- Up to $250 cash advance on your paycheck and a credit-building loan up to $1000
- Get a checking account with no fees, managed investing, credit score tracking and more
- Cash back shopping at major retailers
- An all-in-one banking and cash advance service
- Established checking account at least two months old
- Regular income deposits
- Checking account shows a consistent positive balance
- Fee-free cash advance with optional tipping
- $/month membership for advanced features like credit-building loans
What Apps Let You Borrow Money?
Many banks, credit unions and cash advance apps give you access to borrow money when you need it. Cash advance apps will have bank account and employment requirements, and may limit what you can withdraw as an early user. Withdrawals typically take a few days to process, though you can usually get money instantly for a fee.
Your bank or credit union may also allow you to apply for a loan or cash advance in-app. Ask your banking institution what mobile borrowing services they offer.
How To Get a Payday Advance
Payday advance services are available online, through apps and at brick-and-mortar lenders. You’ll have to submit financial documents including income verification, bank statements and potentially access to your checking account.
Payday advance lenders will want to know you have adequate regular income to repay the loan, a positive bank balance and healthy spending habits. Once you provide your personal and financial documents, the payday lender will determine what services are available to you and go over repayment options, fees and interest rates associated with their services.
How Do Check Advances Work?
A check advance is a small short-term unsecured loan usually repaid on the borrower’s next payday. Check advance loan, payday loan, cash advance and short-term loan are common terms that reference the same product.
A lender looks at your proof of income, usually a pay stub, along with your state identification to determine whether they will lend to you. The amount borrowed is due on your next payday, or for certain payday loan products or alternatives, can be due as far as three months out. Lenders also charge a percentage fee based on your loan amount and state regulations – typically $15 for every $100 borrowed.
When To Use Cash Advance Apps
Cash advance apps give you access to your paycheck early if you have bills or other important expenses to cover. They’re helpful when you’re in a tight spot and can prevent overdrafts and other banking fees.
Cash advances are most beneficial when a borrower has healthy spending habits, typically covers their expenses with extra money left over and can confidently repay the withdrawal and any fees or interest rates.
It’s not wise to regularly rely on cash advances if you can help it. Some payday and cash advance services are relatively low-cost, while others have APRs as high as 700%. It can be difficult to repay and recover from recurring costly fees. If you feel you rely on cash advances, consider having a money conversation with a financial professional to find alternatives and improve your financial situation.
Cash advance apps typically charge users transaction fees, membership costs or interest rates on the money borrowed. While some cost is common, free and low-cost options are becoming more widely available.
Transaction fees may be a set rate or offered as an optional “tip” to the service. Monthly membership fees start at $1 and go as high as $. Interest rates are common for traditional payday loans or installment loans, and can go as high as 700% APR.