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6 Loan Apps in 2023: Cash Advances and Overdraft Protection

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


The last update was on Nov 7, 2022

The majority or all of the products featured here are provided by our partners who pay us. This influences which products we review as well as the place and way the product appears on a page. However, this doesn't influence our evaluations. Our views are our own. Here's a list of and .



Cash advance apps like Earnin, Dave and Brigit allow you to borrow a small amount of your next pay before you receive it. This can be a great solution should you require cash in an emergency situation, but it's smart to consider cheaper options before you borrow via an app.
Unlike with other borrowing options such as credit cards or , the cost of borrowing via an app isn't calculated as an interest rate. Instead, the apps might charge subscription or fast-funding fees as well as some recommend that you pay them.
The credit card issuers and lenders explain the costs of using their services as an annual rate, which includes interest as well as other charges they might charge. Loan apps and other small-dollar lenders argue that the APR method isn't a fair method to measure the value of their products, however we've included an example with the applications.
These are the apps listed below that allow you to take out loans against future earnings, and other options that are less costly to take into consideration.
1. Earning: Best for very low fees
Earnin is a pay advance application that keeps track of the hours you work -- using an hourly timesheet or tracking your work location -- and lets you take money earned. The app also includes an option to notify you when your bank account balance is low and also a feature to top it off at a cost.
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Amount: Maximums from $100 to $750 for a pay period. The maximum for a day is $100.
Costs Earnin asks for a voluntary tip, which is limited to $14. You can opt into the automatic protection of your overdraft by setting up a recurring tip.
Speed It is possible to enroll in Earnin's Lightning Speed feature, which costs $0.99 to $3.99, according to the amount of money you want to borrow and allows you to receive the money instantly. Otherwise, it typically takes one to three business days.
Repayment: Earnin will withdraw the funds you borrowed from your bank account on your next payday.
APR example: If you borrow $100 in the seven days prior to payday, you tip 2 dollars and make payment of the $3.99 fast-funding fee, your loan's APR is 312.3 percent.
2. Dave: Best for repayment flexibility
The Dave application lets you get a small amount cash to pay for costs while waiting for your next paycheck or to avoid the risk of overdrawing your account. To qualify for advances, Dave users must open an ExtraCash account. The app also has a "Side hustle" feature that helps users discover side jobs to earn more cash.
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Maximum: $500.
Charges Dave is charged three times for advance.
One-time membership fee of $1 per month.
$1.99 up to $9.99 Express fee is charged to Dave check account customers to get the cash advance quicker. The cost is $2.99 to $13.99 in the event that the funds are being transferred to a non-Dave bank account.
Optional tips.

Speed: It takes one to three days to get your money from Dave. When you make a payment for the express service to get your money sooner according to the company, you'll receive your money in an hour.
Repayment: Your payment date typically falls on the next payday automatically, but you can apply for an extension.
Example of an APR For example: If you are able to borrow $100 for seven days prior to when the next pay day, pay an $6.99 express fee, and the monthly $1 subscription fee, plus a $1 tip, you'll pay $8.99 to borrow the $100. The APR on that loan is 468.8 percent.
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The amount of the loan
on NerdWallet








3. Brigit: Best for budgeting tools
Brigit offers a budgeting app which can provide you with up to $250 whenever you require it. You can use the free version offering budgeting and financial advice. For access to this cash loan, you'll need purchase the paid plan that includes all of the features offered by the free plan plus cash advances, overdraft coverage and credit monitoring.
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The range of $50-$250.
Costs: The monthly fee for the paid plan is $9.99 per month.
The speed: Brigit says it can give you an advance on the same day if you request it before 10 a.m. Eastern time; in other cases, the advance will arrive on the next working day.
Payment: Brigit automatically sets your next payment based on your income calendar. You can extend the date of your repayment within the app, but only for every two advances you repay on time.
APR example: If you get the $9.99 Brigit membership and use the app to only get a one-time, $100 advance which you'll pay back in 7 days the loan is a rate of 500 percent or more..
4. Empower: Best for speedy cash
Empower provides cash advances, budgeting tools and bank accounts. The average time to fund the Empower advance is one day -- quicker than the majority of competitors -- but users are able to pay an instant delivery fee to get the funds within an hour. The app includes the option of automatic savings, which lets users select the amount they want the app to transfer funds from their checking account into a savings account. You can also ask the app to save money for you with artificial intelligence.
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Amount: $10 to $250.
Fees Empower requires a fee for subscription after the 14-day trial period as well as two optional charges.
Monthly subscriptions of $8.
Instant delivery of $1 to $8 cost.
Tips of up to 20% of the advance.

Tempo: If do not pay the delivery fee immediately then it will take approximately a day to receive the advance.
Payback: Empower withdraws the advance repayment, plus any fees and tips, on your next payday. Contact customer service to change 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 make a one-time, $150 advance , which you'll pay back within 7 days and pay the charge for delivery in one go, your loan is a rate of 486.7 percent.
5. Chime: Great for protection against overdrafts
Chime, a mobile company which offers savings and checking accounts, as well as credit-building loans, lets customers take overdraws from their checking account for an amount that is predetermined and small without cost through the SpotMe feature. SpotMe is more an overdraft security feature as opposed to 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 approved amount, and purchases that put you below that extra cushion are rejected. You need at least $200 in qualifying direct deposits to your Chime account each month in order to qualify for SpotMe.
The amount is between $20 and $200. Limits start at 20 and increase based on your transactions.
Costs: There aren't any fees. The company will ask you if wish to give a tip.
Speed: Instant. You can set up SpotMe before you overdraw the amount, and then it's deposited into your account as you move forward.
Repayment: Your next direct deposit usually the day after your paydaywill pay back the amount Chime spotted you.
Example of APR Example: If Chime offers you $50 to draw and you pay back the balance within seven days, and you add a $1 tip, you're basically receiving the equivalent of a $50 loan with an 104.3 APR of.
6. MoneyLion is the best choice for customers with existing accounts.
The MoneyLion app lets you access mobile bank as well as investment account, financial monitoring, a credit-builder loan along with cash advance of up to $250. Instacash is a cash advance that can be up to $250. Instacash advance is open to any person with a checking account. You'll need pay a cost if you need your funds quickly. MoneyLion claims that it doesn't charge charges or interest for the cash advance, however you're asked to provide an optional tip if you are granted an advance.
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Amount: $25-$250, but only MoneyLion checking account customers get access to the highest amount.
Fees: There is an option to tip, and a cost for delivery in an instant that varies by the amount borrowed.
MoneyLion checking account holders: $0.49 to $5.99 for immediate delivery.
Users with non-MoneyLion checking accounts: $1.99 to $8.99 for immediate delivery.

Tempo: In the event that you do not pay the instant delivery fee It takes between 24 and 72 hours to MoneyLion checking account users , and two to five days for non-MoneyLion checking account users.
With immediate delivery, MoneyLion account holders will receive their cash in just a few minutes, while other customers will get it in four hours, according to the company.
Repayment: The funds are taken out of your account at the time you're expected for your next payment -- typically the next payday. If your account isn't stocked with enough money, the app will repeatedly try to pull the funds.
Example For example: If you have an advance of $100 that is deposited immediately into an account outside of your home at $7.99 Add a tip of $1 and pay off the loan within seven days and it will cost you an annual percentage rate of 468.8 percent.
Summary of cash advance apps
Loan app



The loan amount



Speed without paying a fee



Fast-funding fees



Other fees



$100-$750 max.


1 to 2 days.


$0.99-$3.99.


None.


As high as $500.


Up to 3 days.


$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 - 2 days.


$0.49-$8.99.


None.








Pros and cons of loan applications
Although loan app charges seem low however, they can rack up quickly. NerdWallet isn't a fan of paying for early access to money you've earned. The apps can be helpful in emergencies, like a repair to your car or an unexpected trip however, financial experts warn that they're not long-term, sustainable solutions for the long-term.
Think about whether there are pros or cons before applying a cash advance program.
Pros
Fast cash in an emergency: Some apps can immediately deposit money into your checking account -- but they may charge an extra fee for that service.
Could be less expensive than an overdraft charge: If your choice is between a payday advance and paying an overdraft fee it is more likely that the advance will be less expensive. Most app fees are under $10, while bank overdraft fees can be up to $35.
Cons
May cause an overdraft fee: Some apps require access to your bank account in order to take money out when it's due. Though apps say they try to avoid triggering any overdrafts, they don't warrant it. The exception is Empower who will pay, upon your request, overdraft fees that it triggers.
Could lead to a cycle of borrowing. Apps allow you to borrow directly from the next pay check simple, they could lead to an endless cycle of debt if you depend on advances to cover regular costs.
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Are cash advance applications payday lenders?
Apps for cash advances aren't considered payday lenders, and payday lending regulations don't apply to them.
Some consumer advocates view these lenders as veiled payday lenders -- and they share some traits. These apps provide small-dollar loans that are due on your next payday with potentially high charges. Like payday lenders, apps that provide advances don't report your payments to major credit bureaus. Therefore, they don't affect your credit score.
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Cash advance alternatives applications
Consider all your options prior to you go with a loan through an application. You may have cheaper alternatives to help 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 low as $1,000, and APRs are below 36% which experts in finance say is the highest rate an affordable loan can get. Some lenders online can tailor their loans for borrowers with poor credit.
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Credit union loans: If you're a member at a credit union, then you may qualify for a small personal loan at a rate of 18% or less. Some credit unions will offer personal loans of up to $500. And though they review your credit score in order to approve you, they'll also consider the status of credit union members when making an loan decision. Some credit unions provide , which are small-dollar loans with low interest rates, which you pay back over several months or a year.
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Buy nowand pay later: "Buy now, pay later" apps such as Affirm and Afterpay divide a big purchase, like laptops or mattresses, into smaller installments. The most commonly used structure is the pay-in-four plan that requires you to make 25% payment of your expense 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 can be a rideshare driver, complete online surveys , or even babysit. You can pick a temporary side job to pay for an emergency expense or find one that you are happy with enough to make an extra income stream.
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Friend and family loans They can be difficult to get money, but it might be the best solution if you're stuck. Borrowing from someone you trust, like someone from your family or a friend, can get you the money you need without any hassle as well as risk to your finances. You can even draw up a contract that details conditions for repayment as well as interest.
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Frequently asked questions Which app gives you an instant loan immediately?


The majority of cash advance apps claim they can pay you within a couple of days, or you can pay a fee to get 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 that ranges from $0.99 up to $3.99.
can provide an advance within one hour, for an express fee of $1.99 to $13.99.







Which app can I get $100 from?


The following apps provide advance of $100 or more:
.
.
.
.
.

Certain apps limit your credit limit below $100 at first and offer larger advances as you repay them.







Are loan apps secure?


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









What app will give you an 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 small fee to receive cash faster. Cash advances can be made within one hour at a cost of $1-$8. provides instant advances for an amount of $0.99 or $3.99. You can get an advance within one hour at an amount of $1.99 up to $13.99.


Which app can I borrow $100 from?
The following apps offer advances of $100 or more: . . . . . Certain apps limit you to lower than $100 initially and offer larger advances as you repay them.


Are loan applications safe?
The best way to use loan applications is for emergency situations because the fees could increase and induce repeat borrowing. If you're having trouble paying for regular expenses, consider first.







About the author Annie Millerbernd is a personal loans writer. Her writing has been featured on The Associated Press and USA Today.







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