Why look for the payday loans apps? Because sometimes life can get rough, sometimes we need extra support and little extra money from loan apps can help.
If you are a person who works 9-5 at a firm and lives from paycheck to paycheck, you can use payday loan apps to get a loan for any uncertain payment. These loan apps are really helpful and can save you at the hour of need.
In this article, I will be explaining the features of the best payday loans apps that you can use to get payday cash in advance.
Let’s dive in…
What are Payday Loans Apps?
A typical American lives from paycheck to paycheck and this is a case when you are not prepared for any uncertainty, if the tire goes flat or if you are unable to work for a week before a paycheck, this can cause a lot of trouble.
Payday loan apps are platforms that you can use to borrow money. These apps will give you a short-term loan which you can then return once you get your paycheck.
There are many online payday loans apps that you can look into, they have different loan limits and each app has its own fee that you may have to pay at the time of returning the loan.
Payday loans are a good way to fund the shortcomings in your monthly financial budgets.
The Best Payday Loans Apps
This is the list of the best payday loan apps
- Dave
- Earnin
- Brigit
- MoneyLion
Dave
Dave is one of the best payday loan apps, This app has tons of cool features besides giving you a personal loan with no interest. Dave has over 10 million customers.
This payday loans app is a complete package, you can use to get short-term loans, create your personalized budget, get your paychecks earlier, and much more. Dave also helps you to avoid overdraft fees.
Features
1- Get Advance PayCheck Loans
Want to buy a gift for your loved one? or want to pay for dinner on your first date? Dave allows its users to get loans on their paycheck in advance. Through this awesome payday loans app, you can borrow small amounts against your paycheck instantly.
You might say that you can get money from your credit card too, but here is the thing, Dave’s payday loans are free of interest, you do not have to pay any extra fee when you return the loans taken from Dave.
2- Improve your Credit History
As I mentioned it is not just a payday loans app, Dave allows you to improve your credit history too. If you have bad credit you can use Dave to improve your credit history as well as get payday loans.
Dave has partnered with LevelCredit to help you improve your credit score. You can report your rent or bills through LevelCredit to different credit bureaus to build your credit history.
Unfortunately, this service is not free, but if you sign up for this service you do not have to pay anything for the first year. After that, you will have to pay $100 per year.
3- Real-Time Support
Very few of the payday loan apps have real-time support. Most of the time if you face trouble you will have to email to the payday loan app and then wait for days till you get the response
Not in the case of Dave, You get real-time responses from real people instantly. There is no “Bot Chat”, this is a great feature, you can get all the information from the app representatives about the payday loan app or loan policies of Dave.
4- Zero-Fee
Dave is not just a payday loans app, it is a complete banking package. You can get loans for your everyday use, you can get your paychecks directly deposited to your Dave account, You can also improve your credit score.
With Dave banking, there are no fees, no minimum amount limits, and no overdraft fee. You can instantly secure a loan and return the money without paying any interest. Who doesn’t like interest-free loans?
5- Budgeting
Not as great as other budgeting apps, but Dave is a payday loans app that does wonders for budgeting your expenses. If you don’t want to have a separate budgeting app on your device, leave it to Dave.
Dave monitors your behavior when you are using this app, it lets you know how much can you spend while covering your expenses. All you have to do is log in to this great payday loan app and do your thing.
Dave will automatically create your budget plan. It will organize your upcoming and recurring payments, like rent or subscription payments, and keep you informed about them.
6- Find a Side Job
I would say this feature is outstanding, I mean this is not just a payday loans app, but it even helps you to find a side hustle that you can avail to cover your loans. Definitely recommended.
Dave will show you some little side hustles based on your schedule that you can use to pay off your loans or stack some extra cash.
7- Security
For your peace of mind, all of the money that you have in Dave is FDIC insured. Whenever we use any payment platform the first question we ask is, Is this cash app safe?
If the money that you have in your wallet is not secure, you may lose it anytime, Dave is one of those payday loan apps that have FDIC insurance, you can keep up to $25,000 in Dave which will be FDIC insured.
That is great to know, in case Dave goes bankrupt your finances are safe.
Earnin
Another one of the top payday loans apps is Earnin. They believe that if you earn today you get paid today. That is a pretty strong slogan. And they deliver what they believe.
With Earnin you can get payday loans of up to $500. Tap into your balance whenever you want and there are no hidden fees or charges from the organization. Earnin is truly trying to give people financial freedom by giving them access to their hard-earned funds whenever they need them.
Features
1- Get Loans of up to $500
Want to pay the rent or for a Netflix subscription, don’t wait for your paycheck, with Earnin you can get up to $100/day or $500/paycheck whenever you want. This is your money to use. You can take loans against your paycheck and you don’t have to pay any interest.
However, if you like the service you can pay a tip to Earnin for helping you out with that in-time loan. There is no hidden fee, no extra charges, which makes this payday loans app pretty awesome.
2- Earlier Payday
Most of the time we have to wait for our payday checks, and often they are delayed. For a person whose livelihood depends on a paycheck, a delayed paycheck is pretty daunting.
You can connect Earnin with your bank account and then you can receive your paycheck ahead of your payday. Unlike other payday loans apps, your paycheck will directly be deposited to your bank account and not to your app wallet.
Earnin works with Bank of America, Wells Fargo, Capital One, TD Bank, Chase, Navy Federal Credit Union, PNC Bank, USAA Bank, and more.
3- Balance Alerts
Earnin is not just a payday loans app, it is your complete financial manager. You can set the limits bank account limits on your app. Earnin will then monitor your spending and if you hit that lower limit, you will instantly get a notification.
This is a great feature for the people who are unable to track their expenses and end up spending every last penny. So if you are using a payday loan app and you get online loans but you are not aware of your spending you might always end up without anything in your bank account.
This is where the balance alerts of Earnin come in handy.
4- Instant deposits
Another awesome feature of this payday loans app, you can instantly access your funds through it. Earnin has a feature that is referred to as Lightning Speed. With this, you can instantly deposit your funds.
Instant deposits are not free though, so you will have to pay a fee for lightning speed deposits. Advance Cashouts might take up to 30 minutes. Transfer speed will also depend on your bank connection.
5- Tip Yourself
Want to save some money? Do you have any financial goals? You can now start saving with this payday loans app, Earnin allows its users to save money for themselves and achieve their personal finance goals.
You can use the Tip Yourself feature in Earnin to start saving money for yourself. Consider it a reward for your hard work, You can not only get online loans from earning you can also save a lot of money for yourself.
So, the idea is that every month or every week, depending on your financial goal, you can put some money aside as a tip for yourself on Earnin and this money will be saved for your goal.
6- Recurring Payments
We all have some bills, subscriptions, and other recurring payments that we have to pay every month. Sometimes we lose track of these payments and they start to pile up, additional late fees and fines will put extra strain on our budget.
Earnin has a recurring payment calendar that you can use to keep track of your recurring bills, whether they are your utility bills or monthly subscriptions, you are not gonna miss any of them.
With Earnin, It is not just using a payday loans app, it is more than that, it is about saving money so that you never need another loan.
7- Security
The money that you get through your paycheck doesn’t leave your bank so that is completely safe. You do not have to worry about it. All the data is completely encrypted. The loans that you get will automatically be deducted by Earnin when you will receive your paycheck.
The money that you pay yourself as a tip however stays with Earnin, this money is held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts.
So your money is also insured and secured. That’s all about Earnin: The payday loans app.
Brigit
Comes, another app on our payday loans apps. I won’t say it is much different than the Dave App, but still, it is worth trying. You will get quite decent features in this app, you can also get instant loans.
Brigit tries to help you build your credit, it keeps you on track by tracking your expenses and helping you avoid unnecessary spending. Just like other payday loan apps, Brigit also gives you loans up to $250.
There are no hidden fees, no tips, nothing at all. So you can get that instant loan from this app right away and return it as you get your paycheck.
Features
1- Instant Cash Advance
With this simple payday loans app, you can get a step closer to your financial dreams. With Brigit, you can avoid the traditional overdraft fee and get an instant cash advance of up to $250. There are literally no fees for getting loans.
You don’t have to pay any overdraft fee, no late payment fee, no hidden charges, no charges for processing your loan request on the app.
Brigit also doesn’t have a mandatory time limit for repayment of the loan. You can pay them when you can afford to pay back the loan which is a great feature if we compare it to other payday loans apps.
Let’s say you get a cash advance of $200 on Brigit. When you will payback, there will be no interest, $0 origination fees, $0 processing fees, $0 transfer fees related to the advance
2- Keep an eye on your expenses
Brigit contains a number of free tools that you can use to keep an eye on your spending as well as savings. So you will get a complete overview of how much money you have saved over a course of time.
This payday loans app, helps you save more than you think with its easy-to-use budgeting tools.
3- Credit Builder
Like Dave, you can also build your credit score with a credit-builder account on Brigit. So you can also get loans through your credit builder on this payday loans app, once you have a decent score.
With a better credit score, you will have more freedom to go for better credit cards, personal loans, and home loans. All credit builder loans are 0% APR and the term is from 1-2 years.
Example terms for Brigit’s Credit Builder account example terms: a $900 loan, paid back over 12 months with $75 dollar monthly payments and no interest (0% APR). $0 for processing, origination, late payment fees, transfer fees, early payment fees.
This payday loans app has a credit builder that works for everyone, whether you are new to credit or rebuilding your credit. You can monitor your credit score through the credit tracker.
4- Find Jobs
This payday loans app helps you find a side job too. So while you are trying to build your credit score and using Brigit to get instant loans you can also find a side job to earn extra and stay out of debt.
These little hustles and jobs are a great way to save your payday paycheck. Let’s say you want to add gas to your car and you were to spend money from your paycheck. With Brigit, you can find a side hustle and earn the money for that gas. So you have paid without even tapping into your paycheck reserve.
5- Get Financial Insights
Brigit works like a personal finance app as well as your payday loans app. It has many decent options that are gonna help you achieve your financial targets.
You can get valuable insights using the tools that this app has. You can track your spending habits, it will help you cut down your unnecessary expenses. The app makes savings easier for its users.
You will get notified when your bank account balance runs low. You will be notified about the bills earlier so that you don’t miss the due date. There are money-saving apps that actually save money automatically for your bills without you even knowing. So when the time comes you already have that amount in your account.
6- Customer Support
You can easily contact Brigit customer support. It is not live but you can contact them through email. Typically you will get a response within 24 hours. Here, this is the email info@hellobrigit.com
MoneyLion
Your destination to Finance, This payday loans app is not just giving you loans but it is a complete package, it is your online banking app. You can receive your paychecks earlier than you payday, you can get loans without interest.
This application also allows you to invest in the stock market and much more. So if you want your payday loan app to do all of these things, well you can try MoneyLion.
Features
1- Instacash
Instacash is the loan that you can get from the MoneyLion Payday Loans app, This loan can be up to $250. Instacash can be used if you are short on funds at any time around the month.
Instacash loan is not fixed, this amount may vary depending on your payday checks, or deposits. Instacash also depends on your amount transaction history, MoneyLionn will look into these factors to determine the maximum amount of loan that you can get.
This is not a personal loan, it is just a Payday loan that can utilize, there is no interest on this loan, and there are no late fee charges or hidden fees. You can pay a Tip if you feel like it.
MoneyLion has not set any time frame for returning the loans, your amount will be deducted whenever you receive your paycheck or direct deposit. You can only request a new loan once your old payment has been repaid.\
2- Investing
You can also start investing with MoneyLion, this is definitely not a payday loans app feature, but it is still there and you can use it to build wealth. MoneyLion takes your spare change and invests it in stocks.
So you will not even notice how your wealth is being built automatically. So all of the spare change will be collected by MoneyLion and when it reaches $5 it will be transferred to your MoneyLion account and invested in selected ETFs.
3- Credit Builder Plus
This Payday loans app has services that are not completely free. You are allowed to get loans of $500 for a 12 month period but you will have to pay interest of 5.99% annual percentage rate.
The fixed loan interests range from 5.99% APR to 29.99% APR. So if you are taking a $1000 loan for a 12 month period you will be paying a 29.99% fixed APR. Your monthly payment would be $97.48 and over the course of one year, you will have to pay $1,169.79.
Let’s round it up
These are the payday loans apps that I think are the best. It is not easy to manage the money, we get money and we spend it. Especially if you are living paycheck to paycheck, life is not easy.
If we want to save money and avoid loans, because trust me, loans whether they are from a payday loans app or a bank, are not good. If you get a loan you will have to return it.
I know that it is good to have someone which you can rely on in hard times, but it is better to rely on yourself, Try building habits that help you save money for a better future. Learn more about personal finance. There are apps that really help you save money, use one of those apps.
Why Shouldn’t you Use Payday Loans Apps?
Using payday loans apps is good, you know you can get extra money anytime, but that also makes you more vulnerable, you are more inclined to spend your own money as you know you will get the loan.
This is not good, this will always keep you under debt. Like if you are taking a loan of $300, that is a big chunk that will be deducted from your paycheck immediately after you get it.
So, instead of relying on Payday loans apps, I would suggest you improve your money management skills, read about personal finance, there are tons of personal finance blogs and educational podcasts that you can use to save money.
Payday Loans Apps Vs. Budgeting Apps
Should be borrowing money or should you be saving it? This is the main question, getting a loan is good once or twice, but getting it over and over is not wise, you will be trapped and chances are it will start eating up the bigger chunk of your income.
I would recommend relying more on budgeting apps so that you can improve your spending habits, the better you manage your money, the richer you become.
These are the best budgeting apps that you can use alongside the Payday loans apps.
1- Mint
2- Acorns
3- Digit
Do check these apps out, if you are serious about your financial goals.
Verdict
So that’s it, there are many payday loans apps, but In my opinion, these are the best. Payday loans apps allow you to get cash loans in advance and these loans are deducted once you receive your deposits.
My recommendation is that you use a budgeting app alongside a payday loans app to get better results. So if you can manage it better, you can reach your financial goals.
I hope this article was helpful and you have learned everything about the payday loans apps. Let me know in the comments section which payday loans apps do you prefer and why.
Your thoughts are always helpful.
Cheers…