The next time you find yourself in need of a loan, there’s (probably) an app for that. In fact, there are several apps that can set you up with fast cash. Here are seven for iPhone and Android that let you borrow money.
Branch
Branch is an app designed for those of us who live paycheck to paycheck and can’t always wait until payday. The only caveat is that you need to get paid via direct deposit into a checking account. As long as that’s not an issue, you just connect the app to your account and take out as much as $500 that will then be taken back automatically on your next payday.
Unfortunately, it usually takes two or three days for the money to transfer into your checking account. That is unless you want to pay $3.99 for an instant transfer.
Another useful feature of Branch (among others) is that your employer or multiple employees at your company can sign up for the app. This enables you to manage your work schedule and pay schedule on the app, making it easier to switch shifts with someone.
DailyPay
With DailyPay, your employer has to connect their payroll system to the app for employees to use it. If your employer signs up, DailyPay helps to track how many hours you’ve worked since your last pay, adding up money that you’ve earned but that you won’t receive until your next payday. DailyPay then allows you to transfer the money you’ve already earned into a bank account, payroll card, or a prepaid debit card.
Once you’ve requested the funds you’ve already earned, the money should transfer the following day for a flat fee of $1.25. If you need the money right away, an instant transfer will cost $2.99. If you’re lucky, you’ll have an employer willing to pay these fees when they sign up with DailyPay.
Dave
The Dave app is akin to have a friend (possibly named Dave) who’s willing to loan you a little money and help you plan out your finances. This is another one that requires you to accept direct deposits into your checking account.
Dave won’t require a credit check but will look at your account history to make sure you receive direct deposits on a regular basis, and that you can repay a loan. There is also a $1 a month membership fee.
However, if you plan on using Dave regularly, paying the membership fee could be worthwhile. With Dave, you can get a loan of up to $75 that will be deducted after your next payday without interest. You can also pay back the loan early if you’d like. It usually takes two or three business days for your loan request from Dave to show up in your checking account, although you can also pay a fee of $4.99 to get the money transferred to your account within eight hours.
Earnin
Earnin takes a little time to set up. But once you’re connected to the app, it should be quite useful for getting some quick cash before payday. In addition to banking information, setting up an Earnin account also requires that you upload a timesheet so that the app can figure out how many hours you work each week and how much money you take home after taxes and other deductions.
Once you’re set up, Earnin tracks how much money you’ve earned between paychecks and lets you borrow some of that money while you wait for your next payday. Initially, you’ll probably be capped at $100 between paychecks. But as you use the app and your account balances are in order, your maximum withdrawal can increase up to $500.
Earnin will then transfer the funds to your account in less than a day, and deduct that money after your next payday without any fees.
FlexWage
FlexWage is another app that will require your employer to connect their payroll system before you can use it. However, FlexWage can be useful for businesses that have frequent requests for paycheck advances. It can even give employees access to tips and bonuses in addition to monitoring earned wages, making it ideal for restaurants and other businesses in which employees make most of their money from tips or commission.
For employees, one of the biggest advantages of FlexWage is that it doesn’t require a bank account. While you can link FlexWage with a bank account, you can also request that funds are transferred to a prepaid debit card. Like similar apps, FlexWage makes accrued earnings available to you and then deducts that amount from your next paycheck.
Transfer fees with FlexWage are usually between $3 and $5, although some employers are willing to pick up the tab because the app saves HR and payroll workers a lot of stress.
MoneyLio
Compared to other payday loan apps, MoneyLion offers more ways to get money than most. If you sign up for a free membership, MoneyLion can give you up to 10% of your direct deposit paycheck with a limit of $250. This loan will be interest-free and will appear in your bank account almost instantly. On your next payday, the money you take out will automatically be sent back to MoneyLion.
MoneyLion also offers a Plus membership account that costs $29 per month. However, each day you can log into your account and earn $1 cashback by looking through a set of tips and advice, more or less eliminating the membership fee. In addition to getting a loan for up to 10% of your next paycheck, MoneyLion also offers Plus members a loan of up to $500 that you can pay back over the next year with a 5.99% interest rate. This can help those with poor credit get a loan and improve their credit score if they can pay it back on time or early.
PayActiv
PayActiv is another app that requires your employer to be on board with everything. As long as your employer allows it, PayActiv users can access up to 50% of the income they’ve earned between pay periods with the maximum withdrawal set at $500. The amount that you take out is then automatically deducted from your next paycheck. There is no interest on the money, although there is a $5 fee that some employers choose to cover.
In addition to payday loans, the PayActiv app also offers advice and financial counseling to users. It also makes it possible for users to pay their bills on the app or get discounts on their prescriptions. They also make it possible to access your earned income on a prepaid debit card. However, there is a fee of either $3 or $5 for using the app based on whether you receive paychecks weekly or bi-weekly.