A great way to borrow money is an app. Many apps offer different features. Some apps allow you to borrow money without your credit rating being checked. They also don't conduct background checks. These apps are easy to use. You just need to sign up and complete the application. You can borrow money anytime from $50 to $100 with these loan apps.
What are the advantages of loan apps?
1. Same-day Funding
These apps offer a quick loan processing process. The loan application process can be completed in just a few minutes. In addition, the funds will be in your account within 24 hours.
2. Online Application
After completing an easy online application, you will be granted immediate access to your loan.
3. Unsecured Loan
Payday loans don't require you to show proof of your assets. Because you're borrowing against your paycheck, this is a great advantage.
4. Rebuild credit
App providers may be able to help you rebuild your credit score or increase it by sending information about your loan payments to credit reporting agencies. This report can help you improve your credit score as it contains information about your loan repayment ability.
5. Increase in Loan Limits
You may find an app that allows you to borrow more money and return it sooner. This will give you more opportunities to get loans.
The best loan apps to borrow money
1. Branch
The Branch offers cash advances at no interest on your paycheck. It can take up to 3 days for the money in your bank account to appear. A request can be made to another bank for a fee of $2.99 to $4.99.
How do I borrow money from a branch?
- Register for a checking account
- Your account can be credited with direct deposits.
- Get the app.
- Do not make direct deposits for more than two months.
- Use the Instant Pay feature to make a request for a cash advance.
2. FlexWage
FlexWage, like all other apps, allows employees to access their wages prior to their being transferred. FlexWage allows employees to easily pay their bills.
For workers who receive paper checks, this app offers reloadable payroll cards. This makes it ideal for those who cannot accept direct deposits. However, you will need to pay a $5 on-demand wage transfer fee.
How can you borrow money from FlexWage
- Upload the app, or create an account on the website
- Connect your bank account and employer to the app
- You will need a FlexWage debit card to borrow the money
3. Empower
To be eligible for a payday loan, users will need to sign-up for an Empower Card. They do not require credit checks and offer no-late fees or interest payments.
There are many other features, such as a savings feature that transfers money automatically to your savings account. The app also assists with budgeting by suggesting how much to allocate to certain categories based on your income.
Empower is free for 14 days. It costs $8 per month after that.
How can you borrow money from Empower?
- Get the app.
- Register for the Empower card.
- To create a financial history, have your paycheck directly deposited into your account.
- To apply for a cash advance, you will need to follow the instructions provided.