Cash advance apps are becoming increasingly popular due to their lower costs and the financial hardship caused by the coronavirus pandemic. These apps provide quick cash before your next paycheck, but tend to charge much lower rates than payday loan lenders or none at all. App makers make money from voluntary “tip” payments or membership fees, rather than interest. Earnin is an application that allows you to borrow against your next paycheck quickly without any fees or interest payments.
When the next paycheck arrives in your bank account, Earnin will automatically debit your account for the amount that was borrowed. There is no charge for the service, but users can make voluntary tips of up to 20% of the amount borrowed. The Dave app allows you to borrow a small amount of money to cover expenses while you wait for your next paycheck or to avoid overdrawing your bank account. Users who have a Dave expense account have access to larger loan amounts than those who don't.
The app also has a “Side Hustle” feature that helps users find side jobs to earn more money. Gerald is another application that provides FDIC-insured accounts, bill tracking, and much more. You can get an instant cash loan online, through their app, and rest assured that when you receive it from Gerald, you get it from a company that cares about its customers. Chime is an online bank account where you can make direct deposits, transfer money, send checks, pay bills online, and get a cash advance on your salary when you are short on funds.
Chime also offers a Visa debit card that gives you access to more than 38,000 Visa Plus Alliance and MoneyPass ATMs across the United States for free. However, you will have to pay out-of-network withdrawal fees as long as this access does not apply. Chime also offers automatic personal savings and spending accounts with a 0.5% interest rate on your savings account balance. Brigit is one of the best cash advance apps like Dave that you can use. It works by allowing you to borrow money and return it when you deposit your next paycheck.
The more you use the service, you can earn more extension credits that will allow you to postpone repayment of the loan up to three times in a row. Brigit provides financial health updates, tips for improving your credit, identity theft protection, and opportunities to earn additional money. Axos Bank is another financial service that works like Dave, offering users faster access to their paychecks. When you open a high-yield checking and savings account with Axos Bank, you automatically qualify for the Express Direct Deposit feature. Axos Bank does not charge a monthly service fee or require overdraft fees or require you to have a minimum balance to keep your account operational.
In addition, the bank offers Cashback Checking, allowing you to earn up to 1% cash back on your transactions and will even reimburse you for ATM fees incurred at other US banks. All these apps offer instant cash advances and are great options if you need cash in an emergency. However, it is best combined with the creation of an emergency savings fund so that you have short-term coverage from the app if necessary and at the same time practice better saving habits.
