Personal Loan Apps |‌ ACFA

The Best Personal Loan Apps to Instantly Loan Money in 2021

Numerous personal loan apps allow you to lend money. Apps that lend cash are approved quickly and easily. Many of these apps don’t require you to have a credit check and offer zero interest. There are some catches. You can’t expect to make a lot of money. They typically offer between $100 and $500. They have poor repayment terms – most of them require you to repay the money within a month. There are monthly membership fees that range from $1 to $5.

They advertise their business as a no credit check loan but would like to see your most recent financial transactions and your workplace to assess your ability to repay the loan on time.

Be careful! Beware of scams! Payday lenders are offering personal loan through apps that lend money. These offers are similar to regular payday loans but in an app format.

ACFA does not list any cash advance or payday loans!

Here’s a complete list of all personal loan apps on our marketplace

Best Personal Loan Apps 2021

We recommend you compare personal loans before we go on to reviewing the best. Some of them will be more beneficial than others. These are the main reasons:

  • Personal loans can offer more money, up to $100,000.
  • Personal loans have a longer repayment term.
  • Bad credit people can get personal loans.

Dave

Dave.com offers loans from $5 to $200 and does not charge interest fees. The company charges $1 per month for compensation, and you must link your bank account to the site. Optional tip for Dave app. You can add a tip to the paycheck advance feature and pay extra money to get the money you have earned. The tip amount can be up to 20% more than the actual amount. The average tip is 0.05%, or $1 per $200.

You have the option of either standard or express delivery when it comes to receiving funds. Although the transaction is free, funds can take up to three days to reach your account. You can also choose the express option, which costs $1.99 to $5.99 per transaction and allows you to receive your funds within eight hours.

To qualify for a Dave loan, the company will require a recurring income source and a balance of at least 5% of your total monthly income in your bank account.

Here are some cons to be aware of:

  • The maximum loan amount is $200
  • $5.99 per transaction for same-day access to funds

Brigit

Brigit.com is another great lending app. It offers loans up to $250. Brigit charges $9.99 per month for a membership that includes access to cash and short-term loans. Instead of imposing a specific APR on each borrower, Brigit does not charge a fee. There are no late payment penalties, interest, or fees.

Brigit is a cash advance app that requires you to connect your bank account. It analyzes your spending habits and determines when funds are running low. The service can then provide a personal cash advance to cover your expenses until your next payday if necessary.

Your bank information is already linked with the app, so repayments are automatically taken from your account. You will be notified 24 hours in advance of any withdrawal and offered refinancing options for emergencies.

Here are some cons to be aware of:

  • The monthly membership fee is $9.99
  • The maximum loan amount is $250

Earn

Earnin.com is true to its slogan, “Make Any Day Payday.” It acts as a bridge between what you have already earned and what you still need. Its app allows you to borrow up to $100 per day from your pending paycheck without paying the high fees associated with payday loans.

It works as follows: You tell the company where your bank is and where you work through the Earnin app. The app then uses location services to calculate how much time you spend at your job. Earnin lets you multiply the hours you worked by the hourly rate. You can then use the “cash-out” button to get the money that you made that day. When your paycheck arrives, it automatically withdraws the exact amount from your account.

Earnin is unique in that it allows you to “pay what you believe is fair.” Instead of charging fees, interest, or monthly memberships, Earnin asks you for a tip after every transaction. If you’d prefer, you can donate as little as $14 per withdrawal.

Here are some cons to be aware of:

  • Access to your location is required for the app.
  • Over time, ‘Tips” can add up.

MoneyLion

MoneyLion.com is a mobile finance platform that offers personal loans up to $500 with a fixed interest rate of 5.99% and a minimum loan term of one year. If a loan is secured against a savings or investment account, even those with poor credit can still get a 5.99% APR.

MoneyLion personal loans are available only to Plus members. Zero-fee checking accounts are available for $29 per monthly, with zero-fee managed investments and cash advances at 0% APR. Free credit monitoring is available, as well as free access to 55,000 ATMs. You are also eligible for the $25 Gift Card Rewards Program. Lincoln Savings Bank holds all banking funds. Deposits are FDIC-insured up to $250,000.

MoneyLion’s best feature is the $1 daily cashback they offer for logging into their mobile app. You can recoup the entire membership fee if you swipe all the cards from the MoneyLion mobile app every day. You must deposit $50 each month into your investment account.

You must have the following:

  • Verified identification
  • Income from employment.
  • Ability to meet their repayment criteria.
  • A checking account that has a positive balance and direct deposit.

You don’t need to reapply for loans if you are a Plus member. Your information has already been verified, and funds will be deposited into your checking account automatically. There are no origination fees and no early repayment fees. APRs and installments can be fixed, so your monthly payment will always remain the same. Your borrowing limit will increase if your savings are grown, and you build credit.

There are cons, despite the positives.

A Plus membership costs $29 per month and requires you to deposit $50 each month into your investment account. As we said above, each day you log into the app, you get $1 cashback to recoup your entire fee.

  • Your loan application may be denied if you fail to pass the MoneyLion verification process.
  • MoneyLion doesn’t offer refinancing options.
  • A 500-dollar MoneyLion loan won’t pay for significant expenses.

Oportun

Opportun.com offers loans ranging from $300 to $8,000 with a repayment term of 7 to 46 months.

Oportun APRs can be high-end, ranging from 20% to 67%. However, their products are still cheaper than other lenders. Oportun also reports your repayment history to the major credit bureaus. This helps to build your credit score and can lead to better terms in the future. A co-signer option can also be available if you are denied a personal loan due to your income.

Oportun does not require collateral or credit history to get a personal loan. However, they do need:

  • Verified identification
  • Verified address and phone number
  • You can prove recurring income by using bank statements or payslips.

You can reside in Arizona, California or Florida, Florida, Illinois. New Jersey, New Mexico. Nevada. Texas. Online applications are accepted from Idaho, Missouri, and Wisconsin.

The U.S. Treasury Department has recognized Oportun as a certified Community Development Financial Institution (CDFI ) for its commitment to providing affordable and responsible lending solutions to low-income communities.

Here are some cons to be aware of:

  • Only 12 states offer loans, so it is possible that your location will not qualify.
  • The bi-weekly repayment of loans is more common than the monthly.

Loan Example:

Your total outflow will look like this if you take out a $2,000 Oportun personal mortgage with a 30% APR over 12 months.

  • Bi-Weekly Payment $89.48
  • Total interest paid: $326.42
  • Total Outflow: $2.326.42

Avant

Avant loan App allows you to get loans from $2,000 up to $35,000. You can access the mobile app to manage your loan, change payment dates, and get important information about your loan. Avant offers loans to people with poor credit. Avant has a minimum FICO score of 580. APRs range from 9.99% to 35.99%.

You will be required to pay a 4.75% loan origination fee and have a minimum annual gross income of $20,000. The company does not charge penalties for early repayment. Avant personal loans can be obtained in all 50 states except West Virginia, Colorado, Iowa, Vermont, and Vermont.

Avant discovered that most of their borrowers use personal loans to consolidate debt. The company will allow some borrowers to refinance loans, but you must first make six monthly on-time payments to be eligible.

Here are some cons to be aware of:

  • An annual gross income must be at least $25,000
  • At the time of loan initiation, a loan origination fee is charged at 4.75%
  • Refinance a loan requires that you make at least six consecutive months of regular payments.
  • In Colorado, Iowa, and Vermont, personal loans are not available.

Varo

Varo.com is an invitation-only service. It offers personal loans from $1,000 to $5,000 with an APR ranging between 10% and 24%. The term of the loan is three to five years. APRs are fixed for the entire term.

To be eligible for Varo loans, however, you must open a savings or checking account. Varo will use this information to assess your financial history and determine if you are eligible. The application is quick and easy to fill out if you are invited. You will receive your funds in one to four days.

It also allows you to manage your savings and checking accounts via its mobile app. This will enable you to stay in control of your finances day-to-day.

Varo currently offers personal loans in 21 states throughout the U.S. They charge late payment fees for each state that range from 5% to 25 percent.

Here are some cons to be aware of:

  • Personal loans can only be obtained by invitation, and you must have a savings or checking account.
  • Personal loans are not available in all 21 states.

Vola

Vola.com is a loan program that’s specifically designed for college students. It offers loans from $50 up to $500. All you need to apply is a checking account that allows ACH transfers.

The process of downloading the mobile app starts with creating a profile, answering some questions about your financial situation, and then you can download the app. Next, tell Vola what amount you want to borrow and what repayment terms work best for you. If your application is approved, you will receive funding within hours. You can lock in better terms on future loans if you establish a good relationship with Vola.

Although the company doesn’t disclose its APR ranges, it claims to determine your interest rates using its Vola Score. Through its unique algorithm, the technology uses multiple variables to assess borrowers’ credit risk. Your Vola score will increase as long as you make regular payments.

You can also restructure your loan through the company’s app. Vola is available to assist you if you are unable to make your payment. Vola offers customer support 24/7 and blog articles to help increase financial literacy.

Here are some cons to be aware of:

  • The maximum loan amount is $500
  • The APRs of interest rates are not disclosed.

Is Mobile Lending Right For Me? | Personal Loan Apps

Mobile lending apps allow you to get funds faster than filling out forms at traditional banks branches. However, even with all the benefits, there is still a risk of losing your privacy and security.

Before you take out your next loan, here are some pros and cons to consider.

Pros:

  • It is quick and straightforward to apply.
  • Lower rates and better terms for loans
  • Products can be tailored to meet your specific needs better than traditional bank loans.
  • These products can be used to bridge the gap between paydays.
  • If you have poor credit, your chances of getting approved are higher.

Cons:

  • There is a risk of identity theft or data being stolen.
  • Companies without a track record or reputation should not be given personal information.
  • Accessing the app may be difficult due to technical issues.
  • Problem-solving can be difficult if there is not enough face-to-face interaction.
  • Fintech firms are not subject to the same regulations as traditional banks and do not meet the same standards.

Tags

money transferred
credit union
interest rates
united states
loan amount
processing fee
short term
credit cards
12 months
business days
free credit
loan application
application process
long term

Leave a comment

Your email address will not be published. Required fields are marked *