The team behind the Dave app was motivated to create the service by their own experiences with overdraft fees. The startup has raised over $3 million from investors including Mark Cuban, SV Angel, and music artist Diplo. The company has also participated in JP Morgan’s FinLab accelerator. In addition to cash advances, the app provides automated budgeting and a marketplace that connects users with flexible side jobs.