Cash advance apps allow you to borrow from your next paycheck before receiving it. This helps you to cover up in terms of emergency or financial urgency.
Unlike other borrowing options, such as personal loans or credit cards, where an interest rate is placed on borrowing, the cost of borrowing from a cash advance app does not come as an interest rate. Some apps charge fast-funding fees or subscription fees, and some collect tips.
The APR of cash advance apps can be expensive most times, so it is better to seek lesser options before settling for cash advance apps. However, here is the list of the six new cash advance apps in 2023.
New Cash Advance Apps In 2024
1. Dave: (Best for flexible repayment)
The Dave app allows you to borrow money to cover expenses before your next paycheck. You can borrow up to $500 from Dave. It takes one to three days to be funded after you have requested it. However, you can get the money within an hour, if you subscribe to the express option. The repayment date is due by your next paycheck. You can also ask for an extension if you wouldn’t be able to pay it off from your next paycheck.
To be eligible to borrow from Dave, you must have an ExtraCash account. One beauty of the app is that it has a “Side Hustle” feature that enables you to find side gigs to earn more money.
Fees: The membership fee comes in three strata:
- $1 monthly
- $1.99 to $9.99 express fee. However, you will be charged a cost of $2.99 to $13.99 if the money is transferred to a non-Dave bank account.
- Optional tip.
2. Earnin: (Best for low fees)
Earnin is a new cash advance app that tracks the hours you worked using a timesheet and allows you to borrow the money you’ve earned. You can borrow a maximum of $100 to $750 per pay and $100 per day.
It takes some to three working days to get your money after placing a request. However, you can get your money instantly if you sign up for Earnin’s Lightning Speed feature. This feature costs $0.99 to $3.99, depending on your borrowing amount. The apps automatically withdraw the amount of money borrowed directly from your bank account at your next paycheck.
Also, the app has a feature that notifies you when your bank account balance is low and a feature that will top it up automatically for a fee after you approved it.
Fees: Earnin app asks for a voluntary tip, a maximum of $14. Also, you can sign up for the overdraft protection feature by placing a recurring tip.
3. Chime: (Best for overdraft protection feature)
Chime is a mobile company that allows you to borrow a small predetermined amount from your checking account free of charge via the SpotMe Feature. SpotMe is an overdraft protection feature. However, to enjoy this, you must open a checking account with Chime. Chime offers checking and saving accounts. To use the SpotMe feature, you must have at least $200 in direct deposits in your Chime account every month.
You can borrow from $20 to $200. You start from $20 and gradually increase as your account activity increases. The SpotMe feature enables you to get your cash instantly as you request it. Your repayment is due at your next direct deposit, which happens at your next paycheck.
Fees: There are no specifically stated fees. The company asks you for a tip.
4. Brigit: (Best for financial budgeting tools)
Brigit is a financial budgeting app that allows you to borrow up to $250. It has a free and paid plan. The free plan offers budgeting help and financial advice. To access the cash advance feature, you have to subscribe to the paid plan, which comes at $9.99 per month. This gives you access to all the features on the free pan, plus cash advances, credit monitoring, and overdraft coverage feature.
If you place a request before 10 am Eastern Time, you will get paid that the same day, however, it will arrive the next day, if you place the request after 10 am.
Bright automatically places your repayment date on your next paycheck date. However, you can apply for an extension on the app.
Fees: The paid plan goes for $9.99 per month.
5. Empower: (Best for fast cash)
Empower is one of the best cash advance apps that offer cash advances services, plus bank accounts and budgeting tools.
Empower has one of the fastest funding dates. You can get funded within the day you requested the amount. Also, you can subscribe to an instant delivery fee where you get funded within an hour. You can borrow from $10 to $250 using this app.
Also, Empower comes with an automatic savings feature, which allows you to ask the app to save for you and select the amount for the app to transfer from your checking to your savings account using an AI feature.
Fees: Empower offers a 14-day free trial and charges a mandatory subscription fee after that. They are as follows:
- $8 monthly.
- $1 to $8 for the instant delivery fee.
- Tips are capped at 20% of the advance amount.
6. MoneyLion: (Best for loyal customers)
The MoneyLion app is one of the best instant money apps that offers cash advances of up to $250, mobile bank accounts, investment accounts, a credit-builder loan, and a financial tracking feature.
In MoneyLion, allow existing only customers to get access to large amounts. The amount to be borrowed ranges from $25 to $250.
It takes 24 to 48 hours to get funded if you are operating MoneyLion checking account and two to five business days if you don’t have a MoneyLion checking account. You can pay a fee if you want to get funded instantly.
MoneyLion doesn’t charge a fee but asks for a tip from the cash advance.
Fees: MoneyLion asks for an optional tip plus. Also, it charges for instant delivery that ranges depending on the amount borrowed. The instant delivery fees are as follows:
- MoneyLion checking account users: $0.49 to $5.99.
- Non-MoneyLion checking account users: $1.99 to $8.99.
Conclusion
Cash advance apps are great for helping us settle emergencies and urgent financial needs. However, they can be expensive. It is advised to try other lesser options like, family and friends loans, buy now, pay later, credit loans, and side hustle gigs before settling for cash advance apps