The best cash advance apps help tide you over until your next paycheck. These apps offer a fast and easy way to get extra when you’re in a pinch. However, it pays to read the fine print.
We’ve taken a thorough look at different options and their fine prints. Check out our top picks of apps for payday loans and cash advances below.
HolidayFunded is our favorite pick. The application process is a cinch. You can get an advance pretty much the next business day.
Our recommendations for best cash advance apps:
- HolidayFunded – Editor’s choice as the Best for Seasonal Expenses
- Fast Money Source – Best for Emergency Cash
- Lendfly – Best for Quick Loans
- Brigit – Best for Budgeting Aid
- MoneyLion – Best for Financial Tools
- Solo Funds – Best for Community Lending
- Empower – Best for App Design
- Oportun – Best for Credit Building
Top 8 Cash Advance Apps
When you need extra cash until your next payday, cash advance apps can be a lifesaver. Below are some of the best options available:
HolidayFunded – Best for Seasonal Expenses
HolidayFunded is not an online lender. It facilitates payday loans with no credit check. The platform works with a large network of payday lenders.
Users submit their info using a simple online application. Expect lender approval within a few minutes. Once approved, you can access cash advances from $100 to $10,000.
Actual loan amounts, terms, and APR will vary based on the lender criteria. You can expect the funds to hit your account as soon as the next business day. There’s no subscription fee.
Pros & Cons
Pros:
- Cash advance up to $10,000
- Works with many payday lenders
- Quick online application process
- Access approved cash advances within 1 business day
- No membership fees
Cons:
- Not a lender
- Small personal loan may carry higher interests
Fast Money Source – Best for Emergency Cash
Fast Money Source offers cash advances and personal loans. You can borrow money up to $50,000. Approved funds hit bank accounts almost instantly.
That makes this cash advance app ideal for those in urgent need of cash. Lenders can quickly transfer funds to your bank account.
Pros & Cons
Pros:
- Personal loan up to $50,000
- Fast transfer to bank accounts
- Convenient online application
- Great for emergencies
Cons:
- Potentially high interest rates
- Availability may depend on creditworthiness
Lendfly – Best for Quick Loans
Lendfly App works like HolidayFunded. It connects borrowers to a network of payday lenders. They facilitate cash advances and personal loans ranging from $100 to $10,000.
The service helps you access quick and easy funds. Expect an easy online application process. Lender approvals usually happen in minutes.
Pros & Cons
Pros:
- Lender approvals in minutes
- Simple online application process
- Approve funds hit your bank account quickly
- Works with a large network of lenders
Cons:
- Loan terms depend on lenders
- Not a lender
Brigit – Best for Budgeting Aid
Brigit offers an Instant Cash feature. It provides borrowers in good credit standing with small cash advances. Signing up takes just 2 minutes with no impact on your credit score.
You can borrow $50 to $250 on the cash advance app. Plus plan for cash advances comes with a monthly subscription fee of $9.99. You can pay an option fast-funding fee between $0.99 and $3.99.
Brigit also offers tools for credit monitoring and smart savings. With budgeting tools, it has over seven million active users.
Pros & Cons
Pros:
- No credit impact
- Quick signup process
- Credit, savings, and budgeting tools
Cons:
- Charges a subscription fee
- Dependent on bank account health
- Low advance cap at $250
MoneyLion – Best for Financial Tools
MoneyLion lets you borrow money up to $500 and pay back on your next paycheck. It adds benefits like credit score building and high-yield savings accounts.
Half of their members raise their scores by up to 27 points within 60 days. Their savings accounts offer up to 5.25% APY. That’s with no monthly fees on most accounts.
Pros & Cons
Pros:
- High loan limits
- Credit score building tool
- Helps avoid overdraft fees
- High-yield savings options
- No mandatory fees
Cons:
- High instant delivery fee
- Advance split into $100 disbursements
SoLo Funds – Best for Community Lending
SoLo Funds has a unique peer-to-peer lending platform. It has over 1 million disbursements and a median funding time of 20 minutes.
Unlike other cash advance apps, it offers community-based lending. The P2P loans come with an average cost of 17%. The average tip is 10.4% with a 0.4% late fee.
Up to 60% of requests at SoLo Funds are fulfilled. However, approvals could take up to 3 business days.
Pros & Cons
Pros:
- Overdraft coverage
- Advances up to $575
- Flexible repayment terms
Cons:
- Approvals could take up to 3 business days
- No budgeting tools
Empower – Best for Instant Advances
Empower offers instant cash advances ranging from $10 to $300. They come with no interest, late fees, or credit checks.
Their Empower Thrive line of credit provides $200 to $400 instantly. Expect flexible payment plans for building good credit history. The platform also includes automatic savings features.
Pros & Cons
Pros:
- Instant cash advances
- No interest fees
- Credit building
- No tip or fast-funding fees
Cons:
- Lower advance limits
- Requires Empower subscription
- High optional fees
Oportun – Best for Credit Building
Oportun offers cash advances from $300 to $10,000. The app is designed to help users build credit. Loans are small and often funded within the next business day.
Pros & Cons
Pros:
- Wide range of loan amounts
- Credit building tools
- Longer repayment period
- Affordable loan options
Cons:
- Loan terms vary by state
- Longer application process
Cash Advance Apps – Pros & Cons of Using Payday Loans
Using a cash advance app can be a convenient solution. That’s especially true when you need to borrow extra money until your next payday.
Pros
- Quick Access to Funds: Most apps provide instant access to approved funds. They often reach your checking account within minutes or hours. Even better when done via direct deposit.
- No Credit Check: Many apps don’t do soft or hard checks on your credit history. That’s unlike other traditional payday loans.
- Ease of Use: These apps help you apply and manage loans directly from your smartphone. They integrate with your checking account.
Cons
- High Fees: Similar to payday loans, some cash advance apps charge high fees
- Small Loan Amounts: The loan amounts are typically small. They rarely go beyond $500.
- Short Repayment Terms: You usually have to repay the advance by your next pay period. They take their cut from your next paycheck.
Alternatives to Cash Advance Apps
If you’re looking for other ways to get quick cash, consider these alternatives to cash advance apps.
Small Personal Loans
Take small personal loans from banks or online lenders. They often offer larger amounts than most cash advance apps. These loans typically have longer repayment terms and low fees.
Credit Union Loans
As a credit union member, you can take out small loans at lower rates than payday loans. They may also offer more flexible repayment terms.
Friends and Family Loans
Borrowing from friends or family can be a viable option if you’re in a bind. These loans usually come with no interest and flexible repayment terms. However, they could strain your relationships.
Cash Advance Apps FAQs
Are Cash Advance Apps Real?
Yes. Cash advance apps are real and legitimate financial tools. They provide short-term loans to help you cover expenses until your next pay period. Examples include HolidayFunded and Empower.
Are Cash Advance Apps Safe?
Most cash advance apps are safe to use, especially those with a well-established reputation and positive user reviews. However, it always pays to check the fine print. Additionally, using an Antivirus for Windows can help protect your PC when using these apps.
Also, a VPN for iPhone, Android, or your PC can provide an extra layer of security and privacy for your online transactions.
Do Cash Advance Apps Hurt Credit?
Cash advance apps typically do not affect your credit score. They don’t perform hard credit checks.
However, failing to repay the advance on time could lead to fees and overdrafts. They might indirectly impact your credit if your checking account goes negative.
Final Thoughts On Cash Advance Apps
Cash advance apps can be a quick and convenient solution when you need money fast. Each app has its unique features.
It pays to find a cash advance app option that best suits. It should fit your budget and financial situation. HolidayFunded ticks all the right boxes for seasonal expense loans, while Empower is great for fast cash.
Though they offer fast access to funds, you should look out for high fees. Short repayment terms can leave you in a fix. The same goes for overdraft fees, monthly subscription fee, or subscription fees.
To protect your next paycheck, consider good alternatives. You can take small personal loans or borrow from your credit union. Borrowing from friends or family can be a good option.
