Best Apps That Loan Money
If you need money before your next paycheck, using a loan app is the most convenient and quickest method to receive it. There is a number to pick from, and most of them are simple to get a hold of for borrowers from various financial backgrounds. Even better, you should have the necessary finances in a reasonable amount of time. However, there are some drawbacks to consider, such as the interest rates you will have to pay and the possibility of falling into the trap of relying excessively on this source of quick cash to address a more significant financial problem. Let's discuss the best personal loan apps.
Albert
Up to $250 will be available from Albert as a loan until you are paid again. You will not be subjected to any credit checks, and no interest will be charged on any monies you borrow. Even better, Albert will only charge you late penalties if you can return the loan by the due date.
Pros
- No credit checks, either thorough or minimal
- There are no interest charges or late fees
Cons
- There is a fee involved with the quick receipt of monies
- Period of payout ranging from two to three days
Brigit
Brigit is yet another mobile loan app that enables borrowers to get loans of up to $250 without being subjected to rigorous credit checks. On top of that, there won't be any hidden fees or interest charged to you for the money you take out.
Pros
- No minimum credit score needed
- The availability of a variety of financial resources
Cons
- The earlier the request is made, the earlier the deadline for same-day financing
- Only customers with a Plus subscription ($9.99 per month) can access the Instant Cash feature
Chime
Chime is a cutting-edge mobile application that provides various helpful financial features, including paycheck advances, fee-free banking, and more. With the SpotMe function, you may be paid up to two days early or spend up to $200 more than you have available in your account without being subject to overdraft penalties. Both of these options are accessible without incurring any additional charges. To take advantage of any of these capabilities, you will need direct deposits into a Chime Checking account.
Pros
- There will be no effect on your credit score
- You can have access to your salary earlier, or you may utilize SpotMe to prevent incurring any overdraft costs
Cons
- Direct deposit is necessary
- Direct deposits of $200 each month into a Chime checking account are required to meet this requirement
Dave
Dave gives you access to a far greater number of resources than many other loan applications provide. ExtraCash is a feature of the Dave Debit MasterCard that allows qualified borrowers to get up to $500 in additional money automatically deposited onto their card. The application process is short and simple, and no interest is charged on loan. Additionally, there are no penalties for late returns with Dave.
Pros
- No checks on the credit
- Low fees for cash advances
Cons
- There are costs associated with both express and foreign transfers
- Cost of membership monthly
MoneyLion
MoneyLion takes great pleasure in providing its customers with an all-in-one mobile banking experience. As part of this, customers can get up to $250 in interest-free Instacash Advances. Because there is no credit check, applying won't negatively impact your credit score. If your application is successful, the money might be in your account in as little as a day and a half.
Pros
- No minimum credit score needed
- Neither interest nor other costs
Cons
- Borrowers are required to give access to a checking or savings account
- There is a fee for the delivery of Turbo
Possible Finance
Possible Finance is an alternative to payday loans through which borrowers may borrow up to $500 and return the loan in equal monthly payments (over 8 months). You will be responsible for paying interest on the loan, but there are no additional fees for late payments. Every payment you make on time will contribute to building your payment history and give you access to the Possible Card.
Pros
- Reporting to Experian and TransUnion
- Option for immediate finance available
- A lengthy grace period for late payments
Cons
- High rates of interest overall
Alternatives To Loan Apps
Credit Union Loans
If you are a credit union member, you may have the opportunity to apply for a low-interest personal loan. They often come with reasonable interest rates and payment terms that may last up to a year. It is typical for credit unions to do a credit check on their customers. However, despite having a lower score, there is still a chance that the credit union may approve you because of the length and consistency of your previous banking relationships.