Unexpected expenses can surprise everyone. Paycheck advance apps for customers have popped up as one alternative to expensive payday loans. Online same-day deposit, low or no fees, innovative budgeting tools are synonyms for paycheck apps. If used properly, they could help you avoid a bank overdraft or provide fast money until your next paycheck.
However, some applications have come under legal requirements because of the fees or monthly subscription dues, so it is crucial to compare providers before entering into the contract with an app’s offer. Let’s look at how these apps work and what are the best direct-to-consumer options to choose.
App Advances vs. Payday Loans Filld: What’s the Difference?
When it comes to borrowing money with payday loans, online same-deposit day app advances and payday lenders are both popular choices for doing so. But while they share some traits, they function quite differently.
For now, payday lending regulations don’t apply to cash advance apps. It means that the advance offers:
- No charges or fees required to be eligible for or in return for receiving the advance.
- No debt-collection practices and no collection calls.
- No reports to consumer reporting agencies.
However, that could change in the future as the regulatory landscape is fluid. It is possible that direct-to-consumer apps, like Earnin and Dave, will be required to provide additional consumer protections, such as listing annual rates associated with tips or monthly subscriptions.
Top 4 Paycheck Advance Apps in 2022
Once you understand how these apps work, it is essential to compare available options before you sign up for an app’s offer. Below are four apps that let you take out a payday loan online same-day deposit and some less expensive choices to consider.
Earnin is a cash advance app that lets you borrow money you have earned by using a timesheet and tracking your hours worked. The app has many customer-friendly features, including notifications when your balance is low and offers to top it off for a fee. Here is what to expect from Earnin:
Product: Cash Out, Cash Out via Earnin Express, and Balance Shield (overdraft protection).
Maximum advance: $100 to $1,000 per pay period, $100 per day.
Fees: it asks for an optional tip, which is limited to $14. You can opt into the Balance Shield service automatically by paying $1.50.
The application offers different types of short-term payday loans No Credit Check Loans: Online Cash with Instant Approval – Filld . Same-day deposit is available with Dave. As long as you complete your request and fill out all the required information before noon, you will get money credited to your account within 24 hours. This is great news if you have an unexpected expense and can’t wait several days for the cash.
Product: Advance Service.
Max advance: $100 for an external account, and $200 for Dave’s spending account.
Fees: Dave has three following plans for its advance service:
- $1/month subscription fee
- Optional tip
- $1.99 to $5.99 express fee for Dave’s checking account holders to receive an advance within 8 hours, depending on the advance amount. The fee is $2.99 to $9.99 for non-Dave’s bank account members.
Unlike other providers, Brigit has an innovative budgeting tool, which offers financial advice and budgeting help for free. It also has a paid plan, which includes a paycheck advance up to $250, overdraft coverage, and credit monitoring.
Product: Instant Deposit, Auto Advances (overdraft protection).
Maximum advance: up to $250.
Fees: the paid plan has a $9.99/month subscription fee. You can receive an advance within 20 minutes with a linked debit card for no extra fee.
MoneyLion is a cash advance app that offers financial tracking at Just Right Loans, a credit-builder loan, and paycheck advances up to $250. The advance is available to anyone with qualifying checking or investment accounts. The app charges no interest or fees with the paycheck advance. However, you will have to pay a delivery fee if you want your money to be transferred quickly.
Maximum advance: up to $250.
Fees: the app has an optional tip plus a fee for quick delivery that varies by the amount borrowed.
- $0.49 to $5.99 to receive in minutes with a MoneyLion checking account account;
- $1.99 to $8.99 to receive within 4 hours in an external account.
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The Bottom Line
To sum up, payday loan apps are fast options for cash and well-suited for one-time emergencies. If used properly, they might help you avoid a bank overdraft or let you borrow a small amount from your next paycheck before you receive it.
However, most paycheck applications are expensive and can trap you in worse financial issues if you are unable to repay your loan quickly. Hence, consider alternative options first before signing up for an app’s offer.