Tue. Oct 4th, 2022
Facts-About-Payday-Loans

 

The world is facing difficult times and sometimes you need a little extra cash to get through the day. A payday cash advance app can help you in the right situations. We looked at all the available apps and selected a few of our favorites.

Dave ( iOS, Android).

Dave calls it “banking for people” and encourages you to consider it your financial friend. The app offers a $100 cash advance and $200 for direct deposits.

You can get your paycheck up two days sooner than usual with the app. The app costs $1 per month, but you will save a lot more in accidental overdraft fees. Dave tracks your overdraft usage and allows you to make use of its features to avoid unnecessary overdraft fees.

Although Dave sounds like a great deal we are concerned that the app is able to make money partially from tips and users’ goodwill, which may not be the most sustainable business model.

Pros:

  • Cash advance requests are unlimited, provided you have cleared the previous one.
  • Smart budget management will help you pay your bills.
  • Cash advances are free of interest and fees.
  • Only $1 per month is the app fee

Cons:

  • Dave makes money through user tips, but it’s not clear how sustainable.

Brigit ( iOS, Android).

Brigit, another smart cash advance app, uses algorithms to predict when your money will run out. It will then automatically add $250 to your account. This assumes that you have paid the $9.99 annual membership fee. The safety net is not available to free users. They only get a warning.

The fee seems quite high when compared to Dave’s apps. It’s not much, however, when you consider how costly accidental overdraft fees can become.

Brigit is also more flexible than others when it comes to repayments. It is possible to delay the repayment of your advance depending on your profile.

Side-job and budget features can help you better manage your money and make more if you have to. This service is generally well-designed with few negatives.

Pros:

  • Solid $250 cash advance offer
  • All credit scores are accepted, even if they have poor or no credit.
  • Protect your account from overdrafts automatically
  • Subscribers get $1 million in protection against identity theft
  • Repayment extensions may be possible.

Cons:

  • Access cash advance and insurance for $9.99 per month

Empower ( Android & iOS

Empower, a cash advance app offers a lot of the same features as Brigit and more or less the exact amount of money. Although Empower isn’t a standout app, it shouldn’t be viewed as a disadvantage.

Empower claims it has the best budgeting tools in comparison to cash advance apps. However, that’s difficult to prove objectively. Users have also complained about login problems and app bugs. Empower’s software may need to be baked a bit longer. It’s still worth considering adding more options to your list if you aren’t approved by any of the other providers. These minor issues seem to only affect a small percentage of users.

Pros:

  • $250 Advance Limit
  • You can get paid up to 2 days quicker
  • Intelligent Autosave transfers extra money to a separate account.

Cons:

  • After a 14-day trial, $8 per month to have access to all features
  • User reviews have raised some technical complaints about the app.

Go2Bank ( Android & iOS

Go2Bank is more than a cash advance app. You get $200 overdraft protection as your only cash advance, but it is basically the same thing.

Go2Bank is complete banking service. This is why it’s encouraged to make a direct deposit and transfer your funds to the app for all transactions. This app is a great banking option for those who don’t have access to traditional formal banking.

Pros:

  • $200 overdraft protection.
  • No fees for direct deposit users.
  • With your Go2Bank Card, you can withdraw at any ATM that is approved.
  • Savers have a high (1%) APR
  • Receive your paycheck as early as 2 days before the deadline

Cons:

  • $5 fee, no direct deposit
  • If you withdraw from an ATM that is not in your network, there will be a 3% fee.

Earnin ( Android & iOS

EarnIn is a unique way to approach cash advance applications. To calculate a fair amount, it uses GPS tracking.

EarnIn can offer a maximum advance up to $500. We suspect that this amount will be available to a small number of users.

Pros

  • You can borrow up to $500 and get up to $100 per hour.
  • Intelligent tracking for responsible lending.
  • Prize draws can incentivize savings

Cons:

  • Tips are an important part of Earnin’s ability to stay afloat, just like Dave.

You can also win prizes by using the app. Every $10 saved will give you an entry to win cash. According to EarnIn, the total prize pool is 10 million dollars.

Assistance when you need it most

Everybody can find themselves in a financial bind. Before cash advance apps, getting a cash advance was nerve-wracking. It meant waiting in line with other hopefuls and filling out a lot of paperwork to get a few hundred bucks. The whole process is simple, quick, and easy with apps like these.

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