Do you ever need immediate cash, but don’t you want the hassle of going to the bank? But, thanks to payday loan apps, now you can apply for a loan from your device. As traditional banks take longer to process personal loan applications, and money lenders have been known to charge higher interest rates, making the process very questionable. But payday loan apps have emerged as an excellent idea to provide secured and hassle-free instant cash loans within an hour.
We often think of payday loans as a place to turn for quick cash. However, this is not always the best option. Payday loans have extremely high-interest rates and it is easy to get stuck in a debt crushing cycle.
In this article, we list the best traditional loan apps with payday loan apps. We compare lender fees, eligibility, and customer support, and explore the pros and cons of each app. Note that you do not use the first app you downloaded earlier, find out what features you need and stick with that one.
Here are Payday Loan Apps:
Earnin is one of the best payday loan apps. The idea behind this application is both simple and simple, that whenever you have worked, you should be able to access your payments. You provide information about your work and connect your bank account. When you are at work, Earnin keeps track of your hours so that you can cash out if you need to.
Once you receive your actual salary, the application deducts the money you have already taken from the salary. The best thing about Earnin is that it does not charge fees or interest.
Using Earnin, you can withdraw cash up to $ 100 per day of previously earned money. There is no charge for this service, but you can add a “tip” of any amount you choose which is optional (the app recommends 4%).
In addition to the paycheck advance, Earnin offers many other features to help workers on a budget, including a balance shield that protects you from hefty bank overdraft fees, Cash-Back Rewards on shopping, and HealthAid features.
Brigit is not your traditional payday loan provider, instead, it is the perfect example of a great idea that is executed beautifully. The Brigit app works similarly to Earnin. This app gives you access to more cash at once than Earnin, you can withdraw up to $ 250 in your account within a minute with no credit check needed.
Brigit offers a more flexible option to pay your cash advance than Earnin. They automatically withdraw money from your bank account after your next salary, but they increase the due date by three times with no late fee or penalty. You can choose to pay it quickly at any time.
But additional allowances come with a monthly fee. Another point where this firm excels in execution is to request a perspective that your funds can be found in your bank account in less than four hours. Another point where Bridgit destroys its rivals is the fact that it also tracks your spending and your income.
This makes it one of the best payday online loan apps as it allows individuals to forecast the balance in their bank account at the end of the month, allowing you to take the cash requirement higher.
Unlike some upfront advance applications, PayActiv is not something you use on your own.
It is another payday loan online app that is taking the loan and payday market to the next level. Not only will you be able to use the money in a practical and fast way, but you will be able to pay up to 50% of your salary in advance through your app.
It has tools to help you track your spending, create a budget, automate your savings, and make direct deposits to your bank.
In addition to being able to use the wages earned before pay, PayActiv users also get help with financial counseling. The app has a platform that is more than a payday loan option, even allowing users to pay their bills and get prescription discounts. PayActiv also has a debit card linked to the account so that you can get your money quickly and easily with fraud protection.
Dave Loan App is undoubtedly one of the best payday loan apps available in the market overall in 2020, and the reason is that you are getting its price. Dave provides complete integration between your bank accounts and their budgeting tools.
This allows for total control of your finances and to anticipate and make predictions when you may be at risk of not having enough money to finish the month or simply bear some important things like paying your utilities or your insurance.
The firm only charges a monthly fee of $ 1 for the subscription process, instead of charging a fixed or variable interest rate for any loan. The app will allow for loans up to $75 to be processed without requiring a credit check. Dave, being one of the best payday loan online apps, adds money to your account and deducts it upon payment.
If you are looking for an interesting and regular banking and fast cash option, MoneyLion is something new. It is a membership banking relationship that gives you access to financial services like a bank but without some hassles.
It is probably one of the most complete payday loan applications and the most diverse name from this list because you can find traditional personal loans and even some credit cards that offer up to 12% cashback. You can automatically request a personal loan of up to $ 500 from the app.
Even though you will have to pay an interest rate to borrow over 12 months, but it is still the cheapest payday loan app firm in the market.
This concludes our list of the best payday loan apps you should look for in 2020. We think this list will help you to make a good choice. There are still a lot of payday loan apps that are not listed in this article. But, our best payday loan app for android or iOS is Earnin.