Apps to Borrow Money via Personal Loan: Best Way to Get Cash Online
Whether you’re in a tough spot financially, have recently lost your job or need to get money fast, getting a loan isn’t always the easiest thing to do. Traditional banks have you fill out tons of paperwork and aren’t incredibly convenient, especially if you need money immediately.
A quicker option is to get a payday loan. Payday loans give you cash the same day and are guaranteed by your paycheck. These loans are typically issued for a small amount of money but come with a hefty, extremely high-interest rate. They are given with the expectation that you will pay them back by your next paycheck but often those who are struggling and in need of cash can’t pay it back that quickly. That’s where they get into trouble, and what we want you to avoid.
Thankfully, there’s an app to solve this problem! There are tons of apps that pay you through your phone that will help you quickly get the cash that you need. Below, we’ll go through the best options out on the market today to help you choose the app that’s best for you.
Best Apps That Loan You Money
Brigit will loan you up to $250 instantaneously.
The $250 will be in your bank account within one minute and there are no fees and no interest on the money you borrow. You’ll know if you’re approved for the loan within 20 seconds.
The way that the app works is that you enter in your personal expenses and your monthly paycheck.
You can set the app to autopilot and when it identifies that you don’t have enough money in your paycheck to pay your remaining bills prior to getting paid next, it will automatically deposit the $250 loan in your account with no questions asked. If you need additional money for any reason, you can also request it at any time.
The app costs $9.99/month and Brigit will automatically debit funds from your next paycheck to pay the loan back.
Even is another budgeting app that will give you a free advance on your paycheck. This app will allow you to get as much as half of your paycheck early. The amount you are given as an advance is dependent on how much you’ve already made for your next paycheck.
The Instapay feature allows you to access this money on the following day. If you need the money instantly, you can also pick it up from Walmart immediately.
To access the Instapay feature and get an advance on your paycheck, you do have to work for an employer that works with Even. There’s also a monthly subscription fee of $2.99. The amount you pay for a “plus” membership is dependent on your employer’s contract with the app.
The founders of Earnin believe that you should be able to access your paycheck whenever you want, not just when your employer decides to pay you.
You tell Earnin where you work, how much you make and give them your bank account information. They keep track of your hours to see how many hours you’ve banked in a given pay period. You can cash out up to $100 per day of the money you’ve already earned with no fees or other costs.
You can also set up an auto-mode that will automatically deposit $100 in your account if your balance falls below $100.
When your check is deposited into your bank account, Earnin will automatically deduct the amount you borrowed from your paycheck. The app does not have a monthly fee.
The Dave app helps you manage your budget and will give you $75 when you’re in a pinch. You do have to pay $1/month to use the app. This app looks at your budget and alerts you when you’re going to run out of money so you can make the transfer and avoid overdraft fees.
The money will be deposited in a few days, or for a small fee, will be paid within a few hours. The app runs on a tip system, so you can opt to leave a tip if the service worked well, but it is up to you.
The app will automatically deduct the $75 from your next paycheck, and Dave doesn’t have any hidden fees or interest charges. You also don’t need a credit check to get the cash advance.
MoneyLion not only offers a loan, but you can also create a checking account, monitor your credit, invest and more. You can opt either for a small cash advance of up to $250 at 0% APR, or if you’re in need of more funds you can also get a loan of up to $500 at 5.99% APR. Keep in mind, the cash advance will be instantly deposited into your MoneyLion account, so there’s more incentive to sign up for one.
Enter your paycheck and bank information into MoneyLion and you can even earn cash back or gift cards when you don’t have to borrow from them!
To access these benefits, you must be a “plus” member which requires a $50 deposit and a $29/month fee.
Flexwage will give you an advance on your paycheck with no hidden fees. However, in order to use Flexwage, your employer must already partner with this company. Flexwage connects to your employer’s payroll software to figure out how much you’ve already earned and gives it to you on a debit card or into their bank account.
Your employer will determine how often you can get paycheck advances and how much you can take out at one time. It’s not a loan since you already earned the money and there are no credit checks involved. They are repaid when your company issues your paycheck.
In order to receive an advance from DailyPay, your employer must already contract with this company. Similar to EarnIn or FlexWage, DailyPay’s works with your employer’s payroll software to figure out exactly how many hours you’ve worked and the wages you’ve earned.
Unlike those apps, with DailyPay you have unlimited access to the money you’ve earned and can request it at any time. So long as there’s a balance, you can transfer it to your bank account. There is no cost to the consumer when using this app, however, it does cost $1.25 each time you transfer money to your bank account.
PayActiv allows you to get an advance on the income you’ve already earned with no interest or transaction fees. There’s no limit to how much you can take out; it just has to be equivalent to or less than what you’ve already earned. Your employer must be enrolled in the PayActiv network and there is a small fee that users have to pay to each time they request money.
PayActiv gives the cash to you and then takes it from your paycheck on payday, so you never have to worry about how and when you have to pay them back.
9. Pock Box
Pock Box is a third-party agency that connects you with loan servicers depending on how much money you need to borrow. You can borrow up to $2,500 and it doesn’t matter if your credit is good or bad.
In order to qualify for a loan from Pock Box, you must make at least $800 a month, have a checking account, and have a consistent paycheck from your employment. While you likely can qualify for a loan within just minutes, the money won’t be deposited into your account until the next business day.
10. Rainy Day Lending
This is another third-party site that will connect you with a short-term lender based on your needs. Depending on your circumstances, you can use this app to borrow up to $50,000. There’s no credit check involved.
You fill out a simple form with basic questions about how much you need to borrow, your income and when you expect to pay the loan back. The funds will be deposited into your account on the next business day. This kind of loan does carry an interest rate, but it is not as high as a payday lender.
LoanSolo offers two kinds of loans. You can either get a payday loan of up to $1,000 or you can get a personal loan for as much as $3,000. Similar to some other apps on this list, LoanSolo allows you to access these funds regardless of what your credit score is.
Funds from payday loans will be in your account as soon as the next business day, while larger loans can take a bit longer to receive. There are a variety of payment plans based on your credit and income. All you have to do is answer a brief questionnaire and LoanSolo will pair you up with the best lender for your situation.
We hope this article has helped you choose the best app for you. We talk about many ways to make or borrow money in our other articles. Read more about how to get money fast by earning it through apps or sites.
Rachel is dedicated to helping individuals and families boost their budgets so they can enjoy the lifestyle they deserve. Rachel graduated with a degree in Family and Consumer Sciences. She’s a prolific finance writer, producing tons of articles on different aspects of personal and family budget management.