Payday Loan Apps | ACFA

When you struggle to make ends meet, cash apps and payday loan can be a great financial resource. Although every service is different, technology has made it much easier to borrow money quickly.

Cash advance apps let you deposit money earned at work early into your account. These apps are usually free or have a minimal fee. Payday loans apps or payday advances apps offer a short-term loan at a high-interest rate, based on your income.

These services are excellent for those who need cash fast. If you aren’t prepared, apps with high-interest rates or fees can make it difficult to get your money back. Here’s a list of payday advance and cash advance apps along with their key features so that you can make an informed financial decision.

1. Possible Finance

Possible Finance offers a payday loan via apps option that is still a loan and fully licensed. A credit check is not required to borrow $500. It’s an installment loan that you can repay in multiple payments over many pay periods. This allows you to manage your loan and take a breather in between.

All payments to major credit bureaus can be reported so that borrowers can build their credit history. You can also schedule payments online, up to 29 days after the original payment was made. This will not affect your credit score. Possible also offers a fee-recovery program that will refund bank fees.

The key features

  • No credit check loans available up to $500
  • Installment loans are easy to repay and can be rescheduled up until 29 days later.
  • To build a credit history, payments are reported to major credit agencies
  • The fee recoup program allows users to get their bank fees reimbursed

Ideal for:

  • Credit construction
  • Flexible borrowing, with flexible repayment plans and rescheduling possibilities

Requirements

  • You must reside in one of the 20 participating states (OH. ID. WA. TX. UT. FL. LA. CA. DE. IA. MI. MO. MS. OK. SC. KS. KY. AL.
  • Driver’s license/state-issued ID
  • The app supports bank account
  • Three months transaction history
  • Positive bank account balance

Fees

  • Fees can vary from one state to another and are split equally between your repayments

2. Branch Payday Loan

Branch is a payday loan apps with budgeting, wage advances, and a checking account. As long as your Branch checking account receives your direct deposit, you can get paid up to $100 earlier and get your paycheck two working days sooner than normal.

This feature is free to use, but you will need to pay a $3.99 transaction charge to get funds immediately. You will need to wait for the funds to reach your account within three business days. Branch offers cash advances of up to $500 for employees who have paid a membership fee.

The key features

  • Get $100 in advance before payday to get paid two days earlier
  • With membership fees, you can get up to $500 off
  • Checking account with no fees and budgeting options

Ideal for:

  • Cash advances of large amounts
  • Branch partners with individuals whose employers are Branch

Requirements

  • Two consecutive months of direct deposits to a bank supported
  • A debit card that a bank supports
  • Branch will provide proof of your spending history, which Branch will consider reasonable for your budget.

Fees

  • Access advances instantly with a $3.99 fee by paying an instant transfer fee

3. Brigit Payday Loan

Brigit is an intuitive apps that makes it easy to access to payday loan. Brigit has a number of great benefits. There is no interest or credit check. An app like Brigit can be a great option if you have a low credit score and still need money.

Brigit also provides an instant funding option, repayment extensions for no additional cost, and a $10 per month automatic paycheck advance. You can also use the app to manage your budget and join a partnership program to make money.

The key features

  • No credit check is required. Interest-free Advance up to $250
  • You can manage your cash by monitoring your budget and overdraft and extending payments

Ideal for:

  • Poor credit scores are a problem for borrowers

Requirements

  • Sufficient activity in your bank accounts (monitored for a few weeks).
  • A balance over $0
  • Minimum three recurring deposits from one employer
  • Minimum average balance at the end of each day, before and after payday

Fees

  • $9.99/month Membership Fee

4. Boro Cash Advance

Boro, a college student cash apps that provides a range of money management tools, is Boro. Borrowers can borrow as much as $2,000 to meet their personal and school needs.

There are no hidden fees. Borrowers can repay the entire loan amount in a month free of charge or choose a repayment plan based on their financial situation.

Boro offers users the ability to track their spending and credit and compare their money habits to other students.

The key features

  • Advice and monitoring of student-specific finances
  • No-fee financing with monthly payments that are based on your loan amount and APR
  • Monitoring in-app credit

Ideal for:

  • Students at college and university

Requirements

  • You must be at least 18 years old
  • Current enrollment at a college/university
  • U.S. citizen, green card holder
  • Electronic bank statements must be provided

Fees

  • APR interest on loans that are repaid after one month

5. CashNetUSA

CashNetUSA offers installment loans and payday loan through its mobile apps. The functionality is much the same as what you can get online or in a physical store, but it has been slightly simplified. You can apply for loans up to $20,000, get a credit line, request an extension, pay your bills, and much more.

As with payday lenders, interest rates can be quite high. They can reach hundreds of percentage points. Unlike other apps, there are no membership fees or tips. The interest and fees are displayed and comply with regulations.

The key features

  • Even if you have poor credit, you can still get payday loans, large installment loans, and a credit line.
  • You can apply for a loan, ask for extensions and repay loans within the app.

Ideal for:

  • Users who are willing to take out large loans and pay high-interest rates
  • Poor credit scores are a problem for borrowers

Requirements

  • Source of the steady income that is reliable and stable
  • Checking account active
  • U.S. citizen or permanent resident

Fees

  • High-interest rates — APR can vary

6. Chime Banking and Loans

Chime is an online banking platform that offers a wide range of great features, such as the ability to open high-yield savings or checking accounts. SpotMe is a feature that protects users against overdrafts of up to $200.

Two days before payday, users can access their payday loans online via apps. Chime offers a fee-free banking option with no overdraft fees, minimum balance requirements, and no monthly fees.

The key features

  • SpotMe provides overdraft protection of up to $200
  • Two days before payday, members get a cash advance for free
  • Banks that don’t charge fees

Ideal for:

  • Users who wish to be paid two days earlier

Requirements

  • For free payday advances, Chime membership is required

Fees

  • Two-day payday advances are free of additional charges

7. Dave Cash Advance

Dave’s goal is to provide cash advances at a reasonable price, so members don’t have to pay overdraft fees. Membership costs $1 per month. You will receive a payday loans in three days via apps.

However, additional fees and membership options may get you paid in a matter of hours. Limits start at $100 and can go up to $500.

Dave offers many other great features than payday advances. You can report rent payments to credit bureaus to improve your credit score. It can take a while to receive your money, and you have a limited withdrawal limit.

The key features

  • Rent reporting and budgeting features can help you improve your credit score.
  • Membership starts at $1 per month.
  • It takes three days to process a basic cash advance
  • Start at $100 for low withdrawal limits

Ideal for:

  • Users who desire small, frequent advances
  • Bank monitoring and overdraft prevention

Requirements

  • Direct deposit ensures a steady paycheck
  • Additional discretionary income every month.

Fees

  • Membership starts at $1/month
  • Optional percentage tips for app features

8. Earnin Payday Loan

Earnin, a payday loan apps, allows you to access your money as soon as you request it. Once you are established, your first withdrawals will be limited to $100.

However, you can withdraw up to $500 per paycheck. Earnin does not charge access or membership fees. Users can tip Earnin for any amount they wish.

The app offers cash advances and a Health Aid feature that negotiates your medical bills with your doctor. Earnin has shopping partners that can give you extra cashback and Balance Shield, which will notify you if you are at risk of overdrafting.

The key features

  • Interest-free, up to $100 per hour and up to $500 per paycheck
  • Prevent overdrafts by keeping track of your expenses
  • The app can negotiate your medical bills to reduce your medical costs
  • Enjoy up to 10% Cashback on Purchases at Popular Stores

Ideal for:

  • Users who require frequent, small advances
  • How to manage medical debt and expenses

Requirements

  • More than 50% of your direct deposits sent to your checking accounts
  • A regular pay schedule
  • A fixed workplace with sufficient timekeeping

Fees

  • Optional tipping feature: $0-$14

9. Empower Cash Advance

Empower offers cash advances of up to $250 two days before payday. Empower provides users with a debit card and free access to over 37,000 ATMs. Cash advances are available automatically without hidden fees or interest rates.

Based on the user’s financial history and personal finances, cash advance withdrawal amounts are available. A $25 cash advance is available to new users who make at least $500 per month. Users with better finances or regular cash advances can increase the amount to $250.

The key features

  • Daily account monitoring and automatic savings deposits
  • Two-day, interest-free cash advances up to $250
  • Based on your bank and spending habits, smart recommendations

Ideal for:

  • People who desire regular, small withdrawals
  • Savings goals to be tracked

Requirements

  • Average monthly earnings are higher than $500
  • Two deposits of $100 or more in the past two months
  • Balances of more than $100 within the past 30 days

Fees

  • $8/month membership fee after 14 days

10. MoneyLion Mobile Banking

MoneyLion, a mobile banking membership that provides all-in-one services such as cash advances, credit builders loans, checking accounts, and managed investing.

A core product includes a checking account with no fees and interest-free cash advances. Cash advances are free of charge, but MoneyLion will accept and track tips. MoneyLion offers a $19.99 per month membership that unlocks access to a credit-building loan with a 5.99% APR and other advanced features.

The key features

  • A credit-building loan of up to $500 and advance money on your paycheck
  • A checking account is available with no fees, managed investment, credit score tracking, and other benefits.
  • Major retailers offer cashback fixed

Ideal for:

  • All-in-one cash advance and banking service

Requirements

  • Checking account established at least two months ago
  • Regular income deposits
  • A check-in account shows a positive balance.

Fees

  • Optional tipping and fee-free cash advance
  • $19.99/month Membership for advanced features such as credit-building loans

Apps That You Get Payday Loans

You can borrow money from many banks, credit unions, and cash advance apps. You will need to have a bank account or work permit to withdraw cash advance apps. Although withdrawals can take up to a few days, you can often get money immediately for a fee.

You may be able to apply in-app for a loan, cash advance, or loan from your bank or credit union. Ask your bank about mobile borrowing services.

How to Get a Payday Loans via Apps

Online, via apps, and at brick-and-mortar lenders, you can get payday advance services. You will need to provide financial documentation, including income verification, bank statements, and possibly access to your checking account.

Payday loan lenders will need to prove that you have sufficient regular income to repay the loan and a healthy bank balance. After you have provided your financial and personal information, the payday lender will discuss repayment options, interest rates, and fees with you.

How do Payday Loans work?

A Check Advance is a short-term, unsecured loan that the borrower usually repays on their next payday. The same product is often referred to as a check advance loan, payday loan, or cash advance.

To determine if they will lend you money, a lender will look at proof of income (usually a payslip) and your state identification. You will have to pay the amount borrowed on your next payday. For certain products and alternatives can be due up to three months in advance. Lenders charge a percentage fee depending on the amount of your loan and state regulations. This is usually $15 per $100 borrowed.

When to Use Payday Loans Apps

If you have bills to pay, cash advance apps can help you get your paycheck sooner. These apps are useful when you’re in a pinch and help prevent overdrafts or other bank fees.

Cash advances can be most beneficial when the borrower can repay the withdrawal and any interest and fees with confidence.

If you cannot save your cash, it is not wise to rely on cash advances regularly. While some payday and cash advance services can be relatively inexpensive, others can have high APRs of up to 700%. Recurring costly fees can make it difficult to pay back and recover. To improve your financial position and find other options, you might consider a money conversation to discuss cash advances with a financial professional.

The Costs of Payday Loans Apps

Cash advance apps usually charge transaction fees, membership costs or interest rates for money borrowed. Although some costs are common, there are many low-cost and free options.

Transaction fees can be either a fixed rate or an optional tip. Monthly membership fees start from $1 and can go up to $19.99. For traditional payday loans and installment loans, interest rates can reach up to 700% APR.

What if you can’t pay a payday loans?

Paying back a payday advance app may lead to the app being removed from your device and services. The payday advance app may continue to try to withdraw money from your bank account. This could lead to overdraft fees. Make sure that you have enough funds to repay the payday loan. You can also disconnect your bank account using the app when you are done with it.

ACFA believes that it is easier to pay back loans than traditional payday lenders. We offer our customers the option to extend their payments for up to 29 days without any penalty to their credit.

Payday loan apps, cash advance apps, and payday loans offer options that can help you get to your payday. To ensure you can repay your loan, understand your lending limits and any fees or interest charges associated with payday advances.

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