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7 Loan Apps for Which Help You Borrow Money Fast

If you ever find yourself in a financial crisis and need rapid access to cash to meet an unforeseen bill, there's an app for that.
 

Written by Thelearnvine

Are There Really Apps That Allow You Borrow Money?
distinct from online personal loans, loan apps are supposed to give a short-term solution for individuals in need of a fast money fix — and there are more of them springing up everyday.
 

How Do Loan Apps Work?

There is generally some form of payment for this convenience. Depending on the loan app, you may pay a charge on the amount you receive, and/or a monthly membership fee to the lender. Once you accept a cash advance, you will normally have to repay the money within a limited time frame. This may happen automatically with the lending app collecting the borrowed money plus its charge from you on your next payday. Some applications may allow you pick the payback date.

7 Loan Apps to Consider
With dozens of loan applications accessible online, it might be tricky to discern which one is ideal for you. To help get you started, here's a look at seven lending applications that can give a cash advance.

  1. Chime.
  2.  Dave.
  3. Brigit.
  4. Albert.
  5. EarnIn.
  6. MoneyLion.
  7. Possible Finance.


Chime: Best For No-Fee Cash Access
Chime is an online banking software that enables you access cash – even when funds are low – provided you have a checking account that's set up with a direct deposit. It provides a fee-free overdraft option (rather than a loan) called SpotMe, which lets you take out up to $200 extra once your balance hits zero. When payday rolls along, Chime will take back the amount you borrowed with no interest and no fees. Chime also allows you take paycheck monies up to two days before your direct deposit hints.

Dave: Best For Larger Amounts
Dave’s ExtraCash function enables cash advances up to $500 straight to the Dave Debit Mastercard. Not everyone will qualify for that maximum straight away, but there are no late penalties regardless of how much you borrow.

Cost: Dave charges a $1 monthly membership fee. You'll additionally pay $2.99 to $13.99 every cash advance if you want a quick transfer to your external bank account.

Brigit: Best For No Late Fees
With Brigit's Express Delivery, you'll get up to $250 in minutes for a nominal cost - but there's no charge if you wait two to three business days. You can seek a payment extension and specify the date of payback without penalty. Brigit also provides a program to assist develop credit.

Cost: In addition to a $9.99 monthly subscription, express delivery includes an additional minor price which is not mentioned.

Albert: Excellent For a Variety of Financial Tools
Albert is another lending app that gives the option of acquiring a cash advance promptly for a modest cost, or free if you wait two to three days. The loan limit is $250. It also offers other services to help you save and invest, such as budgeting and investment tools.

Cost: Albert is free, but there is an enhanced version called Genius that includes more capabilities for $8 per month. There is also a tiny cost to advance funds quickly, although it's not stated.

EarnIn: Best For Multiple Loans in a Pay Period
EarnIn allows you obtain an advance up to $750 every pay period, but only up to $100 per day.

Cost: You can choose to add a free tip when you cash out, and costs apply if you pick a "Lightning Speed" transfer rather than waiting the one to two working days.

MoneyLion: Best For Deferred Payment Option
MoneyLion offers cash loans up to $500 with no interest or monthly membership fee. If you have a paid Credit Builder account - which costs $19.99 per month – your Instacash cap climbs to a maximum of $700. If you move your direct payment to a MoneyLion account, then you can access up to $1,000. If you're still short on cash once payday rolls around, you can request that your refund be delayed for up to another two weeks.

Cost: You'll pay a $1.99 to $8.99 fee for rapid delivery, and be asked to leave an alternative tip.

Possible Finance: Best For Longer Repayment
Possible Finance is a cross between a loan app and a personal loan because payback terms can stretch as far as 12 months out. You can borrow up to $500 quickly and there are no late fees. From there, your funds process immediately from your bank account's direct deposit. However, you have a waiting time of up to 29 days.

Cost: Although exact fees are not revealed online, in the example given on the site, a $250 loan costs an additional $44.12.


What Are the Current Personal Loan Rates?
The average personal loan rate is 12.10% as of Feb. 28, according to a Bankrate poll. Personal loan interest rates are moving higher in 2024 so far, up by a full percentage point from July 2023:
 

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