Today, several people around the world are financially underprepared for unexpected expenses. In such instances, online loan apps have emerged as a beneficial solution. These apps are helpful, especially for those who are in a financial bind. Moreover, for people who are living paycheck to paycheck or who may not have an emergency fund, a sudden expense can leave them scrambling to cover the cost.
But, you should note that several online loan apps often charge fees, even if they do not charge interest. These fees can range from monthly membership fees to one-time processing fees. Therefore, before you proceed for lending money from any online loan apps, you should carefully review the terms and conditions. In this blog, we have enlisted 10 online loan apps that are reliable during situations of crisis.
- Earnin: Best for low fees
Earnin is a paycheck advance app that tracks your hours worked — using either a timesheet or by tracking your location — and lets you borrow money you’ve earned. The app also has a feature that notifies you when your bank account balance is low and a feature that will top it off for a fee.
- Dave: Best for small advances
The Dave app lets you borrow a small amount of money to cover expenses while you wait for your next paycheck, or to avoid overdrawing your bank account. Users who have a Dave spending account have access to larger loan amounts than those who don’t. The app also has a “Side Hustle” feature that helps users find side gigs to earn more money.
- Brigit: Best for budgeting tools
Brigit is a budgeting app that can get you up to $250 whenever you need it. You can use the app’s free plan, which offers financial advice and budgeting help. To get the cash advance, you have to use the paid plan, which includes all the features of the free plan, plus cash advances, automatic deposits in your account if you’re about to overdraft and credit monitoring.
- Chime: Best for existing customer overdraft protection
Chime, a mobile company that offers checking and savings accounts, as well as credit-builder loans, lets customers overdraw their checking account by a small, predetermined amount without fees via its SpotMe feature. SpotMe is more of an overdraft protection feature than a cash advance, but it still asks if you want to tip for the service. Chime says your account can go negative up to your approved amount, and purchases that put you below that extra cushion will be declined. You need at least $200 in qualifying direct deposits to your Chime account every month to qualify for SpotMe.
- MoneyLion: Best for multiple financial products
The MoneyLion app offers mobile bank and investment accounts, financial tracking, a credit-builder loan and cash advances up to $250. The Instacash advance is available to anyone with a qualifying checking account. However, you’ll have to pay a fee if you don’t have a MoneyLion account and need your funds quickly. MoneyLion says it charges no interest or fees with the cash advance, but you’re asked to provide an optional tip if you get an advance.
- SoFi: Best for large loan amounts and perks
SoFi offers a wide range of loans, including personal loans. Through SoFi, you can apply to borrow $5,000 to $100,000 with a personal loan (loan amounts may differ if you apply through Credit Karma), and you may be able to get the funds as soon as the same day you apply. But keep in mind that the exact amount of time it takes for money to appear in your account will depend on your bank.
- PayActiv: Best for transparency
PayActiv offers early paycheck access as well as budgeting and savings tools. Customers can get up to 50% of their earned wages before payday, and you choose where to transfer the money. You can have the money transferred to a bank account, pick up cash at Walmart or transfer your money to AmazonCash. You can also pay bills right from the app.
- Even: Best for managing finances
With Even, eligible employees may be able to get up to 50% of their earned wages early. The Even app includes budgeting tools that can help people track their spending and get a view of their entire financial picture.
Even also allows people to set up savings goals and to automatically transfer a percentage of their paychecks into savings. Employers can sign up for an optional interest match to help their employees’ savings grow.
- Branch: Best for early payments
With the Branch app, eligible employees can get up to 50% of their earned wages early. There are no credit checks, and there’s no cost to the employee.
Branch’s cash advance feature is only available to workers employed by participating companies. Branch works with the employers to get employee attendance files and estimates of wages earned. As an employee, when you use the app to request funds, the money is deposited into your Branch digital wallet.
- CashApp: Best for peer-to-peer payments
Anyone older than 18 can sign up for a CashApp account. When you sign up, you can access your paychecks up to two days early. You can also access free ATM withdrawals as long as you have at least $300 of income coming in each month.
Through CashApp, you can send money to friends or family or pay for services. Plus, you can invest in stocks and Bitcoin with as little as $1. There isn’t a fee for CashApp’s direct deposit service or to transfer money to other people. There are fees for ATM withdrawals and cash card upgrades.