8 Best Cash Advance Apps Like Moneylion

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When the situation gets worse and you run out of money, the big banks will charge you. According to the Consumer Financial Protection Bureau, the average American pays $250 a year in overdraft fees. To solve this problem, a number of financial apps have emerged, offering employees cash advances and early paycheck services, essentially allowing them to borrow money from their future richer selves.

Popular cash advance apps

Among these apps, MoneyLion is one of the most well-known, but there are many others worth knowing.

Earn

Best for: Cashing for small expenses

Earnin’s slogan is ‘Make any day payday’ and we stand by it. Founded in 2012, Earnin’ is an app that allows users to cash up to $100 a day from the hours they’ve already worked. No fees or interest.

The app is free, but has an optional feature that allows users to leave tips. Users can also pay up to $3.99 to use Lightning Speed ​​for faster fundraising time. The only downside is that this app requires access to your bank account, which most of these apps do, as we’ll see later.

Dave

Best for: Earn Rewards

Founded by three friends who were fed up with bank overdraft fees, Dave is an app that allows users to make payday advances of up to $500. No interest will be charged and no late fees will be charged, regardless of the prepayment amount. The app also does not require a credit check and does not make any referrals or soft his pulls. Dave offers instant money transfers to your Dave Spending account. It comes with a Dave Debit Mastercard that allows you to earn cashback.

The only downside is that Dave needs access to your bank account, which costs $1 per month. There is also a fee for sending the prepayment to an external card, but no fee for sending it to an external bank account.

Bridget

Best for: building credit

Brigit, branded as a financial health app, offers several services, including interest-free cash advances up to $250 and credit builder accounts. You can receive free cash advance within 2-3 business days or pay for express delivery. A Credit Builder account helps improve your credit score by setting up a 24-month installment loan and reporting on-time monthly payments to all three major credit bureaus.

However, it has a major drawback. To subscribe to the Plus plan and get cash advances through the app, you have to pay a monthly fee of $9.99. Additionally, $250 is really not a lot of money compared to the limits offered by other apps. Also, access to a bank account is required.

branch

Best for: gig worker

Branch’s mission statement is “to collaborate on big ideas and meet the economic challenges millions of hard-working Americans face every day.” Part of the way we do this is by providing access to payroll. You can also think of this as cashing your paycheck.

With Branch, workers can access up to 50% of their earned wages without changing their existing payroll, pre-funding or escrow. Unlike many cash advance and early payday apps, Branch also has options for gig his workers and contractors. The downside is that you need a debit card from a Branch-supported bank, and you need a Branch card to receive payments instantly.

PayActiv

Best for: users without bank accounts

PayActiv created Earned Wage Access (EWA) in 2012. The service allows users to receive up to 50% of wages earned before payday. The big advantage here is that you don’t need a bank account. This is uncommon in this space, but if your employer isn’t registered with her PayActiv, your options are limited. Additionally, to receive early payments without fees, you must sign up for a Payactiv Visa prepaid card. A fee will be charged if the card is not present.

Clover

Best for: budgeting tools

Launched in 2019, Klover is an app that allows users to access up to $200 up to two weeks before payday, with no interest and no late fees. We provide tools to help you track your savings goals and credit score. You can also participate in surveys and watch ads for points. Points can be converted into larger payouts or used to participate in Clover sweepstakes.

The cons are that users are required to share personal and financial information, including a link to their bank account.

chime

Best for: Bank accounts

Chime* is a financial app that offers many services including early payday. Users can set up direct debit to get their paycheck up to two days in advance.¹ Better than not using Chime or similar apps. While many other banks allow early access to payroll, Chime also caters for other financial needs, such as opening checking and savings accounts.

Chime also offers SpotMe²covers overdrafts up to $200 with no fees. It’s not exactly a cash advance, but it offers a similar cushion to the cost.

flat

Best for: Bill payment tracking

Even’s Instapay feature allows employees to get up to 50% up front from their paychecks based on the hours they spend working. And they can get it on the same day. This is pretty fast. It also offers budgeting and savings tools, like finding bills to pay from your connected bank accounts and helping you allocate a portion of each paycheck to bills, but currently, billing There is no option to set automatic payments.

The downside is that Even’s website doesn’t offer much information, so it’s hard to know exactly what you’re doing before you dive in. .

When should you use an app like MoneyLion?

If you are in a crisis at the end of the month or payment cycle and need to borrow money from yourself, you should use an app like MoneyLion or the ones on this list. This really should be done once in a while rather than as a monthly routine.

Also, consider the fees the app charges, such as monthly fees and instant transfer fees, before signing up. Consider whether the features of the app are worth the price.

When should I avoid using apps like MoneyLion?

If you have a history of overspending or making financial decisions, you should avoid using MoneyLion or any of the apps on this list. Paying yourself too early can easily become a bad habit and put you in financial trouble.

final take

If you’re interested in using apps like MoneyLion, I encourage you to take the time to explore each app listed here. Most of them will require you to provide personal information, including your bank account, so make sure you’re ready to pull the trigger. Be sure to check with the human resources department.

Amber Barkley contributed reporting for this article.

Information is current as of December 30, 2022 and is subject to change.

*Chime is a financial technology company, not a bank. Banking services and debit cards issued by The Bancorp Bank, NA or Stride Bank, NA, Member FDIC.

¹Early access to direct deposit funds depends on the timing of payment file submissions from payers. These funds are generally available on the day we receive your payment file. This may be up to two days earlier than the scheduled payment date.

²Chime SpotMe is an optional, free service that requires a monthly qualifying direct deposit of $200 or more into your Chime checking account. All eligible members may initially overdraw their account by up to $20 on debit card purchases and cash withdrawals, but later on the member’s Chime account history, frequency of direct deposits. and amount, you may be eligible for a cap increase of up to $200 or more. spending activity and other risk-based factors; The limit is displayed within his Chime mobile app. You will receive a notification if the limit changes. Limits are subject to change at any time, at Chime’s discretion. There are no overdraft fees, but there may be out-of-network or third-party fees associated with ATM transactions. SpotMe does not support non-debit card transactions such as ACH transfers, Pay Friends transfers and Chime Checkbook transactions. See Terms of Use.