7 Loan Apps That Let You Borrow Money Fast

loan apps

If you ever find yourself in a tight financial spot, desperately needing some quick cash to deal with an unexpected expense, guess what? There’s an app for that! Yep, whether you want to call them loan apps, cash advance apps, borrow-money apps, or payday advance apps, these digital lending platforms can be a real lifesaver when you’re in a financial jam.

Now, let’s be real here. They’re not your ideal solution. Borrowing money always comes with a price tag – even if it’s just the cost of sticking to some not-so-great financial habits. But in those moments of dire need, these loan apps can genuinely come in handy. So, if you’re curious about how these apps actually work, what the upsides and downsides are, and which ones are worth considering when you’re strapped for cash, you’re in the right place. We’re about to dive into all of that. So, let’s get started!

Are you wondering if there truly exist apps that facilitate borrowing money?

Well, loan apps are distinct from traditional online personal loans as they are designed to provide a rapid and short-term remedy for individuals facing sudden financial challenges. And let me tell you, they seem to be sprouting up like mushrooms after rain, with new ones emerging every day.

Michael Sullivan, a seasoned personal financial consultant affiliated with Take Charge America, a nonprofit organization specializing in credit counseling and debt management, noted that while online financial services have always been around, the surge in the number of lending apps available is nothing short of remarkable. It’s a digital financial frontier that’s expanding at an astonishing pace.

Wondering how these loan apps operate?

Well, in essence, loan apps function in a manner quite reminiscent of payday loans. They essentially provide borrowers with an advance on their forthcoming income. Here’s a simplified breakdown of how it works:

Step 1: You start by downloading the loan app of your choice.

Step 2: You grant the app access to an external bank account that has direct deposit functionality.

Step 3: Within minutes, or in some cases, a few hours (depending on the specific app), you can submit a request for the amount of cash you need.

However, it’s essential to understand that this convenience typically comes with a price tag. The cost varies depending on the particular loan app. You might be required to pay a fee based on the amount you borrow, and in some cases, a monthly subscription fee to the lender might also apply.

Once you’ve taken an advance, the repayment typically happens within a relatively short timeframe. Often, the loan app will automatically deduct the borrowed amount, along with its associated fee, from your account on your next payday. Some apps might offer you the flexibility to select your preferred repayment date, but this can vary.

Pros and Cons of Borrow Money Apps

Pros

1. Speedy Cash Access: Traditional lending sources can be painfully slow, taking two to three days for loan approval. Loan apps, on the other hand, are designed for those in a hurry. If you need cash pronto, these apps can often provide it on the same day.

2. User-Friendly: Using these apps is a breeze. Simply download one, enter some basic information, and your bank account login details. It’s a quick process, typically taking just 10 to 15 minutes.

3. Anonymity: Borrowing from a traditional bank or someone you know might come with a level of embarrassment. Loan apps offer a discreet alternative. Some people prefer not having to face someone in person when seeking financial assistance.

4. Comparison Shopping: Loan apps give you the chance to compare offers easily. It’s a feature that can help you find the most favorable terms for your needs.

Cons

1. High Costs: The convenience of loan apps often comes at a price. Many of these apps offer optional tips, donations, and various methods of extracting money from you. Additionally, interest rates can be exorbitant, frequently ranging from 150% to 300%.

2. Privacy Concerns: To use these apps, you must be comfortable sharing personal financial details. It’s crucial to have a direct conversation with customer support to ensure the legitimacy of the lender.

3. Low Loan Limits: Loan apps typically cap the amount they lend at a few hundred dollars. If you require a larger sum, you’ll need to explore personal loan options.

4. Short Repayment Periods: Most loan apps require repayment directly from your bank account on your next payday or within a couple of weeks. This short window can be challenging for some borrowers.

loan apps

7 Loan Apps to Explore

In the vast landscape of online loan apps, choosing the right one can feel like a daunting task. To simplify your search, here’s an overview of seven loan apps that offer cash advance services:

  1. Chime
  2. Dave
  3. Brigit
  4. Albert
  5. EarnIn
  6. MoneyLion
  7. Possible Finance

These apps can help you access the funds you need when you’re in a financial pinch.

Chime: Your No-Fee Cash Access Solution

Chime stands out as an online banking app that comes to your rescue when your funds are running low. With a linked checking account set up for direct deposit, Chime offers a unique service called SpotMe. This isn’t a loan; it’s a fee-free overdraft service that allows you to access up to $200 beyond your balance.

The best part? When your next payday arrives, Chime effortlessly deducts the borrowed amount with no additional interest or fees. Additionally, Chime lets you access your paycheck funds up to two days prior to your scheduled direct deposit. It’s all about flexibility and convenience for your financial peace of mind.

Dave: Your Go-To for Bigger Advances

When you’re in need of more substantial financial assistance, Dave has your back with its ExtraCash feature. This handy feature allows you to secure cash advances of up to $500, conveniently loaded onto your Dave Debit Mastercard.

Here’s the kicker: Dave’s user-friendly approach means no late fees, regardless of the amount you borrow.

Now, let’s talk about costs. Dave does have a nominal $1 monthly membership fee, ensuring you have access to their fantastic services. If you’re looking for an express transfer to your external bank account, there’s a fee ranging from $2.99 to $13.99 per cash advance. It’s all about providing you with options tailored to your financial needs.

Brigit: Say Goodbye to Late Fees

If you’re tired of those pesky late fees, Brigit has a solution for you. With their Express Delivery service, you can access up to $250 within minutes for a small fee. But here’s the kicker – if you can wait for two to three business days, there’s absolutely no charge.

Brigit believes in flexibility. You can even request a payment extension and select your repayment date without worrying about penalties. Plus, they’ve got something extra up their sleeve – a credit-building program to help you improve your financial standing.

Now, let’s talk costs. Brigit has a monthly fee of $9.99, ensuring you have access to their fantastic services. Please note that there’s an additional small fee for express delivery, although the exact amount isn’t disclosed. It’s all about giving you the power to manage your finances your way.

Albert: Your All-in-One Financial Companion

When it comes to financial tools, Albert has your back. This versatile loan app offers you the choice to access a cash advance instantly for a minor fee or at no cost if you can exercise a bit of patience – typically, just two to three days.

Need some cash right now? No worries, Albert has you covered with a borrowing limit of $250.

But that’s not all; Albert goes beyond just lending a helping hand with cash. They provide a suite of financial features to enhance your money management skills. From budgeting to investment tools, Albert is your go-to companion for building a brighter financial future.

Now, let’s talk money – or rather, the cost. The basic version of Albert is free, but they offer an upgraded version known as “Genius” for $8 per month. Please note that there might be a small, undisclosed fee for instant cash advances, but the financial freedom you gain is truly priceless.

EarnIn: Your Go-To for Multiple Advances

When you’re looking for flexibility in your financial options, EarnIn is here to deliver. This loan app allows you to secure an advance of up to $750 per pay period, with a daily limit of $100.

Now, let’s get down to the numbers. EarnIn gives you the freedom to decide if you want to leave a voluntary tip when you cash out. Additionally, keep in mind that there are fees associated with opting for a “Lightning Speed” transfer instead of patiently waiting for the standard one to two business days. Your financial choices, your call.

MoneyLion: Your Lifeline for Deferred Payments

When it comes to flexibility, MoneyLion shines bright. Offering cash advances of up to $500, they do so with no interest or monthly subscription fee. Now, if you’re one of their valued Credit Builder members, which comes at a monthly cost of $19.99, your Instacash limit can soar to a generous $700.

But wait, there’s more! If you choose to switch your direct deposit to a MoneyLion account, you unlock the potential to access up to $1,000 in funds. And here’s the cherry on top: should you find yourself still in a financial bind when payday arrives, MoneyLion has your back. You can request a deferral of your repayment for an additional two weeks.

Now, let’s talk costs. MoneyLion offers a turbo delivery option, priced between $1.99 and $8.99, depending on how fast you need the funds. They also provide you with the choice to leave an optional tip. Flexibility meets convenience.

Possible Finance: Your Partner for Extended Repayment

Looking for a loan app with more breathing room when it comes to repayments? Enter Possible Finance, the perfect blend of a loan app and a personal loan. Why? Because they offer repayment terms that can extend for a generous 12 months.

Instantly borrow up to $500 with no late fees to worry about. Repayments are a breeze as they’re automatically processed from your bank account’s direct deposit. Plus, you’re granted a handy grace period of up to 29 days.

Now, let’s talk costs. While specific fees aren’t laid out in detail on their website, to give you an idea, an example provided on the site shows that a $250 loan could come with an additional cost of $44.12. It’s always a good practice to check for the latest fee information directly on the platform.

What Are the Latest Personal Loan Rates?

When you’re in need of a personal loan, one of the most critical factors to consider is the interest rate. As of the week of Aug. 23, the average personal loan rate has taken a step up, reaching 11.31%, as reported by a Bankrate survey. It’s worth noting that personal loan interest rates have been on the rise throughout this month, climbing up from around 11% back in early July.

Now, here’s the thing – personal loan rates aren’t one-size-fits-all. They’re like a tailored suit, fitting you differently based on your creditworthiness. If you’ve got a stellar credit score, you’re in luck; you’ll enjoy much more favorable interest rates compared to folks with fair or poor credit. But here’s a twist: individuals with not-so-great credit might opt for secured personal loans. These loans involve putting up an asset as collateral, a move that can lead to more manageable interest rates.

So, as you shop for personal loans, remember that the rates you’ll encounter can vary widely, and it all comes down to your creditworthiness.

Current Personal Loan Rates: What You Need to Know

When you’re in the market for a personal loan, understanding the prevailing interest rates is crucial. As of the week of Aug. 23, recent data from a Bankrate survey reveals that the average personal loan rate has taken a slight uptick, settling at 11.31%. Notably, personal loan interest rates have been following an upward trajectory throughout this month, marking a noticeable increase from approximately 11% recorded in early July.

However, it’s important to grasp that personal loan rates are not a one-size-fits-all scenario. Instead, they’re akin to a well-fitted suit, tailored to your specific circumstances. The crux of the matter is your creditworthiness. If you boast a stellar credit score, you’re in a fortunate position; you’ll be privy to significantly more favorable interest rates compared to individuals with fair or poor credit histories.

Now, here’s a twist in the tale: for those grappling with less-than-ideal credit scores, there’s an alternative – secured personal loans. These financial instruments require the borrower to put up an asset as collateral, thereby paving the way for more manageable interest rates.

So, as you embark on your quest for personal loans, bear in mind that the interest rates you encounter can exhibit substantial variability, all contingent on your unique creditworthiness.

Exploring Alternatives to Loan Apps: Making Informed Financial Choices

When your finances hit a rough patch and you find yourself in need of immediate funds, it’s tempting to turn to loan apps for quick cash. However, before you make that leap, consider that these apps aren’t always the ideal solution. Vincent Birardi, a certified financial planner and wealth advisor at Halbert Hargrove, offers valuable insight: “The best alternative to borrowing is building an emergency savings account funded with three to six months of average monthly expenses. That should negate the need to use the cash advance app.”

In the interim, let’s explore some viable alternatives to loan apps:

1. 0% APR Credit Card: If your credit score is robust, you might qualify for a credit card with a 0% annual percentage rate (APR) on purchases. This zero-interest period can extend for a year or even longer. It’s a swift way to access money without incurring interest charges. Seek out cards that allow instant use for speedy access to funds.

2. Seek Assistance from Family or Friends: While it’s not always comfortable, approaching a family member or close friend for financial support can be a viable option if it doesn’t strain your relationship. This way, you can sidestep fees, interest, or the need to share sensitive banking information.

3. Overdraft Protection: Many banks, credit unions, and apps like Chime offer overdraft protection. This means you can overdraw your account in times of need, like when you’re facing an unexpected expense. This can be particularly advantageous if your bank doesn’t levy fees for this service. Michael Sullivan, a personal financial consultant with Take Charge America, points out, “It doesn’t get you into that revolving door of loans or cash advances.”

4. Consider Personal Loans: If your credit score is good enough to secure a favorable interest rate, you might opt for a personal loan. These loans typically offer a more substantial sum with an extended repayment period, affording you some financial breathing room. Sullivan adds, “Even if you borrow extra, it can end up costing you less in terms of APR and other fees.”

In essence, while loan apps can provide a convenient way to access cash swiftly, it’s wise to exercise caution and consider them a last resort. As Birardi wisely advises, “Treat cash advance apps as one of the options of last resort.” Your financial health and future stability are worth the extra consideration.

READ – 9 Important Questions to Ask About Your Credit Card Debt

I'm Darlington, a finance-focused blogger, author, and online strategist. With two published books on Amazon, I'm dedicated to simplifying finance and passive income topics. As a crypto and forex enthusiast, I explore diverse niches—stock investing, affiliate marketing, real estate, and more. Let's navigate the world of finance together, unraveling opportunities and pathways to financial freedom.
Posts created 39

15 thoughts on “7 Loan Apps That Let You Borrow Money Fast

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

Begin typing your search term above and press enter to search. Press ESC to cancel.

Back To Top
Translate »