Let’s do some math. Nearly 57% of Americans are unprepared for unexpected expenses of over $1,000. More than that, almost 35% of them have subprime credit scores, meaning that they can face difficulties with getting traditional loans. Plus, conventional options usually take several days to get, so they are not the best solution in case of urgent money needs.
Against this background, apps that loan money become quite popular. As a borrow money app is always as close as your smartphone is, it can provide you with fast cash for your financial emergencies of different sizes and forms.
But with so many loan apps available, it may be hard to choose the one that is safe, convenient, and fast. Here’s the list of the 7 best cash advance apps that allow you to borrow money against your future paycheck.
Top 7 Money Lending Apps That Give You Money Instantly
- Overall best: 1F Cash Advance App.
- Best for fast processing: ASAP Finance.
- Best for high acceptance rate with bad credit: 15M Finance.
- Best for almost instant funding: Same Day Loans.
- Best for a wide range of services: Chime.
- Best for preventing debt cycle: EarnIn.
- Best for interest-free options: MoneyLion.
#1. Overall Best: 1F Cash Advance App
Quick Overview
Loan amounts: $100 to $5,000.
Fees: no membership or application fees.
Repayment terms: 2-4 weeks, depending on your next pay date. Options with terms of up to 24 months are available.
Funding times: as soon as the next business day. Same-day funding may be available for those who apply before noon on a working day.
If you’re looking for a fast and convenient way to borrow money online, here’s an option to consider. 1F Cash Advance has launched an instant cash advance app that can help borrowers with any credit access fast financial assistance till their next paychecks.
The application can meet your money demand in a few clicks. After filling out a simple application form, this tool will link you with a trusted direct lender in your area in a matter of minutes. If you’re approved and get an offer, the money will arrive directly in your bank account within one business day. The repayment is also automatic, so all you need is to ensure your account balance is enough to cover the loan cost.
The app charges no fees or commissions for use. Another great feature is flexible money amounts that suit both small and major life projects. You can get from $100 to $5,000 if you can prove that your income is sufficient for the requested sum.
#2. Best for Fast Processing: ASAP Finance
Quick Overview
Loan amounts: $250 to $5,000.
Fees: no membership or application fees.
Repayment terms: 2-4 weeks, depending on your next pay date. Options with terms of up to 24 months are available.
Funding times: as soon as the next business day. Same-day funding may be available.
ASAP Finance is a paycheck advance app that makes it possible to borrow against your future earnings. The company partners with multiple direct lenders but has no third-party fees. Loan providers here calculate the amount you can borrow based on your regular income. You can commonly get from $250 to $5,000 and repay the money after you receive your next salary. For sums over $1,000, an installment structure can be applied.
The app is known for its fast processing times. You don’t need to wait for days to get a response from a lender. It will review your application details and inform you via email or push notification almost instantly, usually in 5-15 minutes. ASAP Finance also has a desktop version if you want to apply for a loan from your PC.
#3. Best for High Acceptance Rate with Bad Credit: 15M Finance
Quick Overview
Loan amounts: $250 to $5,000.
Fees: no fees for using.
Repayment terms: 2-4 weeks, depending on your next pay date. Options with terms of up to 24 months are available.
Funding times: as soon as the next business day. Same-day funding may be available for those who apply before noon on a working day.
15M Finance is an app that stands for equal borrowing opportunities for applicants with any credit. That is why it’s mostly focused on a borrower’s income, not a credit score. The app works as a connecting tool between a borrower and credible lenders from an extensive database. They don’t run hard credit checks, so you can be sure you won’t be denied just because of your past financial mistakes. This results in a high acceptance rate with bad credit.
The app operates across the US and provides completely online access to funds. You won’t pay any upfront or hidden fees and are welcome to apply multiple times if your first attempt was unsuccessful.
#4. Best for Almost Instant Funding: Same Day Loans
Quick Overview
Loan amounts: $100 to $5,000.
Fees: no application or membership fees.
Repayment terms: 2-4 weeks, depending on your next pay date. Options with terms of up to 24 months are available.
Funding times: as soon as the next business day. Same-day funding may be available for those who apply before noon on a working day.
Same Day Loans emphasize the speed of the whole process, from applying to getting the funds. That is why the app’s strategy is all about accessible loans with no credit checks. This allows you to get money with no impact on your credit score and within 24 hours or less. The application procedure is straightforward and quite simple. Thanks to a user-friendly interface and clear sequencing, you can apply for a loan in a few minutes.
If a lender approves you, the funding will be made via direct deposit. Thus, you can apply from anywhere. Just download the app on your smartphone, and feel free to use it when needed. As there are no fees you need to pay to access the offers from lenders, it won’t cost you a dime.
#5. Best for Wide Range of Services: Chime
Quick Overview
Loan amounts: $20 to $200.
Fees: no application or membership fees, but you can tip if you want.
Repayment terms: by your next paycheck.
Funding times: You need to set up SpotMe to get the funds. Then, the money will be available instantly.
Chime is a great solution for people who need to cover their small cash shortages. Although you can’t use it for unexpected expenses that are over $200, the app has several benefits. It offers customers banking services, such as credit-builder loans and high-yield savings accounts, and fee-free ATMs.
The app doesn’t require any fees. However, users can donate the amount they find reasonable if they want to. With the SpotMe function, you can receive your paycheck up to two days early or spend up to $200 more than what is in your account without being charged an overdraft fee.
#6. Best for Preventing Debt Cycle: EarnIn
Quick Overview
Loan amounts: $100 to $7500.
Fees: up to $3.99 for EarnIn’s Lightning Speed feature (optional). No mandatory fees, but the app asks for a voluntary tip that can be up to $14.
Repayment terms: on your next payday.
Funding times: Instant funding is available with EarnIn’s Lightning Speed feature. A regular funding term is one to three business days.
EarnIn is an app that can provide you with the funds that you’ve already earned but doesn’t get yet. This happens because the app tracks the time that you’ve already worked by using your timesheet or work location. This is made in order to prevent borrowers from obtaining more debt than they can actually repay. This reduces the risk of getting into a debt trap, as it can happen when you get a payday loan.
The maximum amount is capped at $750. EarnIn also has some interesting features, such as notifications about a low balance and the ability to top it off for a certain fee.
#7. Best for Interest-Free Options: MoneyLion
Quick Overview
Loan amounts: $25 to $250. To get a larger amount, you need to have a MoneLion checking account.
Fees: no application or membership fees.
Repayment terms: optional tips plus tips for instant delivery based on the requested amount and whether you have a MoneyLion checking account.
Funding times: commonly within 24 to 48 hours.
MoneyLion is a cash advance app that allows borrowers to get up to a $250 loan without paying any interest or monthly fees. Getting a cash advance through the app won’t hurt your credit due to the lack of hard credit checks. This also means that borrowers with bad credit can access small amounts too. Although the available sums are small, the app can still tide you over if you need a few hundred dollars to bridge the gap between paychecks.
MoneyLion positions itself as a one-stop mobile banking experience. Along with affordable borrowing options, the app also offers additional services. Users can apply for a credit-builder loan, invest in cryptocurrencies, access automatic investment accounts, and receive debit card rewards by signing up for MoneyLion.
What Is a Borrow Money App?
Borrow money apps, also known as cash advance apps, are financial tools that offer small loans till the next paycheck. They share some similarities with payday loans. For example, they accept requests from borrowers with any credit and perform no hard inquiries through major credit bureaus. Also, instant cash advance apps with no credit check have fast funding times and convenient online processes. You can get the funds within one day without much effort or extensive paperwork.
However, these apps are not considered payday lenders. Thus, they are not subject to payday lending regulations. This is also the reason why you need to be cautious when choosing them.
How Do Apps for Instant Money Work?
All instant money apps operate almost the same way. First of all, you need to download an app for instant money on your device. Commonly, developers provide their applications for both Android and iOS users, so you just need to decide on the right loan app and check it out in the App Store or Google Play.
After you install an app, you need to read its terms and conditions. Pay special attention to loan costs and fees, as well as the repayment terms, as they may vary from company to company. Then, you can start an application process. In most cases, you need to simply fill out an online loan request form. You will need just the basic personal information and bank account details. Some apps may also require your income confirmation or timesheets.
After you submit a form, an app will share your application details with suitable lenders on the other end of the line. The one that can help you at the moment will review your details and send you a loan decision. Although it sounds like a time-consuming process, it usually takes just several minutes. If approved, you’ll get a loan offer via email. To accept it, read the terms carefully and e-sign the document. The money will be deposited to your specified bank account on the same day or by the end of the next business day.
Some apps can also provide additional services, such as mobile banking, checking and savings accounts, and investment tools. For more information, you need to contact a customer service manager of the specific app.
Can I Get a Cash Advance with Bad Credit Through a Money Lending App?
Sure, you can! As most money lending apps offer small amounts and perform no credit checks, their eligibility criteria are very relaxed. Many apps don’t even have any minimum credit score requirement, making them a great tool for borrowers with bad, poor, or no credit. However, keep in mind that a higher credit score usually comes with a lower interest rate. Consider improving your credit score to get better loan conditions.
Alternatives to Borrow Money Apps
Now that you know more about borrow money apps, you may find them not suitable for your current needs. If you wonder what reasonable alternatives are available, below are some practical options.
Small Personal Loans
Consider getting a small personal loan if you need a higher amount or want to get a loan with longer repayment terms. Even if you have a low credit score, some small personal loans from online lenders can work for you. Just like cash advance apps, they are fast and easy to get. You can obtain a small personal loan within one business day from the comfort of your couch. However, interest rates on such loans can be much higher. This is especially true for options for bad credit borrowers.
Loans from Credit Unions
If you’re a member of a credit union, contact it and ask about available options. Credit unions typically have lower interest rates as they are non-profit organizations. Additionally, some of them offer payday alternative loans. They work similarly to cash advance apps or regular payday loans but are less expensive and have longer repayment terms.
Borrowing from Other Individuals
This option is not only about taking out a loan from your family or friends. Although it can be a less expensive and the most favorable form of borrowing, it’s also not always possible. Besides seeking help from your loved ones, consider peer-to-peer platforms. They allow you to get loans from other people without undergoing a hard credit check.
Find a Way to Make Extra Money
You can try freelancing when you have spare time, get a side job, or work overtime. These are the best options to get extra cash without going into debt. There are multiple ways to make more money, from pet sitting to delivering food or doing your regular job for other clients on various online platforms.
Things to Be Aware of When Using Cash Advance Apps
A positive borrowing experience always starts with picking the right app. Below are some important details that you should know before you owe.
- Pay attention to other customers’ reviews and learn more about whether the app is reliable. As other customers have already been in your shoes, they can share some practical advice, important details, or warning that will help you understand what you’re going to deal with;
- Check out how much an app charges for its services. Some apps may have membership fees, while others are completely free. If you plan to use an app from time to time when an emergency suddenly arises, pick an app that doesn’t charge anything upfront;
- Look at an interest rate. Some apps may charge flat fees for their loans, so it will be more difficult for you to understand what is an annual percentage rate on your loan. However, you can calculate it on your own, even if it’s not specified in your loan agreement. This will help you compare offers with other available options and make an informed decision;
- Explore how much money a lender can give you. Some apps cap their maximum loan amounts at $250 or $750, so they won’t work for you if you face an emergency that requires a higher sum to be covered;
- Ask about the time it will take to get the funds. Some apps come with instant funding, while others need one or several days to deposit money into your account. If you need money fast, funding times can be a determining factor.
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