Big yikes! An unexpected event has occurred in your life, and you need cash, FAST. Perhaps your car has popped a tire, you need a bit of extra money instantly for a small expense, or you need something necessary but donât have the cash.
So, what can you do? You may wish to consider cash-advance financial services. These help you get an advance on your upcoming compensation from your employment.
It is certainly going to require a bit of effort on your part, such as making a repayment plan (often done via recurring payments drawn from your bank account), but it can be a huge lifesaver if you need a quick burst of cash fast.
Bear in mind that these services are great if you just need a quick burst of cash for a relatively small expense. For example, you need a bit of extra borrow money for food or a fill-up on the olâ gas tank.
Do not expect these advances to cover your big car repairs/home repairs. Some services do offer such a thing, but with the interest rates being as high as they are, you are better off looking for a personal loan if you have got an unexpected expense you need to cover.
In this article, we will discuss both services- letâs begin with our favorite cash-advances lenders.
Here are the TopÂ 6 Cash Advance Agencies of 2021 with reviews!
Lending networks are great; you get to see what many lenders can offer you in terms of cash amounts and interest rates.
They offer a personal loan to borrowers who qualify. Each network works in tandem with a variety of lenders in the US to offer a variety of interest rates, amounts available for borrowing, and payback options.
Once you have answered a basic questionnaire- a prequalifying one at that- each lender partnered with that network will get a chance to earn your business.
Thus, you will be offered many loan offers that have a variety of terms. You can pick the one that makes the most sense to you.
- You can get up to $5000 in short-term loans
- It is easy to compare the rates of many lenders
- CT and NY customers are not eligible
- 2 million happy customers and counting
- The prequalifying form takes just 5 minutes to complete
- Your borrow money is available in just 24 hours
- Click here for the official site
Terms of Loan
Example of Loan
Borrow $200 for 14 days, pay back $230 (391.07% Effective Annual Percentage Rate)
The great thing about MoneyMutual is that you do not pay any extra fees to gain free unlimited access to MoneyMutualâs lending network. This is because every lender must pay a referral cost to the MoneyMutual network for each loan closed.
This extensive network works with lenders that make their decision to lend in mere minutes, so there is no waiting with bated breath to see if you are eligible for a loan.
Upon qualification, you may get many loans offers up to $2500 sent right to your email. Once you have selected an offer that makes sense to you, the network sends you to the website of that lender, where the loan application is finished up, and you get your transfer money in just 24 hours.
- Feel free to use your loans for ANY reason
- Monies are sent right to your bank cash account
- Lending decisions happen in minutes
- Loans range from $500 to $10,000
- Click here to go to the official site
$500 to $10K
5.99% to 35.99%
Terms of Loan
3 Months-72 months
Example of Loan
Borrow $4,000 at a rate of 19% APR for 24 months: $201.63/month (Total repaid amount $4839.12)
CashUSA offers loans up to a whopping $10K with lightning-quick approval and loan payouts that happen in just a single business day.
And because this network accepts applications from folks with many credit union types, you could very well be approved even if other loan companies and credit card companies have turned you away.
To qualify, you have to be at least 18 years of age. You must be a permanent resident of the US or a US citizen.
In addition, you have to earn at least $1,000 a month after income tax, possess a bank cash account under your name where the funds can be sent, set up recurring payments, and offer home and work phone numbers. You must also have a working email address.
$250 to $5K
Terms of Loan
Example of Loan
Borrow $3000 at a 16% interest rate for 24 months- pay $146.89 per month; total amount repaid is $3,525.36
If youâve got a bad credit score, we encourage you to check out CreditLoan. You can get up to $5K, and if you have an excellent credit score, you might be able to get up to $40,000 and have 72 months to pay it back.
That being said, you should know that they allow just one active loan at a time when using the network. So, if youâre already working to pay back one loan with them, donât expect to get another personal loan until that one has been satisfied.
We really like CreditLoan.com because theyâve been around for over 20 years. They not only help people find loans that work for them, but they also educate them. They offer information about stuff that matters like financial technology company calculators, mortgage rate info, and other great tools that help you make sense of your money.
More than 33 million have at least learned from Credit Loans info, and 750K have borrowed funds with their help.
So, even if you are unsure about getting a loan, at least go here for the info. Youâll surely learn something valuable.
- Get a loan ranging from $500 to $10K
- The prequalifying Form is easy; funding is fast
- Lenders compete for YOUR business
- Money gets to you next business day if you are approved
- Click here to see the official website
If you have bad credit, you have to come to these guys for help. They are your best bet even if other lenders have told you thereâs nothing they can do. They opened their doors in 1998 (digitally, of course) and have helped thousands of people with less-than-perfect credit get the funds they need, even if their credit history isnât the best.
Mostly, you can expect small loans of $1500 or less to people with poor credit. In addition, you have to be at least 18 years of age, send in proof of citizenship (can be a Social Security Number or documentation of legal residency), evidence that you have a regular income (can be employment, self-employment, disability payments, government benefit, home, and work phone numbers, and possess a checking investment account under your name.
$500 to 10K
5.99& to 35.99%
Terms of Loan
3 months to 60 months
Example of Loan
$3000 borrowed at a 20% interest rate for 12 months; the monthly payment is $277.90, with the total amount paid as $3,334.80
- Loans are offered from $500 to $35K.
- You can get your money in just 1 business day upon approval
- Your loan may be used for any reason
- Loan decisions are made quickly
- A huge network of lenders- youâre sure to find someone to loan you some cash.
- Click here to go to the official site.
$500 to $35K
5.99% to 35.99%
Terms of Loan
3 months to 72 months
Example of Loan
$5,000 loan with a 15% interest rate for 24 months; the monthly payment is $242.43, with the total repayment amount being $5,818.32.
Personalloans.com works with lenders who specialize in giving loans out to those with bad credit. Make sure that you understand what youâre getting into- that these loans are often saddled with a high-interest rate because of the risks associated with lending.
This network can loan you up to $35,000, but thatâs likely only going to be for those of you with excellent or good credit.
The interest rates can be as high as 35.99%, so make sure you borrow only what you need and for a good reason. You can use your money for any reason, but donât borrow it for frivolous purposes.
- Loans range from $100 to $1K
- Youâll have access to a massive network of lenders
- Funding will hit your account the next business day in most cases
- Approval happens in minutes
- Click here to see the official site
$100 to $1K
200% to 2290%
Terms of Loan
Example of Loan
Borrow $200 for 14 days; pay back $230 in total (391.07% APR)
This service connects people who need a payday loan to lenders in their general area that can offer them extremely short-term loans of two weeks to 30 days. These loans can help you fill in the gaps along the way to your next paycheck early, but they become expensive FAST if you do not pay back the loan when specified.
Your loan is going to be high- with this company, in the 200%, and up range. If you do not pay the loan on time, it will become an even bigger problem thanks to the money you will be paying in interest. A loan of just a few hundred bucks can easily become a few thousand in just months. So, use extreme caution when taking out this type of loan.
Top Cash Advance Apps
Now, letâs explore five great apps that offer eligible workers the chance to get an advance on their upcoming checks. Loans are given out in amounts ranging from $100 to $500. The eligibility for these loans will vary from one app to the next. But they are a great alternative to payday loans.
So, letâs get into it.
Wish you could just get paid as you work instead of only on payday personal loans? Earnin could be your answer. This handy app lets you open an account, link the timesheet for your work to your checking account, and enjoy small salary advances before payday personal loans hits.
You can pay the amount that makes sense to you. New users have to begin with just a $100 limit, and over time, you can earn your way up to a $500 advance.
One thing we like is the extra features included. For example, the Balance Shield Alert. This lets you know when your account goes below a certain amount. If you opt-in to the feature, the app will send up to $100 to your account if it gets below $100.Â Bear in mind this counts against your borrowing limits.
You can use this handy feature for free just once. When setting it up, the app encourages you to leave a tip for the service. If you do not set one up, it protects you just once. To use it on a recurring basis costs just $1.50 at minimum, but the alerts about your account balance are free.
Here we have an app you can consider if you have reached the end of your options and you do not care to use a payday loan.
This online lender- Possible- makes small loans using its handy app. If you have got bad credit or no credit, you can get up to $500, but these loans are only given to people in a small total of 7 states.
They bill themselves as an alternative to a regular payday loan, and it is certainly got its benefits. For example, you get 8 weeks to pay back the loan instead of having to pay back the whole thing at your next paycheck.
And unlike a payday loan, Possible reports your loan payments to the three main credit bureaus- TransUnion, Equifax, and Experian. Thus, making your payments on time can help you boost your credit score.
Approval happens in a matter of minutes, and you can do it all right on the app. There have been over a million consumers that have used Possible to get that extra money they need.
Plus, they use your regular pay schedule and your work history to approve/deny loan applications.
Dave is that app that features a bear as its logo- you might have seen their ads on TV or YouTube. It is backed by musician Diplo and famous entrepreneur Mark Cuban. But what does it do for consumersâ dave spending account?
In essence, this app is all about helping the average Joe beat overdraft fees. They provide small cash advances that are fee-free and interest-rate-free so you can stay afloat until your next paycheck comes in.
You connect your debit card to the app, and you can take advantage of a small advance up to $100. This is not going to cover huge expenses or gaps, but it is going to help you avoid overdraft fees that are greater than the overdrawn amount.
You simply repay the advance automatically upon getting your next paycheck. From there, you can use the Dave app again if you need it.
Of course, you should not make this a habit- Dave is meant for emergencies or unexpected small expenses. Granted, they do not charge fees, but it is best to find other ways to get the money you need, such as working extra hours or picking up a side gig for a bit of extra money.
That being said, the app is incredibly helpful and only costs $1 a month.
Some of the apps today are employee-centric; they help workers gain access to their wages as they earn them. This Even app is aimed at both employers and employees. It takes into account how financial wellness benefits both of these groups.
If you work for a qualifying employer, you could get up to 50% of your paycheck ahead of time, based upon the hours youâve already put in. The precise amount you will be eligible for will vary, but the app tells you how much you can borrow.
The fee for this service is $8 a month, and you can get your money in just one business day. At Walmart stores, you can pick up actual cash.
Repayments are debited from your bank accounts or next paycheck. You can simply look to the Instapay section of the Even app to know where the repayment is going to be drawn.
The service is excellent because there are no interest charges on the advances, nor do you have to pay a tip. It is also a great app to use for budgeting and saving so that you can enjoy better financial health.
The helpful Brigit app offers the user small loans of $250 and under, plus it gives you a budgeting tool to work with. It takes into account your spending patterns, and if you opt for the Plus membership, you can enjoy some money advances if it believes you are close to overdrafting your bank accounts.
Keep in mind that Brigit charges $10 a month for the bulk of its services, and not everybody will qualify. It is also not available if you have a joint checking account.
It works with over 6,000 credit unions and banks, but not Capital One, NetSpend, or Chime. You also have to meet their scoring requirements to qualify for the service. A score of 70 and up is required, and your score is based on banking, spending, and income.
It is a pretty good alternative to a payday loan. The repayments for the advances are made by withdrawing funds from your bank accounts the next time you have a regularly scheduled direct deposit express.
They issue a reminder about it one business day in advance, and if you cannot afford a payment, they may also offer you an extension with no penalties or fees.
Cash Advances: What Is It?
This financial service, which is quite popular among consumers, is a product that lets you get some quick cash between your paychecks with a loan. This is not an installment loan where you pay over a few months. Instead, you will pay the whole thing back at your next paycheck.
These sorts of loans are sometimes called âpayday advancesâ or âpayday loans.â It is most often referred to as a payday loan, and you can find them all over the place, even at brick-and-mortar locations in most cities.
These loans usually do not require a credit check. But they do take a look at your regular income to figure out your eligibility for the loan. Most consumers that apply end up qualifying, but it doesnât mean you should take the loan, no questions asked.
After all, the payday loan may include ridiculously high fees and an elevated interest rate that could reach into the triple or even quadruple digits.
As a matter of fact, the interest rates associated with a payday loan have become so outlandish that some government offices have set forth rules and regulations that ban these sorts of loans or place limits on how much borrowers can be charged.
This comes after the hundreds and thousands of horror stories about payday loans- weâre talking cases where a few hundred were borrowed, and thousands ended up being owed. This is why itâs likely that payday loan services may be banned in your state.
How does the debt grow so quickly? Well, it is all in how the loans are structured. A Payday loan requires that they be repaid in 15-30 days max. If you canât make the full payment, the lender will administer a fee and then roll the debt into a new loan with an even higher interest rate.
The lender is going to continue doing this every two weeks, and each time, they add on new fees and higher interest. These loans are meant to be an absolute last resort- when you cannot borrow from a friend or family member, sell things you donât need, or work an extra few hours/ a side gig to earn the money you need.
You can use other cash-advance options that feature far more affordable rates, and they are usually accessible right on your smartphone.
You would do best looking at online startup banks and the mobile apps that go with them. You can link these banks right to your checking account, where you get your usual direct deposit.
The app figures out your eligibility based upon your spending habits and income and could offer you up to $250 in cash-advance services every pay period and with no extra charges.
You will have to accept an agreement that lets the app draw the repayment from your checking account upon the next direct paycheck deposit funds depending on the qualifications. This will let you gain access to your wages early, even before payday happens, and you wonât pay high fees if any are assessed at all.
Earnin is one of the top dogs when it comes to payday personal loans apps, and their stats show it. There are millions of downloads and plenty of users actively utilizing the platform. So, if you need payday personal loans advances that are fair and affordable, check out Earnin or any of the apps listed above.
Soâ¦ What Exactly Is an App?
An app is a nickname for âsoftware application.â You download them on your smartphone and get access to a program or site right from your phone. Chances are you have ones for things you enjoy, such as YouTube, social media accounts, or your favorite online stores.
Apps may also come with your smartphones, such as the clock, calculator, and calendar features that are standard on all smart devices.
Most of these apps are sold on the deviceâs app store. For Android users, you would use the Google Play Store to get your apps. Meanwhile, the Apple App store is where iOS users go. Some apps are free to download. Others will cost to use or charge you recurring fees to use the services; for example, the app Dave costs $1 a month.
The good news is that there are millions of apps when it comes to managing your finances. They can help you build and stick to a budget, repair your credit, or provide small cash advances.
The way to find an app that makes sense to you is to take a look at the developer of the app before you download it. Most apps are tested and improved before being offered to consumers, but some arenât. So, make sure you read over what data they take and what other customers thought about the app before downloading it.
Do not access financial apps on public Wi-fi. This is a huge security risk, with hackers on these networks ready and waiting to swoop in and take personal information such as password and username as it is being used on the network.
Apps are here to make our lives easier. So, donât feel nervous about using them- just play it safe and use common sense when utilizing these services.
How Do Cash Advances Apps Work?
Weâve noticed a trend in financial software- that is, the ability to link oneâs bank accounts with a cash advances app and get services and products based upon oneâs income and spending patterns.
The bulk of these apps provide cash advances for free to their users. The app takes a look at your direct deposit, bills, and spending habits to determine whether or not you have the money to pay back the advance. This is how they qualify you for such a service.
If you end up qualifying, most apps will put the cash advances right into your bank accounts in mere minutes. The app then draws the amount borrowed from your linked account once the next direct deposit hits the payday advance app.
This is a far more affordable and user-friendly way of getting a bit of extra cash before payday hits, without the astronomically high-interest charges.
The apps do place a limit on how much you can borrow. Many start you off at $100, and you can gradually work your way up to borrowing more.
Some apps also function as an online banking institution that helps users get their direct deposits, perform all financial transactions, and even get free cash advances services without having to step foot in a physical branch.
Many are still wondering how they can offer such excellent services at low prices. Most of these businesses offer their services at below market value to promote their other and more profitable offerings.
For instance, an app could offer you cash advances, but only if you sign up for a bank account that incurs regular fees for using it. Or you can get free cash advances by using a debit card that comes with a small recurring fee for its use.
Most of the time, these apps do not charge hidden fees, but you should read over everything carefully and understand exactly what it is you are signing up for.
If this does not sound right for you, just go with one of the lending networks we discussed earlier in the article. You will incur interest, but you will have access to more money, and you can pay it back in installments.Â Plus, since these lenders report to major credit bureaus, you can improve your credit rating also.
How Much of An Advance Can I Get from My Paycheck?
This is going to depend on what service you go with. Most payday loan apps offer up to $250 for each pay period. Then, the amount is withdrawn from your account upon the next paycheck that is direct-deposited.
Some of these apps may offer you a larger cash advances amount once you have proven you can handle the repayments. For instance, Earnin could get you up to $500 per pay period.
There arenât any industry-standard limits when it comes to traditional loans payday. Instead, the lenders will figure out if you qualify based on spending patterns and income. Most are willing to offer you more money because it means you will pay more in interest.
It is for this reason many experts question the ethics of payday. Laws exist to put a damper on their huge fees, but these lenders still live on thanks to their low-income customers who have bad credit that cannot get a loan elsewhere.
You might also turn to bad credit personal loans if you need a large amount of money but donât have great credit. If qualified, you can get a loan up to $15,000, depending on what lender you choose and their eligibility criteria. Also, you can pay this back in monthly maintenance fees installments, not a lump sump.
Do Cash Advances Apps Use Your Credit Score?
Most of the apps we have discussed today DO NOT make use of a credit check, nor do they look at FICO scores as a means of determining oneâs qualification.
Instead, the app links to your bank accounts and looks at oneâs financial history instead. Direct deposits, bills, and spending habits are all used to see if you meet eligibility requirements.
If qualified, the app processes and then deposits the loan into the bank account you linked. Most apps will get you your money the next business day, but it all depends on the app used.
Take Possible, for example. They can get your money to you in a matter of minutes. However, they have interest rates in the triple digits. One example loan from their site indicated that a $200 payday loan had a 151% APR and an 8-week window for repayment, which would cost $230 once all was said and done.
It might not sound too bad in that example, but you should look around at other online lenders. They can offer you better interest rates, higher loan amounts, and a longer time to repay the borrowed funds.
Take Cashusa.com, for example. They can get you $500 even if you have bad credit, and you can use three months or longer to repay the debt at a max of 35.99% interest. This may be easier for some than paying it all back at one time.
However, CashUSA and other similar services require a credit check. So, if you have bad or no credit, look for a lender that is OK with bad credit. Cashusa.com is one such company that works with bad-credit borrowers.
What Fees Come with Payday Advance Apps?
First and foremost, you should know about the interest rates that come with payday advance loans. This is what they charge for borrowing money. These charges compound on a monthly/annual basis and show up as a percentage.
A 15% interest rate will charge 15% of the amount borrowed annually, and it will be spread out into 12 payments you pay back each month.
Most payday requires you to pay them back in a lump sum and not over monthly installments. This is good because you do not need to worry about interest payments, but you do have to contend with the huge interest charge that is placed on these short-term loans.
Other charges you might see include an early repayment fee, origination fee, or processing fee. And if your bank declined the loan repayment due to insufficient funds, you are likely going to face an overdraft fee as well.
Make sure to check with the lender before you sign any loan agreement or contract. You should know the total cost of your loan and any fees they will impose. Even if it is an emergency, you might find that the loan is simply not worth it. As always, try to find other ways of making money before turning to payday loans.
How Long Until I Get My Money in my Bank Account?
For most of these services, you will get the money you borrowed in just a single business day. But, of course, you must complete your loan paperwork at the appropriate time, too.
If you apply late Friday evening, for example, your money probably will not come in until Monday or Tuesday. Some lenders might even send your money out the same day if the loan application is completed early that business day. But every lender is different.
The usual brick-and-mortar payday lenders can cut a check the moment you are approved. However, online lenders might be slower because there are no physical pickup spots borrowers can go visit to retrieve a check, for example.
Some apps specializing in cash advances have services that send money right to your bank account in minutes with a payday advance app. However, if you opt for a lending service that does not offer local pick up or use a bank account, you are going to be waiting it out over the usual processing times to get your funds.
If you need money and need it now, the best thing to do is apply for cash advance loans using a cash app on a weekday. This way, the lender has lots of time to get that loan processed, and you can get your funds in your linked bank account in no time at all.
Conclusion: Helpful Between Paychecks
Going to work is a good thing; we are contributing to the betterment of society, and we feel good about ourselves for putting in a hard day at work.
That being said, things get hairy when you need money fast, and you have to wait a week or two weeks to get paid again.
If you are in a tough spot and you need your own money right away, take a look at any of the lending networks or cash-payday advance apps above for some ideas. These companies are great at offering short-term loans that will carry you to payday.
Best of all, they can help you avoid unethical lending practices commonly associated with payday loans and help you keep more of that hard-earned money.