Denice R. Preston
Cash advance apps can spot small amounts of cash between paychecks. Some apps even have extra budgeting, savings tools and overdraft protection. They could also come with additional costs such as membership fees.
Get a cash advance without fees by Dave
Why Dave stands apart: If your income is steady, but you occasionally need to borrow a little cash to get you through the weekend, Dave might be a good choice. Dave does not charge overdraft fees or minimum balance fees. The company requests optional tips from those who use its service. However, you will have to pay $1 per month for membership.
- There is no credit check — Dave does not report your payments to any of the major credit bureaus.
- Budgeting Tool —Dave users also have access to the built-in budgeting tools. The app can also recommend side gigs within your local area.
- You must have a history with direct deposits to use the Dave app. Dave will use this information to determine how much you might be eligible to advance.
- Funding options When you apply for a cash advance, you have the option to choose between standard and express funding. Standard funding is free, but it can take three days to process. The express funding option will allow you to receive funds on the same day. However, you’ll need to pay a small fee.
The best option for full-time workers: Earnin
Earnin stands apart: Earnin allows you to borrow money against the next paycheck without fees or interest. You must have a steady income, work in the same place each day, or use online timesheets to track hours. More than 50% of your direct deposits must be sent to a checking bank account. Earnin will not consider a side job or supplement income when determining your eligibility.
- You may be eligible to cash out up to $100 per day or $500 per pay period with Earnin.
- Same-day funding is available — If you sign up for the Lightning Speed feature, you could receive your funds the next day. This feature may not be compatible with all banks.
- Balance alerts —If your checking account balance falls below your set amount, Earnin will send a low balance alert.
MoneyLion is the best option to build credit
Why MoneyLion stands apart: MoneyLion, a financial services firm, offers credit building loans without any credit inquiry. MoneyLion reports payment history to all three credit agencies and can provide credit-builder loans up to $1,000. However, you will have to pay $19.99 per month for membership.
- Get a portion from the funds — After you have been approved for a credit-builder loan, MoneyLion will allow you to access a portion immediately. After you have paid off the loan, the remaining amount is transferred into a reserve account.
- No membership fees — To apply for a credit-builder loan, you must become a Credit Builder Plus Member and pay the monthly fee. You may be eligible to have a portion or all of the membership fee waived if you participate in other company features.
- Additional benefits — MoneyLion members have access to additional features, such as free credit monitoring and rewards.
Best overdraft protection: Chime
Why Chime stands apart: Chime’s Spot Me program covers up to $200 in cash withdrawals or debit card purchases, regardless of your account balance. However, to be eligible for this feature, you will need to have a strong Chime account history. For eligible account holders, coverage can go up to $200. Coverage starts at $20.
- Get your payday early with Chime. You can get your paycheck up until two days before your payday. Your paycheck must be deposited directly into a Chime bank account to be eligible.
- Save cash with these savings tools. With Chime, you can set aside a percentage of your salary. You can also choose to have each Chime debit card transaction round to the nearest dollar and the difference deposited to your savings.
- An online banking platform that charges low fees, Chime allows you to open a free checking account. There are no monthly maintenance fees, overdraft fees or ATM fees.
