One of the relatively newer types of credit facilities is ‘Payday loans’. They work as short term borrowing, usually for two weeks, but at a much higher interest rate than longer term loans. These apps that loan you money are great recourse for quick finance. Although, the high cost could make it a difficult choice for some people. Luckily, the technological side of today’s world has risen to the occasion on this problem as well. There are numerous mobile apps that offer short term credit, or alternative financing to payday loans, with lesser stringent conditions and costs.
Some of these are apps meant to bring the customers their own earnings, but quicker than a regularly timed salary while some work as mediators to help you find a lender with more favorable terms. Still, some more operate on a more financial inclusion and counseling level. Overall, these apps are meant to allow users to gain cash faster and quicker, and do so without needing to pay a pound of flesh in interest. Here are some of the most popular and trustworthy mobile apps that loan you money.
This loan app is primarily focused on allowing wage earners to have their earnings any time they want without having to wait for the next month’s paycheck or the clearance times. Users simply have to put in the information about their job and salaries and connect the app to their bank accounts. the app keeps track of the hours users are working and thereby allows them to cash out their earnings whenever they like. Then when the actual paycheck is deposited to the bank account, Earnin keeps the amount that the users have already withdrawn and leaves the rest in balance. This way it allows users to get payday loans but without any cost at all. There are no fees involved in the app either. Although if the users may wish, they can add a tip to help the company but it is not mandatory and there is no other charge as well.
This is a similar model to Earnin, but instead of employees keeping their work and payment scores, this app works through the employers. The rest of the functionality is the same. The employees may take out the money once they have done the respective work instead of waiting for a set date. The end of period payment is done directly into the bank through DailyPay and the withdrawn amount is deducted from the transfer. This app, however, charges a minimal fee of $1.25 per transfer.
This app is a full fledged mobile bank, if you will. There is a membership banking relationship service that offers the users much more than withdrawing money ahead of their monthly paycheck. There are cash back rewards and managed investment services that provide users guidance on how to spend and save their money. For younger customers who need to build their credit scores, there is also the option of a $500 “credit builder” loan with 5.99% annual interest. For others simply needing a one-day loan, there is a $250 limit with zero interest.
This is not as much of a lending app itself as it is a bridge between those needing payday loans and different institutions offering such loans at different conditions. The extra benefit of this app, instead of going through the traditional banking channel is the direct deposit of the money in users’ bank accounts without any hassle. The limit available through the app is $1,000 for payday loans and $3,000 for personal loans. While the interest rates depend on users’ credit profiles, they are usually a lot cheaper than direct payday lending rates.
This is another app similar to LoanSolo, which brings together borrowers with short term lenders, up to the limit of $2,500. Users simply have to fill out a form and they are quickly connected to the lenders available to lend to people with the respective profiles added.
This app is a quick source of withdrawing money before regular pay day as well as a financial counselor in a phone. Users can not only get their earnings sooner but also pay bills etc. through the app, as well as receive prescription discounts. There is also the option of connecting the app to a user’s debit card thereby adding fraud protection to the mix. Employers with lots of users may get it slightly cheaper than individual users who may have to pay up to $5 for this application.
This is another option for those looking to track their finances and having better financial sense. The advance limit is up to $250, but there is a cost of $9.99 for the Brigit Plus app that allows instant transfers among other additional features. The app provides guidance on how to budget finances and assigns a score from 0 to 100 on the user’s credit behavior as well.
This app is primarily directed to those who still receive their earnings as paper checks or as cash. It is an excellent tool to help the unbanked people get under the banking umbrella or to resolve the issues of being unable to accept direct deposits. On-demand wage transfer may cost up to $5, and debit card usage may also add up some fees. But either way it is a cheaper way as compared to traditional processes involved.
This is another app suited for those who cannot access banking the traditional way due to any number of reasons. It also allows advance cash withdrawal, transfer funds between different accounts, and pay bills. However, the eligibility conditions here are a bit detailed with the user needing at least two months of direct deposits coming from the same employer, into the same account and being above $40. Cash advances and money transfers are free, but up to $4.99 may be charged if transfer needs to be made to an external bank account.
Just like a real life friend Dave willing to extend interest-free credit for a few days along with some extra advice on how to manage finances, this app will not only provide advance cash to users but also analyze their spending and notify them of any upcoming regular expenses. There is no credit check required and up to $75 can be availed without any interest. This mobile application friend Dave comes at a cost of $1 per month.