Are you looking for money apps? Dave The best instant money app for small personal loans
If you need extra cash to cover an expense before your next payday, the Dave App offers a cash advance. You can get a $50 loan instant to a $100 loan instant.
We include Dave among the best apps that lend you money because you will not require verification of your credit history to access the application.
But you must have a formal or stable paycheck that is set up with a direct deposit to a checking account, and you must show that you have enough money in that account to pay the advance once you receive your next paycheck.
Fees and fees
Dave App will charge you a monthly membership fee of US $ 1. And will not charge interest on cash advances, although it does request optional advertising to help support the app.
Other characteristics of Dave
With Dave App, you can choose between two financing options: a standard and an express one.
The standard funding is included by default with your monthly membership fee. You accept that it takes up to three business days to receive the money into an account.
Now, you will be able to obtain the funds the same day of the request through the “express option”, with an additional cost (not specified by the App).
On the other hand, you can activate low-balance alerts. When the money in your checking account is running low, the option also allows you to be notified. When you have a pending invoice. You can decide whether to request a payday advance to help avoid overdraft fees.
MoneyLion: ideal for building your credit history
Unlike other applications that lend money on our list. MoneyLion gives you an opportunity to build or improve your credit history.
When you obtain a “MoneyLion credit builder loan” or “credit builder loan,” This is the best credit builder loan. MoneyLion reports your payments (timely or not) to the three major credit bureaus in the United States (Equifax, Experian and TransUnion).
So by paying the loan on time, as agreed. you can establish a solid credit history with consistent and on-time payments, gaining ground for larger loans.
MoneyLion does not check your credit score to determine eligibility for its loans. Instead, it will link main-checking account to your paychecks and the company will review account activity to decide if qualify.
Fees and fees
Here is a con and that is to get a credit builder of MoneyLion should hire a membership Credit Builder Plus, at a cost of US $ 19.99 a month.
The Credit Builder Plus membership allows you to access a checking account without fees. The possibility of managed investments and cash advances with a 0% APR rate.
The App also grants you the Visa Money Lion debit card that offers rewards for purchases over the US $10 per month. You can even earn rewards just by logging in and using the app.
They are features that can help offset the cost of membership.
Interest rates on MoneyLion loans range from competitive to high. But you can pay off the loan at any time without having to pay a prepayment penalty.
Other features of Money Lion App
Credit history loans are available in amounts up to a maximum of $ 1,000. Depending on your finances, MoneyLion claims that you can receive all the money immediately.
If you do not qualify for the full loan amount in advance. MoneyLion will grant you a portion of the loan and deposit the remainder of the money into an interest-bearing account. Which you will receive after paying off the initial loan.
Brigit: App that lends money and allows you to control finances
This app can advance you between US$80 and US$250. But you will have to pay US$9.99 per month for their Brigit Plus plan to qualify for “instant transfers” and other features. Money Apps like Brigit is the best app for finance control.
The application, which is available on devices with Android and iOS operating systems, stands out for its innovative ” Brigit Score ” model and its budget control tools ( finances track ) that help you track your expenses.
The “ Brigit score ” ranges from 0 to 100 points and considers three financial well-being metrics:
- Bank statement
- Spending behavior
- Profit or income profile
Although you do not initially require a Brigit score to be approved for the Brigit Plus plan.
Not very much in its favor, Brigit requires you to have at least three recurring deposits from the same employer to qualify. The App also requires that those deposits must be above the amount of the loan you aspire to.
Fees and fees
Unlike other apps that lend you money, Brigit doesn’t ask for tips when you borrow money. The company will also not conduct a credit score check.
But keep in mind that if you are paying for a Brigit Plus membership, the money is not exempt from fees.
Other characteristics of Brigit
Although the company claims that it operates with more than 6,000 banks and credit unions, it is no guarantee that it will work with your preferred banks. For example, the company notes that it does not yet support Chime Bank, Capital One, or Net Spend.
Brigit will analyze your checking account spending habits to predict if your balance is low and if you are at risk of overdrafts.
Its ” Brigit Auto Advances ” feature will automatically transfer money to your bank account to prevent an overdraft from occurring.
If you want to know the basics about personal loans, the Consumer Financial Protection Bureau (CFPB) offers an important official guide.
One the Money app is Branch: best compatibility with banking services
Branch Pay App not only allows you to request cash advances for hours that you have already worked, but it also allows you to receive money, transfer funds between accounts and pay bills through its application.
In addition, the company offers free checking accounts, debit cards and ATM withdrawals at more than 40,000 locations in the US.
A not very good point is that to get cash advances through Branch Pay, you must have at least two months of direct deposits from the same employer.
Each deposit must be greater than US$40 and must be deposited into the same bank account at a participating bank.
The amount of money you can request for a cash advance is based on two important aspects: First, the direct deposit history of your bank account and second, how much you spend compared to what you earn, that is, your ability to pay. payment.
When you start using the app, Branch clarifies that your cash advance limit will be low and that as you use the app over time and pay your advances on time, the limit may increase.
Fees and fees
“Branch” does not charge interest on cash advances, and its fees vary depending on how you choose to receive the money.
You can get “instant” access for free when funds are used via Branch debit card.
On the other hand, standard delivery to an external bank account or associated debit card should take three days and is also free.
Finally, if you want your money to be sent to an external bank account or debit card instantly, Branch Pay will charge you a fee of US$3.99 or US$4.99, depending on the amount that is transferred.
Other Branch Pay App Features
With this application that lends money, you can configure automatic payment by linking your Branch debit card or the checking account that they grant you to your regular checking account.
If you don’t have enough money in Branch Wallet to cover a bill, the app won’t debit the payment and you won’t be charged overdraft fees. But you will need to quickly find another way to pay your bills using money apps, as you must avoid late payments.