5 Cash Advance Apps That Give You $100 and More

Need quick access to funds in an emergency? Check out these 5 cash advance apps that give you $100 or more! Learn about their features & how they work.

5 Cash Advance Apps That Give You $100 and More

When you need cash in an emergency, cash advance apps like Earnin, Dave, and Brigit can be a useful quick fix. These apps allow you to borrow a small amount from your next paycheck before you receive it. Here are five apps that allow you to borrow for future profit, and some less expensive options worth considering. Earnin is a paycheck advance application that tracks your hours worked using a timesheet or by tracking your location and allows you to borrow the money you have earned. The app also has a feature that notifies you when your bank account balance is low and a feature that will supplement it with a commission.

Optional gratuity of up to 20% of the amount borrowed is available. 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. Cash advance apps are a more recent development that similarly 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. Lower costs, coupled with stagnant wages and financial hardship caused by the coronavirus pandemic, may be why cash advance applications are becoming increasingly popular. Earnin is an application that allows you to borrow against your next paycheck quickly without any fees or interest payments. Earnin allows you to withdraw wages that have not yet been paid by employers. 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. Earnin makes money from voluntary tips from its users. The days between paychecks can seem like a major obstacle, especially for low-income populations. Cash advance applications can help provide additional assistance to cover emergency costs, but are best combined with the creation of an emergency savings fund. That way, you'll have short-term coverage from the app if necessary, and at the same time you'll practice better saving habits. Brigit works with more than 15,000 US banks and financial institutions, including Bank of America, Wells Fargo, TD Bank, Chase, and more.

Automatically deposit cash into your account when your balance is low and you risk falling below zero, helping to avoid overdraft fees. Brigit also offers prepayment options, as well as due date extensions. The app uses 256-bit encryption and says it doesn't share or sell your personal information with third parties. Despite all its positive aspects, Earnin also has some disadvantages. To be eligible to receive paycheck advances, you must have a regular payment schedule (weekly, biweekly, biweekly, or monthly).

Your employer must also have a real physical workplace or use time tracking software for you to be eligible to use the service. In addition, you must also send at least half of your paycheck to your checking account via direct deposit. The best part about MoneyLion is that it doesn't have any minimum balance requirements. The app doesn't charge you any fees for standard transfers, overseas transactions, mobile check deposits, or card replacement. The branch application offers useful features, but has strict requirements for its cash advance service. First, you must have received a salary for two consecutive months from the same employer.

You must deposit it into a checking account with a supported bank and also have a debit card for that account. Unfortunately, the application does not offer its services to remote workers. This means that if your employer does not have a physical workplace, you may not be eligible to use the app. Along with the U. S., Branch also offers its services in several other countries, including India, Kenya, Nigeria, and more. In most of these markets, the app offers personal loans at interest rates of up to a whopping 360%.

Depending on your loan amount, you have the option of choosing repayment terms ranging from 60 days to 336 days. In India, the app offers free monthly CIBIL scores and personalized advice, helping you monitor your credit and stay on top of your finances. It's important to note that Even is only available through select companies that have partnered with the app. It also works with more than 18,000 banks for its InstaPay feature which deposits cash into your bank account within one business day. However, the Even app doesn't disburse loans unlike other apps on this list. It only allows quick access to the salaries you have already earned.

Other notable features include an early paycheck deposit feature that allows users to access their paycheck up to two days faster. It also offers a 10% cashback offer on eligible purchases at hundreds of restaurants, grocery stores and gas stations. In addition to cash advance and related functions, the Empower app also functions as a budget application helping you limit your spending based on your income. It also suggests an overall spending limit for each category and alerts you when your spending is about to exceed the limit. You also receive monthly reports showing your spending in each category. Unlike other apps on this list Axos Bank is a full-service digital banking service that offers high-performance checking and savings accounts. You also get investment options loans personal finance management etc.

While Axos doesn't offer a true cash advance option per se it does have a feature called Direct Deposit Express. It allows you to access your money up to two days before when your employer deposits your paycheck with your bank. Axos also offers 'CashBack Checking' which allows users to earn up to $100 in cash back rewards each month.

Conclusion

Cash advance apps can be useful if you need quick access to funds in an emergency situation but make sure you don't have cheaper options before borrowing money from an app. There are several apps available that offer different features so make sure you choose one that best suits your needs.

Ebony Sandoe
Ebony Sandoe

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