Did you know that the majority of cash advances, 69%, are taken for recurring expenses, not unexpected emergencies like you might think?
Have you ever found yourself in a position where you’ve run short on cash? Did you know there are apps that lend you money?
Cash advance apps are the easy way to get the money you need to get out of a tight financial situation. Keep reading to learn which apps will help you get back on your feet. Spoiler alert…some are even free!
5 Cash Advance Apps You’ll Want to Explore
Borrow money app, money loan app, pay advance app, no matter what you call them, they all do the same thing. They get you the cash you need while waiting for payday. It’s likely that you won’t even need to produce a pay stub, but if you do, you can get one at Paystubs.net. Let’s take a look at 5 cash advance apps to have at your fingertips.
1. Money Lion
There are two options with this one. The free membership which allows you to borrow up to $250 with no interest that is paid back on payday.
The paid membership is $29 per month and it allows you to take a personal loan that can be repaid over 12 months with a 5.99% APR. This fee can be offset if you log in to the app daily and swipe through the advice and tip cards. Doing so results in a $1 credit per day.
Your membership includes a checking account and an investment account in addition to access to cash advances.
Earnin is a free app that connects to your bank account and requires information about where you work. The app keeps track of your work hours so that you can get the cash you’ve earned when you need it.
Once payday comes, the amount of money you’ve already cashed out is deducted from your account. There is no fee. The company depends on tips from users.
3. Daily Pay
You may have learned about Daily Pay from your employer. As you work, you build a balance in your account which you can use if you need cash before payday.
When payday rolls around, the amount of money you’ve already used is deducted from your paycheck. There is a transfer money fee of $1.25 per transaction.
Dave doesn’t only spot you some cash until your next payday, the app also helps you plan for future expenses and alerts you when you have a low balance in your bank account.
The app costs $1 per month, but there is no interest charged on the money you borrow. You can leave a tip, but it is not mandatory.
You can take up to $75 which is paid back on payday.
This app goes a couple of steps further than a cash advance. It has a debit card with fraud protection, has a bill pay feature and prescription discounts.
Some employers subsidize the cost of this app, but generally, there is a flat fee of up to $5 for accessing the money before payday.
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Now you know which cash advance apps you can turn to when you’re in a tough financial situation. Did you find this article helpful? Check out the rest of our blog for sound financial advice. We can help you save your money and find ways to invest in your future.