10 Best Instant Loan Apps for Cash Advances & Overdraft 2023
Running out of cash during an emergency can be devastating. However, there is a stop-gap solution as there are numerous instance loan apps in the United States that can offer you cash advances and overdrafts to meet your needs.
A number of these cash advance apps and instant loan apps offer fee-free services, however, others charge an interest rate that can translate into high annual percentage rates (APRs). The best loan apps should provide instant cash with a low APR.
With some of these cash advance apps, you can borrow as much as $500 before your next paycheck. Additionally, these apps are easy to use and only require you to agree to their terms and conditions.
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10 Best Instant Loan Apps for Cash Advances & Overdraft 2024
As earlier mentioned, instant loan apps and cash advance apps offer fast funding with minimal fees and APRs. As such, if you need a little cash to spend until your next payday, you should consider these apps.
1. Earnin
Earnin is an instant loan app that let users get paid as soon as they leave work by connecting the app to a bank account and tracking work hours. The app also has special features that notify you when your bank balance is low and a feature that will top it off for a fee.
Users can request a cash advance of $100 to $500 using Earnin’s Cash Out tool. Although there are no fees associated with Earning, there is a tip feature with options ranging from $0 to $14 for most services.
Additionally, users can sign up for Earnin’s Lightning Speed for $1.99 to $3.99 and receive cash instantly or within minutes. Otherwise, it typically takes one to three business days to get cash.
The app withdraws the cash you borrowed from your bank account on your next payday. Earnin is only available in the U.S. and U.S. territories.
2. Chime
Chime is a mobile banking app that offers checking and savings accounts, as well as a secured credit card that allows customers to access overdrafts by a small, predetermined amount without fees with SpotMe overdraft protection.
With this special feature, you can overdraw up to $200 on debit card purchases without charging a fee. Additionally, users have the option of leaving a tip, and failure to leave a tip does not negatively impact the functionality of the app.
The app withdraws the cash you borrowed from your bank account on your next payday.
3. Dave
The Dave app lets users get cash advances up to $250. To prevent banking overdrafts and fees, the company reviews available funds before debiting the repayment amounts. Also, users who have a Dave spending account have access to larger amounts than those who do not. Additionally, the Dave app has a “Side Hustle” feature that helps users find side gigs to earn more money.
Furthermore, the platform charges a $1 monthly fee, but tips are optional and can be as much as 20% of the advance. Also, there is an option to pay between $1.99 to $5.99 to receive funds within eight hours instead of several days.
4. Brigit
Although a budgeting app, users who want to access Brigit’s cash advance function must pay $9.99 per month. Users can access cash advances between $50 and $250 with instant funding speed.
The app also helps users find side gigs in addition to $1 million in identity theft insurance, automatic advances to prevent account overdrafts, and access to credit builder tools.
Your repayment plan is automatically set to your income schedule. However, you can extend your repayment date in the app, but only one time for every two advances you pay back on time.
5. MoneyLion
The MoneyLion app offers Instacash advances up to $250, a credit-builder loan, mobile bank and investment accounts, and financial tracking. App users get access to their credit scores, tips on how to improve their credit scores, and lots more. Just like other money lending apps, MoneyLions does not charge any fee and tipping is optional. However, if you need to access your funds quickly, you will have to pay a fee.
Borrowed funds are automatically withdrawn from your account on your next payday. If you do not have sufficient funds, the app will repeatedly try to withdraw the funds.
6. Current
Although not a cash advance app, Current offers Overdrive protection for customers who overdraw on their accounts up to $200. Users who receive at least $500 in eligible, monthly direct deposits start with a $25 fee-free overdraft limit that can be increased to $200 over time.
Funds are automatically withdrawn from your account on your next payday. If you do not have sufficient funds, the app will repeatedly try to withdraw the funds.
7. Empower
The Empower app gives users cash advances of up to $250. Additionally, the Empower Card offers a 10% cash back on purchases at specific merchants. The app charges an $8 subscription fee after a 14-day free trial.
Funds are automatically withdrawn from your account on your next payday. If you do not have sufficient funds, the app will repeatedly try to withdraw the funds.
8. Branch
The Branch app offers cash advances to eligible users. Users can get up to 50% of their earned wages early at no cost. However, the cash advance feature is only available to workers employed by participating companies.
Users can use the app to request funds, and the money will be deposited into your Branch digital wallet. However, if you want the funds to be sent to an external bank account or debit card, you will pay a fee of either $3.99 or $4.99, depending on the amount you transfer.
If you lack enough funds in your Branch Wallet to cover the bill, you won’t be paid and you won’t be charged an overdraft fee either.
9. Albert
With the Albert app, users can access instant cash advances to meet their immediate financial needs. Users can access up to $250 with no late fee. If you need an instant payment to an external account, you may be required to pay a fee.
Funds are automatically withdrawn from your account on your next payday. If you do not have sufficient funds, the app will repeatedly try to withdraw the funds.
10. PayActiv
In addition, to advance cash, PayActiv users can pay bills in-app and get discounts on certain department store purchases and prescription drugs. To benefit from these perks, check the stores associated with PayActiv and redeem your discounts directly in the app.
PayActiv only offers users a set percentage of their earnings. Transfers to an external account or debit card can take 48 hours. However, instant transfers can be made for a $1.99 fee.
Conclusion
Access to instant cash to solve emergency needs is getting simpler by the day due to the availability of instant loan apps. With these instants loan apps, you do not need to wait till your next payday to solve your financial needs.
