If you sometimes feel like there’s too much month at the end of your money, you’re not alone. Show
If you sometimes have trouble making ends meet, you’re not alone. It’s one reason payday loans are such big business in this country. These short-term loans promise a quick and easy way to tide yourself over until your next payday. But in the long run, they only make your situation worse by adding a whopping interest payment to all your other bills. Thanks to modern technology, there’s a better solution. Several popular personal finance apps help you make it from one payday to the next by giving you access to your paycheck a few days early. That way, if it’s the middle of the week and your car battery just died, you can get the money to cover the repair without paying hefty interest and fees. How Payday Advance Apps WorkTechnically, the service these apps offer isn’t a loan. It’s a paycheck advance. In other words, it’s a way to get paid a little early for the work you’ve already performed. Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now A payday advance app pays you for some of the work you’ve already done this week, even if your paycheck is still several days away. For example, the app transfers the $100 you need to borrow to your checking account, and when your next paycheck arrives, the app takes $100 directly from it to cover the cost. It’s the same way a payday loan works but with one crucial difference: There’s no interest. When you receive your paycheck, all that comes out is the $100 you actually received — without an extra $15 or more in interest. The apps earn their makers money in various other ways, including tips and monthly fees. However, the lack of interest doesn’t mean there’s no downside. You’re still taking money out of your next paycheck, leaving yourself with even less to pay all the bills. For many, that leads to taking another advance before the next paycheck and another paycheck after that. Eventually, you’re stuck in a cycle. You’re always behind and dependent on the app and the advances it offers to get you through the month. Taking a paycheck advance is only a stopgap measure. It doesn’t make your limited paycheck stretch any further this month than it did last month. Use it for the immediate cash you need to deal with an unexpected one-time expense. If you’re always behind, it’s time to either earn extra cash or tighten your belt a notch or two. Pro Tip: Are you struggling with high amounts of debt? If so, Accredited Debt Relief charges no upfront fees and can help you reduce your total debt by up to 50%. Learn more about Accredited Debt Relief. Top Payday Advance AppsSome payday advance apps do only one thing: give you access to your paycheck early. However, most of them come with more features. Many apps provide online banking services, cash-back shopping, online investing, and tools for employers to manage their workforces. Don’t just download the first app you can find. Figure out which one has the features you really need, and stick with that one. 1. AlbertFor a limited time, earn $150 when you receive a qualifying direct deposit and use your Albert debit card. Albert is a mobile-first financial app with a no-fee, no-interest cash advance feature that can spot you up to $250 from your next paycheck. Called Albert Instant, it’s free to use — though you can pay a small fee to get your money instantly rather than in two to three business days. You can use Albert Instant as de facto overdraft protection too. No matter how you employ it, there’s no credit check — not even a soft inquiry — and no hidden fees for use. When your next paycheck comes, simply repay Albert for the advance and move on. Albert has some other notable features as well:
Learn More About Albert 2. EmpowerWith Empower, you can get an interest-free advance up to $250.* There are no late fees and no credit checks. You can have the money sent instantly to your external bank account for a small fee or to the Empower Card for free. However, Empower is more than just a payroll advance app. The Empower Card has benefits tailor-made for you:
Empower also has an automatic savings feature. It sets aside money in your savings account according to rules you set. And the app gives you access to bill negotiation services from BillShark. Empower charges a fee of $8 per month. You must meet certain qualifications, which are identified when you sign up for the Empower app, to use Empower Cash Advance. Learn More About Empower *Eligibility requirements apply. ** Deals will vary and must be selected in the app. ^ Timing may vary by employer. 3. GO2BankGO2Bank, a subsidiary of Green Dot, is an online banking service that can give you faster access to your paycheck. It offers all the perks you’d expect from an online bank account, including:
Learn More About GO2Bank 4. ChimeChime is an online bank account that gives you access to your pay faster. If you have a Chime account with direct deposit, your wages become available to you the same day your employer deposits them into the account. That gives you access to your money up to two days earlier. Chime is a full-service bank account you can use to transfer money, send and deposit checks, and pay bills online. It also offers a lot of other great perks most bank accounts don’t, including:
Learn More About Chime Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC. 5. CleoCleo isn’t a bank. It’s a money app that links to your existing bank account. One of its key features is a salary advance benefit to help you avoid overdraft fees. If you qualify, you can get an advance of $20 to $70 immediately. Once you pay it back, your cash advance limit can increase up to a maximum of $100. This feature requires no credit check and no proof of regular income. And you pay no interest on the money you borrow. Salary Advance isn’t included with the free version of the Cleo app. It’s available only as part of the Cleo Plus and Cleo Builder accounts, which come with monthly fees. However, these accounts also provide other perks. Cleo Plus, which costs $5.99 per month, doubles as a cash-back app. You can earn cash back at five retailers of your choice as well as at online partners that change daily. Its other features include:
Cleo Builder has these same features and more. Its primary perk is a secured credit card for building credit. It also provides other tools to help your credit, like bill reminders and credit monitoring. It costs $14.99 per month.
6. RevolutFor a limited time, earn a $10 bonus when you sign up for a Revolut account Revolut is a financial technology company that makes it easy to access your entire paycheck early — up to two days before your scheduled payday with a qualifying direct deposit payer. Unlike some early direct deposit providers, Revolut doesn’t take any fees from your paycheck. And you’ll get a notification as soon as the funds hit your account — no more worrying about funds lost in limbo. Additional features:
Learn More About Revolut Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings. Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, Member FDIC. 7. BrigitPerhaps the most flexible payday advance app is Brigit. It delivers up to $250 that you’ve already earned to your account by the next business day without subjecting you to a credit check. You can choose your own repayment date to pull the money out of your bank account. However, you can opt to pay back the loan early. You can also extend the due date once on your first loan with no late fee or penalty. As you continue to use the app, you can earn additional extension credits that allow you to delay payment up to three times in a row. These features are only available as part of Brigit’s Plus plan, which comes with a $9.99 monthly fee. Brigit’s Plus plan also has an option to set up automated advances to avoid overdraft fees. You’ll receive a transfer anytime your account balance is in danger of dropping below zero. Brigit doesn’t offer cash advances to just anyone. You must meet the app’s requirements for:
In addition to cash advances, Brigit offers a few extra features to help you stay on top of your finances. The free plan gives you updates on your financial health, personalized tips for improving it, and opportunities to earn extra cash. The Plus plan adds instant deposit, credit monitoring, and identity theft insurance. The Plus plan also includes a credit-builder feature. Brigit gives you a 12- to 24-month loan, and the monthly payments go into your credit-builder account. Brigit reports these payments to the credit bureaus. You build credit, and at the end of the loan period, you get all your money back. Learn More About Brigit 8. EarninThe very first payroll advance app was ActiveHours, which is now Earnin. Its creator, Ram Palaniappan, says its goal is to make the financial system fairer by helping workers break free of the pay cycle that holds back their money. Earnin works much the same way as Brigit, but it only allows you to cash out up to $100 per day and up to $500 per pay period. There’s no fee for this service, but you can add a “tip” of any amount up to $14. Although the tip is optional, Palaniappan told Vox in May 2019 that many Earnin users voluntarily pay it to help keep the app running. Some even opt to “pay it forward,” deliberately leaving a bigger tip to cover the cost for those who can’t afford it. In addition to paycheck advances, Earnin provides several other features to help workers on a budget, including:
Tip Yourself. Earnin offers a virtual tip jar in which you can make payments to yourself. You can set aside between $1 and $50 per day and withdraw it at any time. However, the tip jar is not a savings account and earns no interest. Learn More About Earnin 9. VaroVaro is another online banking service that can give you faster access to your paycheck. When you use direct deposit with your Varo account, your paycheck enters your account as soon as your employer transfers it. Thus, the money can be in your hands up to two days earlier.* Once you have a Varo account, you can become eligible for Varo Advance. This feature lets you borrow up to $100 interest-free. When you first qualify, you can receive advances of up to $20, and you can build your limit from there. Other features of a Varo Bank Account include:
Cash Back. You can earn up to 6% cash back when you purchase selected brands with your Varo Believe or Varo Bank debit card. When you’ve earned $5, the money automatically transfers to your Varo account. Learn More About Varo *Early access to direct deposit funds depends on timing of payer’s submission of deposits. Varo generally posts such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date. Bank Account Services provided by Varo Bank, N.A. Member FDIC. Visa® Debit Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted. ©2021 Varo Bank, N.A. 10. SoFi Checking and SavingsSoFi Checking and Savings gives you access to your pay up to two days early with direct deposit. Its perks include:
Mobile App. SoFi Checking and Savings makes it easy to bank from your phone. You can pay bills, transfer and receive funds, and deposit checks without setting foot in a bank. Learn More About SoFi Checking and Savings 11. DaveThe ExtraCash account from Dave is an online checking account — but not one that you keep funds in. Instead, you can use its overdraft protection feature to give yourself a no-interest cash advance. If you qualify for an advance, you can get up to $500 sent from your ExtraCash account to your bank in one to three days for free. Or for a small fee, you can transfer it instantly to your Dave Debit MasterCard. You start with a balance of zero in your ExtraCash account. If you take a cash advance from the account, the balance becomes negative, but there’s no overdraft fee. You set the date the money will come out of your linked bank account — usually your next payday. When that happens, the balance in your account returns to zero. However, if you can’t pay the full amount, you can pay part of it with no late fee. You can also opt to pay back your Dave advance early. If you do, Dave’s Credit Builder feature reports the payment to the credit bureaus. That helps you build your credit. Other Dave features include:
A basic Dave membership costs just $1 per month. The Credit Builder feature costs $5 per month, but the first three months are free. You can also give Dave a tip when you request an advance. Learn More About Dave 12. MoneyLionAnother online banking app that offers a combination of early cash advances and early paycheck access is MoneyLion. Its Instacash feature lets you borrow up to $250 with no interest or credit check. The money appears in your account within minutes. And at the same time, its online RoarMoney account gives you access to your paycheck up to two days early. But MoneyLion’s features don’t end there. It also offers:
For $19.99 per month, you can upgrade to a Credit Builder Plus account. This feature allows you to take out a loan of up to $1,000 and pay it back over 12 months. Annual percentage rates (APRs) range from 5.99% to 29.99%, depending on your credit rating. By making regular, on-time payments, you can build a solid credit history. Credit Builder Plus also includes other features to help build your credit. It comes with free credit monitoring from TransUnion, allowing you to track your progress. And it allows you to waive the monthly administrative fee on a RoarMoney bank account, a MoneyLion investment account, or both. Learn More About MoneyLion 13. PayactivThere are two ways to use Payactiv. If your employer offers it to you as a benefit, you can sign up for earned wage access. It allows you to collect your wages as soon as you earn them. This service comes with a $1 fee for each day you use it, capped at $5 for each two-week pay period. You can transfer the money to your bank account, load it to a Payactiv Visa prepaid card, or receive it in cash at a Walmart Money Center. There’s a $1.99 fee for cash pickup and instant deposits to cards other than the Payactiv card. If your employer doesn’t offer Payactiv, you can still sign up for the Payactiv Visa card. That doesn’t qualify you for earned wage access, but you can have your paycheck deposited to the card up to two days early. The card is accepted anywhere Visa is and also works at 37,000 MoneyPass ATMs. The Payactiv app also offers one-on-one financial coaching, savings tools, and payment features for employees. You can use it to pay bills, summon an Uber, make payments to friends, or make purchases at businesses like Amazon and Walmart. It even provides discounts on certain purchases. Payactiv has perks for employers as well. It makes payroll easier and handles the distribution of tips and mileage reimbursement automatically. If you coordinate your team, arrange shifts, and pay bonuses. The service costs employers nothing and takes only two days to set up. Learn More About PayActiv 14. DailyPayDailyPay is another app for employers to offer as a benefit. Like Payactiv, it gives you access to a portion of the wages you’ve earned before payday. For each shift you work, you build credit in your DailyPay account, which you can then transfer to your bank account at any time. You can opt to receive your money instantly or by the next business day. The app charges a fee of $1.25 to $2.99 for each transfer. When payday comes, you receive your regular paycheck minus any advances you’ve requested. According to DailyPay, the average employee using the service saves $1,250 in overdraft fees, late fees, and payday loan interest. DailyPay also lets you set up various kinds of automatic transfers to your savings account. You can use AutoSave to save a set amount each payday, DirectSave to set aside a percentage of each paycheck, or RoundupSave to make a transfer to savings whenever you request an advance. DailyPay boasts that it can help employers attract twice as many job applicants and reduce turnover by more than 70%. Learn More About DailyPay 15. FlexWageThe FlexWage app for employers works a little differently from DailyPay and Payactiv. When you sign up for the app as an employee, you receive a reloadable debit card for your wages, which takes the place of a paper paycheck. This gives you immediate access to your money on payday, unlike a check you deposit at the bank. You can use the card at any retailer that accepts Visa and at any Allpoint ATM or transfer the cash to a bank account for free. If you need money before payday arrives, the OnDemand Pay feature lets you request an advance. However, it’s up to your employer to decide how often that feature is available and what the limit on the advance is. The fee you pay for this service ranges from $3 to $5. An additional feature, called Flex Pay, is specifically for tipped employees, such as restaurant servers. It allows them to receive all their tips on their pay card instantly at the end of their shift. It’s faster than waiting for tips submitted with a credit card payment and safer than leaving work with a large sum in cash. Flex Pay also lets employers pay contract workers or make one-time payments such as commissions, bonuses, and per diems to their regular workers. FlexWage gives you access to a financial wellness program called Sum180 too. It allows you to:
In addition to improving worker satisfaction, FlexWage helps employers save money by eliminating the need for paper paychecks. Many well-known restaurant chains use this app, including McDonald’s, Burger King, Wendy’s, and Panda Express. Other clients include RWJBarnabas Health and Peppermill Casinos. Learn More About FlexWage 16. BranchBranch is another payday advance app designed mainly for employers. It replaces paper paychecks with cashless payments to a free digital account complete with its own debit card. Employers can use the service to pay contractors, reimburse employees for expenses, pay tips instantly, and grant workers access to their pay through earned wage access. For employees, Branch also offers savings tools to get ahead financially. Aside from accessing your wages early, the app lets you:
Branch is a great benefit for employers with a lot of unbanked or underbanked employees. It provides them with their own bank account, payment card, and fast access to their wages. Branch says it can help employers improve both employee morale and worker retention. Learn More About Branch Payday Advance App Won’t Lend Enough?Sometimes, the $100 or $250 limit on payday advance apps isn’t enough to cover all your expenses. Even in this situation, a payday loan isn’t the best way to get the help you need. A personal loan has much lower interest and more manageable payments than a payday loan, which is due in a lump sum. Banks, credit unions, online lenders, and peer-to-peer lenders like Prosper offer personal loans. The lender performs a credit check before approving you for a loan. Some personal loans, called secured loans, also require some form of collateral, such as a car or cash in your bank account. Unsecured loans don’t require collateral, but they usually have higher interest rates. Banks offer personal loans for amounts ranging from $1,000 to $10,000. If you have great credit, you can get a personal loan for as low as 3% APR. That’s significantly less than the rate on most credit cards. However, if your credit is poor, the interest rate on a personal loan could be as high as 36%. Additionally, these loans often come with origination fees of 1% to 6%. So, before signing off on a loan, check the total cost to ensure it wouldn’t be cheaper to use your credit card. Final WordIf you need money in a hurry to cover an unexpected expense, cash advance apps offer a cheap and convenient way to get it. However, they’re not a long-term solution to your financial woes. If you consistently have trouble making ends meet, you need more than just a one-time cash infusion. You need to stop living paycheck to paycheck. Fortunately, many of these apps help you with that too. For starters, they help you break free from payday lenders and the high interest payments they charge. They also help you stay on top of your bills and avoid the late or overdraft fees weighing down your budget. What app gives you your paycheck early?Daily pay is an app that enables you to receive your paycheck before payday. The money/hours you clock in one day is what daily pay gives u at the end of that day but CUT IN HALF. Your reported earnings will grow and will eventually be correct the day before payday.
What app gives you $100?Klover gives you a $100 instant cash advance before you get paid.
Does Earnin give you your paycheck early?Earnin is an app that doesn't charge any mandatory fees or interest for you to take small cash advances against your paycheck. It also offers early paycheck access and low balance alerts for your bank account.
How do I borrow $100 from cash App?How To Borrow Money on Cash App. Open Cash App.. Tap on your Cash App balance located in the lower left corner.. Go to the “Banking” header.. Check for the word “Borrow.”. If you see “Borrow,” you can take out a Cash App loan.. Tap on “Borrow.”. Tap “Unlock.”. Cash App will tell you how much you'll be able to borrow.. |