If you ever find yourself in a financial bind and need instant access to cash to cover an unexpected expense, there’s an app for that. Whether you call them loan apps, borrow-money apps, cash advance apps or payday advance apps, these online lenders can provide financial lifelines to people in a pinch.
They’re not ideal. There’s always a cost to borrowing money — even if that cost is just in the form of continuing bad financial habits — but loan apps might be useful in an emergency. Learn more about how loan apps work, the pros and cons, and our top picks for when you find yourself coming up short.
[Read: Best Personal Loans.]
How Do Loan Apps Work?
In general, loan apps work similarly to payday loans, offering borrowers an advance on their future income. Typically, you download the borrow money app, provide access to an external bank account that has direct deposit set up, and within minutes — or sometimes a few hours, depending on the app — you can request a sum of cash.
There is usually a cost for this convenience. Depending on the loan app, you may pay a fee on the amount you borrow, and/or a monthly subscription fee to the lender. Once you take a cash advance, you will typically have to repay it within a short time frame. This may happen automatically, with the loan app deducting the borrowed amount plus its fee from your account on your next payday. Some apps may let you choose the repayment date.
[Read: Cards for Bad Credit]
Pros and Cons of Cash Advance Apps
8 Loan Apps to Consider
With dozens of loan apps available online, it can be tough to navigate which one is best for you. To help get you started, here’s a look at eight loan apps that can provide a cash advance.
— Albert
— Brigit
— Cleo
— Chime®
— Current
— Dave
— EarnIn
— MoneyLion
Albert
Albert is another loan app that provides the option of getting a cash advance instantly for a small fee — or free if you wait two to three days. The amount you can borrow ranges from $25 to $1,000. It also offers other features to help you save and invest, including budgeting and investing tools.
Cost: Albert Basic costs $14.99 per month, but there are upgraded versions, including Standard for $19.99 per month and Genius for $39.99 per month. There is also a family plan for $39.99 per month, allowing one owner and a maximum of four additional members under one subscription. You can send an advance to your Albert Cash account for no charge. If you want to advance cash instantly to an external account, Albert will charge a fee between $5.99 and $14.99, according to its terms of use.
Brigit
With Brigit’s Express Delivery, you’ll get up to $500 in minutes for a small fee — but there’s no charge if you wait two to three business days. You can request a payment extension and choose a repayment date without penalty. Brigit also offers a program to help build credit.
Cost: Monthly fees range from $8.99 for Plus memberships to $14.99 for Premium memberships. Express Delivery incurs an additional small fee of up to $3.99 per advance, which is waived for Premium members.
Cleo
Personal finance app Cleo tracks spending, offers budgeting tools and, through its Cleo Cash feature, small cash advances before payday for eligible users. How quickly you receive your cash depends on the delivery option you select, though faster deposits are subject to higher fees.
Cost: Cleo’s basic services are free, but cash advances are available only to subscribers. Subscription plans vary by tier, ranging per month from $5.99 for Plus, $8.99 for Pro and $14.99 for Builder. While slower cash advances are generally free, Cleo may charge additional fees for instant transfers.
Chime®
Chime® is an online banking app that lets you access cash — even when funds are low — if you have a checking account set up with a direct deposit. With MyPay, you can receive up to $500 of your paycheck early, free within 24 hours, or instantly for a fee of $2 to $5 per advance. When payday rolls around, Chime® will take back the amount you borrowed with no interest. It also offers a fee-free overdraft service (rather than a loan) called SpotMe, which allows you to take up to $200 more after your balance hits zero. And Chime® lets you withdraw paycheck funds up to two days before your direct deposit hits.
Current
Current is a banking and finance app that offers a Paycheck Advance service, allowing you to access up to $750 of your upcoming paycheck early. The advance is available within three days for free, or instantly for an undisclosed fee.
Cost: There are no monthly fees for using the Current app; however, you must have at least $500 in eligible direct deposits into your Current or external bank account to qualify for the advance.
Dave
Dave’s ExtraCash feature offers cash advances of up to $500, typically in just a few minutes, with no interest or late fees.
Cost: Dave charges a monthly membership fee of up to $5. For its ExtraCash advance, you’ll be charged an overdraft fee of 5% of the borrowed amount, with a minimum of $5. Express transfers to your Dave checking account are free. If you opt for an instant transfer to an external debit card, you may be charged an additional 1.5% fee.
EarnIn
EarnIn lets you get an advance up to $1,000 per pay period — but only up to $150 per day.
Cost: You can add a voluntary tip when you cash out, and fees start at $3.99 if you choose a Lightning Speed transfer rather than wait the one to three business days for standard transfers.
MoneyLion
MoneyLion offers cash advances up to $500 with no interest or monthly subscription fee. If you add a Credit Builder Loan with a disbursement, your Instacash limit climbs to a maximum of $700. If you switch your direct deposit to a RoarMoney account, then you can access up to $1,000. If you’re still short on cash once payday rolls around, you can request that your repayment be deferred for up to another two weeks.
Cost: You’ll pay a 49-cent to $8.99 fee for fast funding, and you’ll be asked to leave an optional tip.
Alternatives to Loan Apps
The best alternative to borrowing is building an emergency savings account funded with three to six months of average monthly expenses. In the meantime, here are some other options to consider:
— 0% APR credit card. If you have strong credit, you may qualify for a credit card with no interest on purchases for 12 months or longer. If you need money fast, look for cards that let you use them instantly.
— Asking family or close friends. If it won’t jeopardize your relationship, you might consider asking a family member or friend to lend you the money until payday. That way you won’t have to pay fees, interest or share banking information.
— Overdraft protection. Most banks and credit unions, as well as apps like Chime, offer the option to overdraw your account. If you have a flat tire, no money and you have to get to work, this might be a preferable option, especially if your bank doesn’t charge a fee.
— Personal loans. If you have good enough credit to qualify for a decent interest rate, you might be better off borrowing a little more with a longer repayment period to give yourself some breathing room.
Bottom Line
Loan apps can be convenient, and some offer access to cash at a low cost to you. That said, you want to do your best to avoid being in a situation where you need to rely on such services. Even if you go with a loan app that has favorable terms, you’ll essentially be taking a pay cut when payday rolls around, making it hard to catch up.
Chime is a financial technology company, not a bank. MyPayTM line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).¹Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
2MyPay is a line of credit. Available limits estimated are based on income and risk-based criteria and range between $20 — $500 per pay period. Chime Checking Account and qualifying direct deposits required to be eligible for MyPay. MyPay is currently only available in certain states. Terms and conditions apply, see www.chime.com/mypay for details.^To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 — $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
Banking services are provided by The Bancorp Bank, N.A., or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank, N.A., or Stride Bank pursuant to a license from Visa U.S.A. Inc. and can be used everywhere Visa debit cards are accepted. The Secured Chime Credit Builder Visa® Credit Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and is accepted everywhere Visa credit cards are accepted. Please refer to the back of your card for information about its issuing bank.
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8 Loan Apps That Let You Borrow Money Fast originally appeared on usnews.com
Update 02/09/26: This story was previously published at an earlier date and has been updated with new information.
