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6 Loan Apps to be Available in 2023 include Cash Advances as well as Overdraft Protection

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6 Loan Apps for 2023 include Cash Advances as well as Overdraft Protection
Cash advance apps are fast alternatives for cash that are best reserved for one-time emergencies.


Updated on November 7, 2022.

The majority or all of the products we feature come from our partners who pay us. This impacts the types of products we review and the location and manner in which the product appears on the page. However, this does not affect our assessments. Our views are our own. Here's a list and .



Cash advance apps such as Earnin, Dave and Brigit allow you to borrow a small amount from your next paycheck before you receive it. This quick fix may help should you require cash for an emergency situation, however, it's advisable to look at lower-cost options prior to borrowing via an app.
As opposed to other options for borrowing such as credit cards or the price of borrowing from an app isn't expressed as the interest rates. Instead, apps could charge a subscription fee or fast-funding charges, and many suggest paying them a tip.
Credit card issuers and lenders explain the costs of using their products in terms of an annual percent rate, which accounts for interest and other fees they may charge. Loan apps and other small-dollar lenders claim that APR isn't an accurate way to depict the price of their products, but we've included an example with the applications.
Here are six apps that allow you to take out loans against future earnings, and some less expensive options to take into consideration.
1. Earnin: Best for low costs
Earnin is a payday advance application that keeps track of your hours worked -- using an hourly timesheet or tracking your location at work and lets you take money earned. It also comes with a feature that notifies that your bank account balance is low and a feature that will top it off with a small fee.
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Amount: Maximums from $100 to $750 for a pay period. The maximum daily amount is $100.
Costs Earnin asks for a voluntary tip, which is set at $14. You can choose to activate the automatic protection of your overdraft by setting a recurring tip.
Speed: You can sign up for Earnin's Lightning Speed feature, which costs $0.99 to $3.99, depending on the amount borrowed and will pay you the money immediately. Otherwise, it typically takes one to three days for processing.
Repayment: Earnin will withdraw the funds you took out of your account on your next payday.
Example of an APR Example of APR: If you loan $100 for seven days prior to payday, you tip 2 dollars and make payment of the $3.99 fee for fast-funding, your loan's APR is 312.3 percent.
2. Dave: Best for repayment flexibility
The Dave app lets you take out a small amount of funds to cover your costs while waiting for your next paycheck or to stop the risk of overdrawing your account. To qualify for an advance, Dave users must open an ExtraCash account. The app also has the "Side Hustle" feature to help users find side gigs to earn more cash.
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The amount is up to $500.
Costs Dave has three fees for its advance.
$1 monthly membership fee.
$1.99 up to $9.99 charge for express service to Dave customers with a checking account to obtain the advance faster. The cost is $2.99 to $13.99 in the event that the funds are being transferred to an un-Dave bank account.
Optional tip.

Speed: It can take anywhere from one up to three days before you receive your cash from Dave. If you pay the express fee to receive your money sooner, the company says, you'll receive your money within one hour.
Payment date: Your payment due date will usually be set to your next payday by default However, you may ask for an extension.
APR example Example: If you take out a loan of $100 in the seven days leading up to when you get your next paycheck, pay an $6.99 express fee and the monthly $1 subscription fee, plus an additional $1 to the tip, it'll cost $8.99 to get the $100. The APR on this loan is 468.8%.
See if you pre-qualify for a personal loan and it will not affect your credit score
Just answer a few questions to receive personalized rates from a variety of lenders.


The amount of the loan
on NerdWallet








3. Brigit: The best budgeting tools
Brigit is a budgeting tool which can provide you with up to $250 whenever you need it. It is possible to use the free version of the app that offers financial advice and budgeting help. To avail the cash advance, you need pay for the paid plan that includes all the features of the free plan as well as cash advances, overdraft protection and monitoring of credit.
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The amount is $50-$250.
Costs: The cost of the paid plan costs $9.99 per month.
Speed: Brigit says it can give you an advance on within the same day if make your request before the 10 a.m. Eastern time; otherwise the advance will be delivered the following business day.
Payback: Brigit automatically sets your next installment based on your income calendar. You are able to extend the repayment date within the app, however, only once for every two advances you repay on time.
Example of APR Example: If you purchase the $9.99 Brigit membership and utilize the app for one-time cash advances of $100 that you'll be able to pay back in seven days, your loan has an APR of 500 percent or more..
4. Empower: Best for speedy cash
Empower provides cash advances as well as budgeting tools, and bank accounts. The typical time to fund an Empower advances is about a day -- more than most competitors -- but users are able to pay an instant delivery fee to receive cash within the hour. Empower has an automatic savings feature, which allows users to select an amount that the app will to transfer money from your checking to a savings account, or request the app to save for the user using artificial intelligence.
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Amount: $10 to $250.
Fees: Empower charges a mandatory subscription fee after the 14-day trial period and two additional fees.
Monthly subscriptions of $8.
$1 to $8 instant delivery fee.
Tips up to 20% of the advance.

Speed: If you don't pay the fee for instant delivery, it'll take about an entire day for you to receive the advance.
Payback: Empower withdraws the advance payment, along with any tips and fees, on your next payday. You can email customer service to modify your repayment date.
APR example Example: If you pay $8 to subscribe to Empower and then use the app to make a one-time, $150 advance that you'll repay within 7 days and pay the $6 charge for delivery in one go then your loan is a rate of 486.7%.
5. Chime: Best to protect against overdrafts
Chime Chime, a mobile business which provides checking and savings accounts, as well as credit-building loans Customers can take overdraws from their checking account for an amount that is predetermined and small with no fees through the SpotMe feature. SpotMe is more an overdraft security feature than a cash advance, but it still asks whether you want to tip for the service. Chime claims that your Chime account will go negative up to your limit, and any purchases that put you below the cushion are rejected. You need at least $200 in direct deposit that is eligible into your Chime account each month in order to be eligible for SpotMe.
Amount: $20 to $200. Limits begin at $20 and will increase depending on your activities on your account.
Costs: There aren't any charges. The business asks you if you would like to leave a leave a tip.
Speed: Instant. You create SpotMe prior to overdrawing the amount, and then it's deposited into your account moving forward.
Repayment Your next direct deposit -- usually the day after your paydayyou will be able to repay the amount Chime has spotted you.
Example of APR: If Chime gives you $50 to draw and you then pay the balance in seven days, and you add an additional $1 to your tip, you're basically receiving the equivalent of a $50 loan with a 104.3% APR.
6. MoneyLion is the best choice for customers with existing accounts.
The MoneyLion app lets you access mobile bank and investment accounts, financial tracking, a credit-builder loan along with cash advance up to $250. Instacash is a cash advance that can be up to $250. Instacash advance is open to all who have a checking account. But, you'll need to pay a fee if you need funds urgently. MoneyLion claims that it doesn't charge interest or fees with the cash advance, however you're asked to provide an optional amount of money if you get an advance.
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Amount: $25-$250 However, only MoneyLion customers with a checking account have access to the largest amount.
Fees: MoneyLion offers an option to tip, and a fee for instant delivery that differs based on the amount you that you have borrowed.
MoneyLion checking account holders: $0.49 to $5.99 for instant delivery.
Users who do not have a checking account with MoneyLion: $1.99 to $8.99 for immediate delivery.

Tempo: In the event that you fail to pay the instant delivery fee It takes between 24 and 48 hours in the case of MoneyLion checking account users and two to five business days for non-MoneyLion checking account users.
With instant payment, MoneyLion account holders will receive their cash in just a few minutes, while other customers will be able to receive it within four hours, as per the company.
Repayment: The money is automatically withdrawn from your account at the time that you're due to get your following payment usually on your next payday. If your account isn't stocked with enough funds The app will continually attempt to take the money.
APR example For example: If you have an instant $100 cash advance into an external account for $7.99 and then add a tip of $1 and pay back the loan in 7 days and the loan will be charged at an annual percentage rate of 468.8%.
Cash advance app summary
Loan app



The amount of the loan



Speed without having to pay a fee



Fast-funding fees



Other charges



$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.


One to three days.


Not disclosed.


$9.99 per month for a monthly subscription.


$10-$250.


1 day.


$1-$8.


$8 monthly subscription fee.


Chime


$20-$200.


Instant.


None.


None.


$25-$250.


1 to 2 days.


$0.49-$8.99.


None.








Pros and cons of loan applications
Though loan app charges seem low however, they can rack up quickly, and NerdWallet doesn't recommend making payments for accessing early the money you've earned. They can aid with emergencies such as vehicle repair or unexpected travel however, financial experts warn that they're not sustainable long-term solutions for the long-term.
Be aware of the pros and cons before using a cash advance app.
Pros
Fast cash in an emergency: Some apps will immediately deposit money into your checking account, but they may charge an extra fee for this service.
May be cheaper than an overdraft charge: If you have to choose between a paycheck advance and paying an extra fee for an overdraft, the advance is likely cheaper. The majority of app fees are less than $10, whereas the bank's overdraft fee can go up to $35.
Cons
Could result in an overdraft charge Certain programs require your bank's account in order to withdraw money when it's due. Though apps say they are trying to avoid the overdraft process, they can't warrant it. There is one exception: Empower, which will refund the overdraft charges it causes.
May lead to repeat borrowing. Because apps let you borrow money from your next paycheck easy and easy, they can lead to an endless cycle of debt if you depend on advances to cover your regular expenses.
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Are cash advance apps payday lenders?
Cash advance applications aren't considered payday lenders and payday lending regulations aren't applicable to them.
But some consumer advocates consider these lenders as concealed payday lenders and they have a few common features. They offer low-cost loans which are due on the next payday and can incur fees. Like the payday lender, applications offering advances do not report the payments to major credit bureaus, therefore they don't affect your credit score.
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Options to Cash Advance applications
Compare all your options before you make a decision to get a loan from an app. There may be cheaper options that can help you enhance your credit score, finances or both.
Small personal loans are a possibility for a small personal loan from an online lender. These loans can be as small as $1,000, and APRs can be as low as 36%, which experts in finance say is the most affordable rate an affordable loan can have. Some online lenders can tailor their loans for borrowers with poor credit.
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Credit union loans: If you're a member of the credit union, you could be eligible for a modest personal loan that has a cost of 18% or lower. Some credit unions offer personal loans that are $500 and even though they look at your credit score in order to approve for a loan, they will consider your standing as a credit union member in the loan decision. Some credit unions provide , which are low-cost loans with low interest rates that you repay over several months or a year.
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Buy now, pay later: "Buy now, pay later" apps like Affirm and Afterpay divide a big purchase, such as laptops or mattresses, into smaller payments. The most common arrangement is the pay-in-four model that requires you to take 25% off the cost upfront , and then pay three biweekly payments.
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Other options to earn money: Instead of borrowing or borrowing money, you might find a way to earn some extra cash. You could become a rideshare driver, complete surveys online, or help with babysitting. You can pick a temporary side hustle to pay for an emergency expense or find one you enjoy enough to use as an extra source of income.
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Friends and family loans They can be difficult to request money, however it could be your best option when you're caught in a financial bind. Borrowing from someone you trust, like someone from your family or a friend, can get you the money you need without red tape and without risking your financial situation. You can also draw up an agreement that outlines the terms of repayment and the interest rate.
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Frequently asked questions What app can give you the loan instantly?


Most cash advance apps say they can pay you within a few days, or you can pay a fee to receive the cash faster.
The cash advance can be made within one hour for a fee of $1 to $8.
offers instant advances at an amount that ranges from $0.99 up to $3.99.
You can request an advance in less than one hour, for an express fee of $1.99 to $13.99.







Which app can I get $100 from?


The following apps grant advance of up to $100:
.
.
.
.
.

Some apps set your limit at $100 and offer larger advances as you pay them back.







Are loan apps safe?


The safest way to use loan applications is during one-time emergencies as fees can add up and they may encourage repeat borrowing. If you're having difficulty paying your the cost of your regular expenses, you should first think about it.









What app will give you an loan instantaneously?
Many cash advance applications claim they can get you money in a matter of days, or pay a small fee to receive the money faster. can advance cash within an hour for a fee of $1-$8. provides instant advances for the cost of $0.99 or $3.99. It can offer an advance in one hour with an amount of $1.99 up to $13.99.


What app can I borrow $100 from?
The following apps provide cash advances of up to $100: . . . . . Certain apps limit your credit limit lower than $100 initially and then offer more advance payments as you repay them.


Are loan apps safe?
The safest way to use loan apps is in emergencies that are not immediate, as fees can increase and encourage repeat borrowing. If you're struggling to pay for regular expenses, you should first think about.







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







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