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Every once in a while, you may be stuck in a situation where you need money urgently. If you don’t have a friend around who could lend you some extra cash, you may turn to an institution for help. However, conventional lenders’ processing times can often be weeks long.
Payday loans have been around for a long time, but lenders can charge enormous fees. In fact, payday interest rates can be over 600%.
Fortunately, some apps let you borrow money, making it easier for you to get urgent cash in just a few minutes. Not only is the processing quick, but it also takes less than five minutes to start applying for a loan. In addition, the fees are a lot better than traditional payday loans.
Here are six apps that let you borrow money:
If you have a minor expense that can’t wait till your next paycheck, Dave is one option you may consider. If you have a Dave spending account, you’ll get access to bigger loans.
Empower gives you cash advances of up to $250 without any late fees or interest. Moreover, you can use the Empower card to get up to 10% cash back on purchases at specific merchants. The card also offers free transactions at 37,000 ATMs across the country.
Even better, Empower cardholders get their paychecks up to two days early.
Amount: Up to $250
Processing Time: 2 days
Repayment: At your next paycheck
Fees: No interest, credit checks or late fees
Earnin has a unique lending system where its app tracks the number of hours you have worked and allows you to access your money according to your earnings.
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Plus, the app has a notification feature that alerts you in case your bank balance is low.
PayActive is more than just an app that lets you borrow money. In fact, it also allows users to pay their bills and get discounts on certain departmental stores and prescription drugs. Check the stores associated with PayActiv and redeem your discounts directly in the app. For example, you can get 10 cents off per gallon with Murphy USA.
The app lets you see what you have earned and allows you to access it when you require it. Plus, you can pay your bills through the app directly.
Moreover, the app lets you book Uber rides through your earned wages.
Brigit lets you borrow $250 the same day you apply for it – provided your application is submitted before 10 a.m. EST.
However, you need to use the company’s monthly paid plan to access this feature.
Besides offering you a loan, MoneyLion has many other features, such as financial tracking and investment accounts.
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Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all available deposit, investment, loan or credit products.
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