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Applications that allow you to borrow money instantly and cover up to payday.
by
Irene Scott
October 3, 2023
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here's how we make money.
The world is changing so fast that there are many projects and works in progress. Sometimes you feel a little behind and need a helping hand. It could be practical, social or financial support. In this article, we would like to share some ideas on how to get money fast when you are struggling.
Instant money lending applications
For example, here you will find the best applications for getting loans, the conditions for choosing them, and many other essential topics. In addition, we will give you a number of tips on how to get loans responsibly and build a good reputation.
The 5 best apps for applying for an instant loan
Loans have been helping people for decades. Previously, the process was more complicated, as consumers had to go to traditional banks and talk to the assistant. Today this option is still available, but it can be done more efficiently and conveniently, such as using the Internet.
Many online banks are compatible with desktops and phones as well as different operating systems. In addition, you will find some of the best money lending apps and learn about their pros and cons, as well as key points such as APR, fees and rates.
PayDaySay - the best for connecting with direct lenders
This money lending app is suitable for iPhone and iPad users. Its role is to maintain the direct connection between consumer and lender. It also provides a large database to help you choose the best loan option with the required amount.
The application will not bother you because it involves only a few steps: customers need to enter their personal and general financial information. The payment period is accessible. It starts from 65 days and can go up to 2 years. The repayment period depends on the specifics of the contract and the total amount of the loan.
The interest rate is quite high. PayDaySay allows you to get a small loan, for example $100, but also an amount over $2,500. You can get a loan for any purpose and receive the money within one business day, or even the same day.
The APR ranges from 5.99% to 35.99%, which puts the initial interest rate at risk and can result in additional fees. Do not forget that lenders also charge fees. However, it is never possible to guess or predict the actual terms, as each lending institution sets different limits.
For this reason, it is always best to verify the information directly with the lending institution. The Cash application is free for everyone.
PayDaySay offers many advantages, such as high security, instant transaction speed, and no credit checks, which means you will not be subject to extensive investigations, preserving your score. However, this is not direct credit, only an intermediary. So remember that only the lenders decide whether or not to approve you.
Dave - the best for small advances
The Dave app is suitable for those in need of quick small loans. Loans are given for different purposes and goals. You can use this app to get a loan if you need to cover something until your next paycheck or to avoid going overdrawn on your account.
To activate Dave, consumers must have an active checking account that will be linked to the payment app. The app also offers a number of useful features, such as Side Hustle, which helps people find side businesses to boost their income, or built-in budgeting tools that help manage their checking account.
Rates are low. Customers can apply for a loan as low as $100. However, if you open a Dave's checking account, the limit rises to $200. In addition, the cash application charges a monthly service fee of $1. If the account is empty, you will be notified in the mobile app or via text message.
Don't forget that you can pay an additional fee of $1.99 to $5.99 if you want to get the loan faster. The amount of this additional fee depends on the amount of the loan. The average transaction time is 3 days, but with fees it should not exceed 8 hours.
Dave is a practical application, especially for small amounts. It does not require a credit check and works with different credit scores. Also, there are no interest rates, although you have to pay $1 for the subscription. On the other hand, there are also some disadvantages.
At first glance, the additional costs and long waiting time are not in favor of the Cash App loan. And because the interest rate is so low, it does not satisfy customers who need a higher amount. Finally, no consumer can improve their credit because no survey can help you even if you want it.
Brigit-the best for budgeting tools
Brigit is another option for small loans. However, it has additional advantages: for example, consumers can extend the loan term three times if they have serious repayment problems. It is suitable for everyone and for different purposes. In addition, you can apply for an emergency loan and receive it directly to your bank account.
The maximum limit is $250. The application is simple and the process of filling out the data is quick: just enter essential personal and financial information. In addition, there are no hidden costs, so you will not pay too much for extras.
However, if you want access to management tools and money advances from within the app, you must subscribe to a paid plan. This plan includes all the elements of the free plan, plus automatic deposits, cash advances, overdraft adjustment, and cash flow monitoring. For these features, Brigit charges $9.99 per month.
Unfortunately, like all apps, it has its drawbacks. However, these can be ignored, since the harm they cause is almost imperceptible. For example, the waiting time is about 3 business days or the monthly fee is mandatory.
Even if you do not have a current loan but use the Cash app, you still have to pay the fee. On the other hand, Brigit has a number of great offers, such as email customer service, special budgeting features, and an extended maturity date.
Current: best for free overdrafts
Current is a convenient mobile application that allows consumers to get $200 loans with no interest and low fees. It helps consumers spend less and find the best way to get a loan. In addition, Current does not require a credit check, so your credit rating will not be affected.
Applying for money is free, and any customer can open an account. However, if you want a premium account with all the built-in features, such as overdraft correction, you must sign up and pay $4.99 per month.
With the premium account, for example, direct transactions are completed two days faster and overdrafts are covered for free. New accounts can have an overdraft of up to $25, while long-time account holders can increase their limit to $200. Today Current is also offering a special benefit: $50 to those who sign up for a premium account.
The payment application is as easy to use as ever. It instantly issues direct debits on variable-price purchases. For example, gas stations usually freeze the account for up to 10 days. Current unlocks the deduction and puts the money back into your account.
When you sign up for a Current card, you get a Current debit card available wherever you can use a Mastercard. The other option is withdrawals, which are possible free of charge at all ATMs.
Current also allows you to cash checks directly from the app. It has a generous cashback program: for example, you can receive 4% cashback at many national and local restaurants and 2% cashback at newly opened gas stations.
MoneyLion - the best for multiple financial products.
It is another well-known payment app. It is widely used in financial apps. It is a good choice if you have urgent needs that need to be met within a few days. MoneyLion offers a loan of up to $250.
It also offers two types of memberships: core and plus. The core membership is free, while the plus membership, known as the "premium" membership, has a fee. If you are not willing to pay these fees or simply want to avoid them, it is best to choose the core membership. Plus membership costs $28 per month and includes the following benefits:
- financial and budget monitoring
- automated investments
- credit loans
- rewards
MoneyLion is one of the loan apps that can help you improve your credit rating. Basic membership costs nothing and therefore has no impact. However, premium membership can get you a special loan with an annual interest rate of 5.99% that will help you improve your credit score.
In general, there are no obvious disadvantages to applying for a Cash App loan. Account fees may be higher, but they can be justified. The positive aspects are many. MoneyLion gives you the choice of whether or not to pay the extra fees, so it can be considered an interest-free app.
Also, it does not require a credit check, so consumers do not risk damaging their credit rating. Finally, the Cash app accepts any score obtained before registration. It does not matter if it is too low or too high, you can always proceed.
Our selection criteria
Choosing the right loan application is crucial because your financial situation depends on it. You do not want to end up with exorbitant rates or paying too much for nothing. Before making a final decision, you should carefully analyze all possible options according to certain requirements. We have compiled a brief checklist to help you find the best loan application:
- Rate amount. Every consumer needs a certain amount of money, but not all applications are ready to provide the amount needed. Therefore, it is important to choose the one that best meets your needs.
- APR. Every consumer must pay interest to borrow money. To know whether you are paying too much and whether the loan is affordable for you, it is good to check the APR.
- Charges. No one wants to pay extra, so it is best to opt for options without fees.
- Repayment. Funds are withdrawn automatically. It is therefore necessary to keep an eye on the due date. If the account is empty on the day of deposit, the application will try to withdraw the amount again at a later date.
- Application Overview. Reviews from other users will help you get a feel for the money lending app and decide whether or not it is worth your while.
How to choose the best money lending app?
Choosing the right lender and app is a difficult aspect of lending. There are many aspects that consumers need to consider, such as personal reasons and lenders' reliability, etc. However, the system is not that complex.
How can I apply for a loan responsibly?
Many consumers are still apprehensive about applying for a loan and think that this means they are not financially stable. This is not true, because credit can help us reach a more important goal more quickly. It demonstrates strategic thinking, which is appreciated.
On the other hand, some consumers take money and forget their responsibilities. To avoid problems and banking turmoil, there are several things to keep in mind when applying for credit and getting into debt:
- Borrow only the money you are able to repay. It is dangerous to take out large sums of money knowing that you will not be able to repay the full amount before the due date. Otherwise, you will have to pay additional penalties for late repayment and may not be able to borrow for the next six months or the following year.
- Read the terms and conditions carefully. People have gotten into the habit of skipping this section by simply clicking on the confirmation button. Later, when they encounter some problems, they do not understand how they came about. However, always take the time to read the terms and conditions, because you may not agree with some aspects and, before they are applied, you still have time to negotiate or choose another payment application.
- Use verified sites and applications. There is no need to explain much: if you see a threat to your personal data or bank account, it is best to avoid it and not apply if it looks suspicious.
Advantages and disadvantages of using loan applications.
If you are still not sure whether you need a loan application, let's analyze its pros and cons. On the one hand, there are many advantages for each user: there are free programs and premium programs.
In addition, some applications can even have a positive impact on the borrower's credit rating. These loan applications offer flexible repayments, convenient terms and conditions, and sometimes bonuses.
On the other hand, nothing is perfect, so there are also drawbacks. Some options charge high, mandatory interest rates, and no one likes to pay more. In addition, loan limits are lower. Their maximum varies up to $250.
This can be helpful, but sometimes the amount is not enough to cover bills. Finally, online services can never guarantee 100% security. So there is always the risk of data loss, fraud or piracy.
