You wake up believing it will be another ordinary day, but even then your car breaks down. Your power bill arrives and it is significantly higher than normal. You become ill without warning.
An old buddy returns to town, and you’re obligated to spend the evening with them. You don’t even have enough money to meet your immediate needs, and payday is still a long way off.
This is where Cash advance apps enter the picture. These apps provide interest-free cash advances to help you get through financial difficulties without drowning in debt. However, regardless of how popular a local bank loan is and valuable it is, it may not be appropriate for you.
You may prefer a service that provides larger cash advances or unsecured loans. Perhaps you do not wish to be required to pay monthly membership dues in order to qualify for an advance.
Or perhaps you’d prefer to avoid Dave’s regular three-day processing time if you’re in desperate need of money. As a result, it is vital to investigate additional and maybe better possibilities for cash advance apps.
1. Chime
Chime is already in the financial business for nearly a decade, operating as an online bank account through which you can make financial transactions, transfer money, send checks, pay bills online, and receive a cash advance on your paycheck if you’re short on finances.
While Dave charges a $1 monthly fee to maintain your account plus Express costs ranging from $1.99 to $5.99 for expedited cash advance processing, Chime is entirely free to use. It does not charge for upkeep, transactions, minimum balances, or hidden fees.
2. Earnin
Earnin enables you to make any day payday by advancing on your current earnings. The website enables you to borrow between $100 and $500 per day from your pending paycheck without incurring the high fees and interest associated with traditional payday loans.
All you have to do is go into the Earnin app, tell the firm where you work and bank, and it will compute how much time you spend on the job that day using location services or timesheets.
After multiplying the number of working hours by your hourly rate, Earnin will advance you the money you made that day in just one to two business days, or instantly if you use the Lightning Speed function.
3. Axos Bank
Axos Bank is another financial service similar to Dave in that it enables consumers to receive their paychecks more quickly. You instantly qualify for the Direct Deposit Express service when you open high-yield savings or checking account with Axos Bank.
This allows you to receive a cash advance on money you’ve previously earned days before the check arrives in your account. To enable this function, simply establish a direct withdrawal for your account and Axos will handle the rest.
4. Brigit
Brigit is one of the greatest cash advance apps comparable to Dave available. It works by allowing you to borrow money and repay it with your next paycheck.
While Dave will advance you up to $200 if you have a Dave budgeted amount and $100 if you do not, Brigit will advance you up to $250. Additionally, Brigit allows you to extend your first loan’s due date once without paying a penalty or late fee.
The more you utilize the program, the more extension credits you’ll earn, which will allow you to defer loan payback two or three times in a row. Brigit, like Dave, requires a membership fee, but the pricing and features are quite different.
5. MoneyLion
MoneyLion is another loan app similar to Dave that customers can use to obtain cash advances if you have unanticipated bills that require resolution. The program provides quick loans of up to $250 per pay cycle, based on the amount of income you generate and deposit into your checking account on a regular basis.
MoneyLion’s cash advance application process is many days faster than Dave’s. If you have a RoarMoney account, you can even receive the payment instantaneously or within a few hours.
6. Empower
Want a fast cash advance but don’t want to pay interest or late fees? Consider utilizing Empower to receive up to $250 whenever you require emergency cash to pay your payments and costs.
When you apply for the loan on the platform, the funds are automatically transferred to your Empower savings account or a third-party bank account for a flat cost of $3. Additionally, you can receive your salary two days sooner using Empower’s Early Paycheck Deposit function.
7. Branch
The program is aimed to assist employees in receiving their salaries more quickly, tracking payments and balances, receiving frequent expenditure reports, and receiving alerts about forthcoming obligations.
This fintech platform is especially advantageous for firms with a high proportion of unbanked or underbanked employees. It gives them with a complimentary digital account and debit card to facilitate transactions.
8. DailyPay
If you’re seeking an app similar to Dave that can help you meet urgent financial needs when you’re short on cash without incurring expensive overdraft fees, DailyPay is a good choice to explore.
DailyPay enables you to receive an advance on your earnings prior to your next payday, saving you more than $1,205 in overdraft penalties, loan interest, and late fees.
Every time you sign in for a shift, your daily earnings are added to your DailyPay account. You can deposit the earned funds into your bank account at any time, and DailyPay will remove the advances from your paycheck on payday.
9. Even
Whether you need to fill up your fuel tank, pay a bill, gift yourself to a good time, or purchase groceries, Even is here to assist you in dealing with life’s unexpected events by providing instant access to cash. By advancing money against your unpaid earnings, the service puts a fresh spin on cash loans.
10. Varo
Varo is a robust digital banking service that enables you to obtain cash advances prior to receiving your paycheck, eliminating the delays associated with traditional banks.
Once you’ve established a direct deposit to your Varo account, you’ll be able to pre-deposit any sum from your earned pay.
