Waiting for your paycheck to arrive? These instant online loan apps can help you before the next paycheck arrives.
Our fast-paced lives can demand money anytime and amid urgency, you can use the instant loan apps from the ease of your smartphone. If you are looking to borrow money to pay the rent or to sustain the business, whatever be the financial requirement these apps allow you to borrow money when needed.
Other borrowing options like credit cards or personal loans can have a certain interest rate. The better alternative can be these online loan apps which allow the user to borrow emergency cash at a small subscription fee or tip.
We have listed the 10 instant online loan apps which can help you before your next paycheck arrives:
Money Lion enables the user to save and invest from the comfort of the smartphone. If the user wishes to withdraw a credit-builder loan through the Money Lion app, it should have the membership of Credit Builder Plus which costs around $19.99/month. The user can also be rewarded for using the app and its debit card for the purchases.
- Viva Payday Loans
Listed amongst the top players of loan apps, Viva Payday Loans provides rapid loan approvals and deposits to the bank account within the next business day. The process is swift and easy, it can be completed in less than five minutes. The user can choose a loan amount from $100 to $5,000.
Empower is not a basic payroll advance app that is an interest-free advance of up to $250 anytime during the pay cycle. There are no late fees and credit checks for the users.
- Daily Pay
Daily Pay enables the user to access a portion of the wages earned before the payday. For every hour you work there is credit built on the Daily Pay account which can be transferred to your bank account at any time of the day. A transfer fee of $1.25 per transfer is charged to receive money by the next business day or $2.99 to receive the money instantly.
This innovative app enables you to gain access to the already earned pay. Earnin is linked to the bank accounts and lets you get the already earned pay from the moment you leave work until the next payday. The users are allowed to cash $100 per paycheck and for the active users, it’s $500. There are no fees or interests but the customers are asked to tip. The app is fast and has the feature called ‘Lightening Speed’ where you can receive the money instantly and without it, the user receives the money in 1 or 2 business days.
Similar to Earnin, through PayActiv the employees can access the earned unpaid income with no interest rate. Through PayActiv the users can also pay bills, and bank transfers, and help them a budget and save the income. It is a good alternative for workers that wait for payday.
This seamless app allows you to get cash in advance, however, the user must have at least two months of direct deposits from the same employer. Each of these deposits should be more than $40 and deposited into the same bank account. Initially, Branch Pay would set the cash advance limit to low but over time you use the app and pay the advances this limit also increases. Branch does not charge any interest but has certain fees depending on the way you choose to receive the money.
Dave is a simple yet effective online loan app that helps the user get access to cash advanced without any bank overdraft fees. The loan app does not charge any interest but you have to pay a monthly membership fee. The users can withdraw $100 as emergency funds.
The amount limit for Brigitt is set between $80 and $250 but there is a membership fee of $9.99 a month for Brigit plus and the users can have access to instant transfers with other features. The app also has its budgeting tool which can track spending and measure the Brigit score determining the user’s financial wellness.
Chime partners with two banks and offers its checking and savings accounts. There are no monthly fees or overdraft fees, it rounds up the purchases to the next dollar and saves the remainder.
Don’t fall into the spiral of debts
The loan app fees may seem small but they can double up quickly and is healthy advice to only use it for emergency requirements. These apps can be good for emergencies like unexpected travel, and bike repair but these apps are not recommended for sustainable and long-term solutions.
The online loan apps can be beneficial in case of emergency funds and may have low overdraft fees. Most of these apps’ fees range from $10. But there can be a few cons too like some of these apps may require access to the bank account to withdraw money. Also, it may lead to a habit of borrowing making the user spiral in the circle of debts and relying on advances for covering even regular spending.
Though the alternatives look better, the advice would be to use them cautiously