Users who connect their bank account to the Dave app will be notified when their account is nearing a zero balance to help avoid overdraft fees. The app gives you the option to request a cash advance of up to $200 from your next paycheck. Dave puts the money in your account and then deducts it when you get paid. Dave has a minimal membership fee of $1 a month.
The Earnin app keeps track of how much you are earning at work each day, using information you provide about your payment schedule and hours worked. Earnin lets you borrow the money you expect to earn so you can cash out when you need to. When your next paycheck hits your bank account, Earnin will automatically debit your account for the amount you borrowed. Earnin allows users to withdraw up to $100 a day, or up to $500 of their paycheck, per pay period .
Brigit is a budgeting app that allows its users to access an immediate $250, for those who qualify. After your account is set up with Brigit, you’ll be able to request a cash advance on your upcoming paycheck. You can use the app’s free plan, which offers financial help, insights into your finances, and overdraft notifications, but to access the cash advance feature, you’ll need to sign up for the paid plan, which costs $9.99 per month .
MoneyLion is a mobile banking app that offers cash advances and early paycheck access. Its Instacash feature is available to anyone with a qualifying checking account and lets users borrow up to $250 of their next paycheck. However, you’ll have to pay a fee if you don’t have a MoneyLion account and need your funds quickly.
Tips for Using Payday Advance Apps
- Do your research first. Look for options that come with no extra charges, consider payday online loans no credit check Alabama the speed of the advance, and find out what the limits are.
- Set a limit for yourself to only borrow what you can afford to pay back. You don’t want to get into a cycle of borrowing money in order to stay afloat.
- Review your bank transactions. Make sure you’re not getting charged any unnecessary automatic renewal fees that can cause you to overdraft.
It’s easy to set up direct deposit with your Chime spending account through the Chime mobile banking app . Using Chime’s “Move Money” tab, you can easily access your routing number and your account number, which you’ll need to give your employer. Or, you can tap “Direct Deposit > Email me a prefilled direct deposit form” to get a completed form in your inbox. You can then forward this form to your employer.
Once your direct deposit is set up, you can get paid up to 2 days early?. You can even split up some of your direct deposit between your checking and savings account , which makes it super easy to work toward your financial goals.
What is a payday loan and how does it differ from a payday advance?
A payday loan is a type of cash advance in which the borrower pays the lender back on their next payday, unless the borrower wishes to extend the loan; in that case, additional interest is charged. Payday loans typically range from $100 to $1,000 , but despite the small amount of money borrowed, lenders often charge extremely high interest rates, sometimes up to 400% .
Payday advance apps offer more flexibility and affordability for borrowers than payday loans. The biggest difference between a typical payday loan and payday advance apps is that apps don’t charge any interest, since payday advances are not considered loans.