When you are living on monthly wages, any uncertain expense can disrupt your plans. But there are solutions to such expenses known as cash advance apps. According to a survey, about half of the people included in the poll would not able to cover an unexpected $1000 expense.
Borrowing money from an app is one of the common ways to cover such expenses. You only need to pay back the borrowed money on your next wage day. These apps give you money and in return, they get a subscription fee, any voluntary tips, and earn money through their users.
This article is about the top three money-borrowing apps that most users think are good. So, without wasting more time, let's start.
Three apps that loan you money instantly
There are apps like Earnin, Brigit, and Dave that are good to go. Let's talk about these apps one by one.
1. Earnin
The Earnin app allows you to borrow money based on the hours you work, by keeping a timesheet or tracking your location. It is a paycheck advance app. You can add some money to your bank account if your balance has gone below your minimum limit by tipping a small fee to the app. This feature is unique in that it alerts you if you have gone below your minimum balance.
Fee: A small tip
The amount you can get: up to $100 a day
Payment process: When you receive your next paycheck, Earnin will automatically withdraw your borrowed funds.
2. Dave
In order to receive advance cash from Dave, you must open an ExtraCash account in order to qualify. Dave allows you to borrow money for expenses until your next paycheck arrives. In addition to this, you can find secondary income sources by using the "Side Hustle" feature. To know more about the dave app, click here.
Fee: There are three options for fees:
- $1 per month for membership.
- Faster advance payments cost $1.99 to $9.99.
- Optional tip.
Amounts available: $50-$500
Payment process: On your next payday, a default payment date is already set.
3. Brigit
In Brigit's free plan, you receive financial advice and budgeting help. Borrowing money from this app is only available on their paid plan. In the paid plan, they offer features like overdraft protection, cash advances, and credit monitoring.
Fee: For paid plans, it is $9.99 per month.
The amount you can get: $50 to $250
Payment process: You can extend the period of your repayment as long as you wish in the app. Your repayment will be automatically based on your income schedule.
Loan applications: pros and cons
If you are considering using one of the money-borrowing apps, take note of these pros and cons:
Pros
- Fast cash is available whenever you need it.
- Paperwork is not required.
- Compared to an overdraft fee, this is cheaper.
Cons
- Overdraft fees may result from these transactions.
- Repeated borrowing occurs as a result.
- The amount of money you get is small.
Conclusion
Here's all we have to say about the money-borrowing app. If you need money urgently, these three apps are the best. If there is a better app than these, please leave a comment. I hope you found this article helpful. If you did, please share it with your friends and family.