Updated April 11, 2024 8:10 AM PT

Best Money Borrowing Apps

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Money borrowing apps can be your saving grace when you're strapped for cash. But how much can you borrow? Are these apps legit? Read on.

What are the best money borrowing apps?
The 10 best apps for borrowing money are:

  1. Earnin for payday advances
  2. Dave for small amount advances
  3. MoneyLion for multiple features
  4. Chime SpotMe for overdraft protection
  5. Albert for no late or overdraft fees
  6. Brigit for flexible repayment dates
  7. SoFi for large amounts & perks
  8. Possible for grace periods for late payments
  9. Branch for early payments
  10. Even for budgeting tools

Borrowing from friends can be difficult. But borrowing money from banks can be even worse. You just want to borrow money with your head high, without hours of paperwork and high interest rates.

That's where the best money borrowing apps come in.

You can borrow up to $100,000 without an awkward conversation. Most don't have lengthy application processes either. Some don't even charge interest.

Read on to find out the pros, cons, and how much you can borrow with money borrowing apps.

10 Best Money Borrowing Apps

Money borrowing apps offer different loan amounts and processing times. Here's a quick look at what you get. We'll cover each app in detail below, including how you can qualify.

Money Borrowing AppsLoan AmountStandard Processing Time
EarninUp to $7501-2 banking days
DaveUp to $5001-3 days
MoneyLionUp to $5002-5 days
Chime SpotMeUp to $200Immediately
AlbertUp to $250 (overdraft spot)Instantly
BrigitUp to $2501-3 business days
SoFiUp to $100,000Usually within the day
PossibleUp to $500Usually 1 hour
BranchUp to 50% of your pay3 business days
EvenUp to 50% of your pay1 business day

Are money borrowing apps legit?
Yes, money borrowing apps on this list are legit and reputable. They also take security measures to make sure the information you share with them stays safe.

Earnin: Best for payday advance loans

Earnin lets you Cash Out up to $750 per pay period with no fees or interest. Unlike other money borrowing apps, the amount you can access from Earnin will be based on your pay. This works great for making sure you can afford to pay back the money.

They also have a Balance Shield feature that can automatically transfer $100 of your earnings when your balance runs low. Perfect for emergencies.

Does Earnin have a monthly fee?
Using Earnin Cash Out does not have a monthly fee. But you can tip them for their service.

  • Can out up to $750 per pay period
  • No monthly fees
  • Doesn't charge interest
  • Requires your work timesheet
  • Needs your bank details
  • Only accessible to employed people

What You Get:

  • Loan Amount: Up to $100 per day and up to $750 per pay period
  • Processing Time: Cash Out usually takes 1 to 2 banking days. But you can have it within 1 to 30 minutes by paying for the Lightning Speed transfer option.
  • Repayment Date: Earnin will automatically deduct your payment on or after your payday.

Earnin Cash Out Requirements:[1]

  • A regular pay schedule
  • A checking account where more than 50% of your direct deposit is sent to
  • A permanent work location, an electronic timekeeping system, or a PDF timesheet to track your hourly earnings

What happens if you can't pay Earnin?
Your credit score will not be affected. However, Earnin will put your account on hold and send you an email about your repayment.

Need to borrow money for your next coffee run? Check out our next app.

Dave: Best for Small Amount Advances

Whether you need last-minute support for a flat tire or a medicine prescription, Dave ExtraCash has your back.

For a $1 monthly subscription,[2] you can get an advance as little as $25 to as much as $500. The monthly fee covers a range of services, including access to account monitoring, notification services, and maintaining a connection to your external bank account.

It has no interest or credit check. Definitely useful when you need an advance on short notice.

  • Allows $25 advance
  • $500 advance limit
  • No late fees, interest, or credit check
  • Needs access to your income history and spending patterns

What You Get:

  • Advance Amount: From $25 to $500
  • Processing Time: ACH transfer to a bank account takes 1-3 days at no charge. For express delivery, they charge $3 to $15 for Dave Spending transfers and $5 to $25 for external transfers and you can get your advance within seconds to your Dave Spending account and within an hour to external accounts.[3][4]
  • Repayment Date: Your next payday

Dave ExtraCash Eligibility Contributing Factors:[5]

  • An external account with a 60-day history
  • 3 or more recurring deposits
  • Total deposits of $1,000 or more per month

Is there a late fee for late payments on Dave?
No, Dave doesn't charge a late fee. But if you can't pay them back, your account will be suspended.

MoneyLion: Best for multiple features

For a more all-in-one money borrowing solution, try MoneyLion.

Similar to Earnin, MoneyLion Instacash doesn't charge interest or check your credit. Unlike these apps, MoneyLion only lets you borrow up to $500. But they have multiple features and can help you with short-term loans or long-term financial solutions.

  • Free cash advance feature
  • Multiple features
  • No credit check and no interest
  • Needs bank account access
  • Regular delivery to an external account takes a long time

What You Get:

  • Loan Amount: Up to $500
  • Processing Time: Regular delivery to an external account takes 2-5 business days. But you can get your loan within minutes through their Turbo delivery for an extra fee.
  • Repayment Date: On your next payday

MoneyLion InstaCash Requirements:[6]

  • A bank account that's been active for two or more months
  • A history of recurring income deposits
  • A positive balance

In addition, MoneyLion also offers features to help you improve your finances. Financial Heartbeat is a free money-monitoring tool that tracks your spending, savings, and credit health.

When you're ready to level up your money game, MoneyLion also offers:
  • Managed Investing
  • Crypto Auto Invest
  • Credit Builder Plus (costs $19.99)[7]

For more money borrowing apps with helpful financial tools, also check out Albert or Brigit.

Chime SpotMe: Best for overdraft protection

With the Chime Debit Card, they will spot you up to $200 for free to cover overdrafts from cash withdrawals or debit card purchases. It is useful for those who tend to withdraw beyond their account balance.

Since many banks will charge you $30 or more for overdrafts, you could save hundreds of dollars in overdraft fees over the life of your account with Chime SpotMe. And it comes with no credit check, minimum balance, or monthly fees.

What is an overdraft fee?
An overdraft fee is charged by your bank when you exceed your account balance. It is usually around $30.

They also offer a checking account that can get you access to your pay 2 days earlier.

  • Immediate spotting up to $200
  • No overdraft fee
  • No monthly fee
  • Needs a separate Chime debit card
  • Should have a $200 qualifying deposit

What You Get:

  • Loan Amount: You can get from $20 to $200 with Chime.[8]
  • Processing Time: Chime can spot you immediately.
  • Repayment Date: Repayment will be on your next deposit or payday.

Chime SpotMe Requirements:[9]

  • An activated Chime Visa Debit Card.
  • A deposit account connected to Chime.
  • A qualifying deposit of $200 and above, 34 days before you request for an overdraft spotting.
  • At least 18 years old.

Looking for a higher loan amount?
Try SoFi. They can loan you from $5,000 to $100,000.

Keep scrolling if you are searching for an app that can do more than spot your overdraft.

Albert: Best for no late or overdraft fees

Albert Instant offers overdraft coverage (up to $250) without late fees, interest, or credit checks. But you may get a temporary suspension from accessing additional overdrafts if any repayments are 10 days overdue.

And if you want to receive your paycheck up to 2 days earlier, Albert can help as long as you set up your direct deposit with Albert Cash.

There are budgeting and financial advice tools in the app too. You can make the right budgeting decisions using Albert.

  • No credit check
  • No interest
  • Can provide overdraft spotting
  • Requires a Genius subscription to access Instant overdrafts.
  • $250 maximum spot amount

What You Get:

  • Loan Amount: You can access up to $250 overdraft coverage on Albert Instant. [10]
  • Processing Time: Instantly.
  • Repayment Date: Automatic upon Albert Cash account fund deposit.

Albert Instant Requirements:[11]

  • An active bank account linked to an Albert Cash account
  • Has activated Smart Money feature on the app
  • Has turned on overdraft coverage in app settings
  • An Albert Cash account and Genius account in good standing

Is Albert legitimate?
Albert is not a bank. Albert Savings accounts are held in FDIC-insured banks like Wells Fargo. This means your funds are protected by the federal government up to $250,000. It also has 4.6 stars on the App Store with more than 171,400 ratings.

Most of the apps on the list have a free money-borrowing feature or a low-cost subscription. Would an app with a higher subscription fee work better? Let's find out.

Brigit: Best for flexible repayments

The previous apps have an automatic repayment date on your loan. But with Brigit Instant Cash, you can get up to $250 with no interest, no credit check, and flexible repayment. So if you're looking for an app that lets you decide your repayment day, Brigit's a good one.

The $250 cash you can borrow from Brigit is similar to Albert and MoneyLion. Compared to the two, Brigit charges a $9.99 subscription fee.[12] This includes Auto Advances, which automatically covers you when you're at risk for an overdraft.

  • Flexible repayment date
  • No credit check or interest
  • Credit builder feature
  • Requires subscription
  • High subscription fee

What You Get:

  • Loan Amount: Up to $250
  • Processing Time: Brigit takes 1-3 business days. But if you pay a small fee, they can process it within 20 minutes.
  • Repayment Date: Set your own repayment date. You can pay earlier or get an extension if you need more time.

Brigit Instant Cash Requirements:[13]

  • A checking account has been active for at least 60 days
  • More than $0 in your balance
  • 3 recurring deposits on your account from the same source

Brigit has finance tools you can access without paying extra, including a credit builder, up to $1 million in identity theft protection, budgeting, job and side hustle finder, and more.

SoFi: Best for large amounts & perks

SoFi is a personal loan app where you can borrow from $5,000 to $100,000 with no pre-payment needed. It is great for a home renovation or even starting your own small business.

Compared to apps that let you borrow a smaller amount, SoFi charges a fixed interest, which means the interest rate stays the same throughout the life of your loan and you will pay the same amount each month.

But paying the loan gets tricky if you suddenly get unemployed. For this, SoFi has unemployment protection where they can modify your payment and even help you find a new job.

Does borrowing from SoFi affect my credit?
SoFi will request a full credit report from consumer reporting agencies. This is a hard credit inquiry, which will usually ding your credit score by 5 points or less. However, if you pay your loan on time, it could help improve your credit.

  • High loan amount
  • Same-day funding
  • Plenty of perks
  • Does credit check
  • Charges interest

What You Get:

  • Loan Amount: $5,000 to $100,000[14]
  • Processing Time: Usually, SoFi can get you your loan within the day your loan is approved.
  • Repayment Date: You can pay your SoFi loans monthly within 2-7 years.

SoFi Loan Requirements:[15]

  • You need to be in the age of majority in your state (usually 18 years old).
  • You must be a U.S. citizen, permanent resident, or non-permanent resident alien.
  • You must be employed, have sufficient income, or have an offer of employment to start within the next 90 days.
  • Credit report

SoFi members receive fun perks like SoFi Member Rewards and SoFi Stadium. They also have career coaching features, estate planning and financial planning tools.

Can you borrow $500 when you have bad credit? It's possible.

Possible: Best for grace periods for late payments

Possible Loan lets you borrow up to $500 even with bad credit. And when your loan gets approved, Possible can process your interest-free loan within minutes.

But what makes Possible different is how you can pay in installments. No matter how often you get paid, you will repay your loan in 4 equal payments for 2 months.

And if you can't pay on time, don't worry. Possible has a penalty-free 29-day grace period.

  • Pay in 4 installments
  • Lets you borrow even with bad credit
  • No late fees
  • Needs access to your income history and income deposit
  • Processing time could take 5 days

What You Get:

  • Loan Amount: Depending on your state, you can borrow up to $500.00. But if you're from California, the maximum loan amount with Possible is $250.
  • Processing Time: Loans usually take about an hour, if it is transferred to your debit card. But if you choose an ACH transaction, it will take around 1-2 business days.
  • Repayment Date: You can repay your loan in 4 equal payments within 2 months (8 weeks).[16]

Possible Loan Requirements:[17]

  • Valid state-issued ID or driver's license
  • Social Security number
  • Checking or savings account with 3 months transaction history, recent income deposit, and positive account balance

Who can apply for a Possible Loan?
Currently, Possible will only accept new loan applications from Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Louisiana, Michigan, Missouri, Ohio, Rhode Island, Texas, Utah, and Washington State.

Your employer or company can access some money borrowing apps. Read below to know what these are.

Branch: Best for early payments

Branch offers Earned Wage Access where you can borrow up to 50% of your pay. It's similar to Earnin, where you can get your pay in advance.

But compared to Earnin, Branch is employer-sponsored. You don't have to set up the account yourself. Instead, your employer will set it up for all their employees.

To see if you can use Branch, check with your company or employer to see if they're partnered with Branch.

  • Access up to 50% of your pay before payday
  • Your employer handles any eligibility requirements for you
  • Convenient digital wallet
  • Employer sets the maximum loan amount
  • Standard delivery takes 3 days

What You Get:

  • Loan Amount: Depending on your employer, you can get up to 50% of your pay before payday.
  • Processing Time: You can get the advance instantly using the Branch digital wallet. Or you can withdraw the advance from your bank account in 3 business days.
  • Repayment Date: On your next payday

Branch has a CashFlow feature where you can access spending information to help you manage your money better.

If your employer doesn't use Branch, maybe you can use this next app.

Even: Best for budgeting tools

Similar to Branch, Even is an interest-free employer-sponsored cash advance app. But compared to the previous app, Even has a faster processing time.

Even Instapay can give you access to 50% of your pay before payday and deliver it within 1 business day to your bank account. Or you can get it from a Walmart MoneyCenter.

Plus, Even has handy savings and budgeting tools too.

  • Cash Pick-up available at Walmart
  • Efficient budgeting tools
  • 1-day processing time
  • Only accessible if your employer is partnered with Even
  • Needs your bank details
  • Only accessible to employed people

What You Get:

  • Loan Amount: Up to 50% of your salary
  • Processing Time: With no extra charge, you will receive your money through your bank account in one business day. Or you can get your money through a Walmart MoneyCenter.
  • Repayment Date: On or after your payday

How to get cash from a Walmart MoneyCenter:
First, you need to request a cash pick-up in the Even app. At the Walmart MoneyCenter, you'll need to provide: your 11-digit reference code in your Even app, a valid ID (like a driver's license), and your SSN.

Other Money Borrowing Apps

If you're still searching for other options, we got you. Here are a few more money borrowing apps that may work for you.

  • Cash App - lets you borrow money from your peers. By using their peer-to-peer service, you can ask for a loan from your friends. Then you can conveniently receive it through the app.

  • Pockbox - is a service that can connect you with lenders that can let you borrow up to $2,500. You just have to fill out a form, and they will find the perfect lender for you.

  • Grain - is a digital credit card app. It offers up to a $1,000 credit line. And it doesn't need a credit check.

  • Cleo - can let you take a salary advance of up to $100 with no interest and no credit check.

You can access Cleo's salary advance feature for free by emailing team@meetcleo.com. Just state in your email that you would like to use salary advance without subscribing to Cleo.

How Money Borrowing Apps Work

Money borrowing apps can lend you up to $100,000. And they're more flexible than traditional lenders. Most apps don't require a credit check and have lower interest rates.

Some apps don't charge interest at all.

Also, money borrowing apps have a more flexible repayment schedule. You can pay automatically on your next payday, pay earlier, or pay in installments. And most of them don't charge a penalty or late fee.

Do you need a bank account to borrow money on the app?
Yes, because most money-borrowing apps would check your account (not your credit) to see how much money you can borrow.

Pros and Cons of Money Borrowing Apps

Pros:

  1. Cheaper fees - Most apps let you borrow money without a subscription or extra fee. And compared to traditional lenders, they have a lower interest rate. Some don't charge any interest.

  2. Useful for emergencies - Most money borrowing apps don't have a credit check. Asking for a loan takes minutes, and you can get your money within minutes to a few days. This makes them a great choice in emergencies.

  3. Budgeting tools - Money borrowing apps feature helpful budgeting and finance information tools you can use to manage your money better.

  4. No late fees, flexible repayment - Plenty of money borrowing apps are forgiving regarding repayment. And they come with different repayment plans, so you can choose which one you can handle.

Cons:

  1. Loan amount depends on your eligibility - You won't always be eligible to receive the maximum loan amount.

  2. Increase your debt - Because money borrowing apps are convenient, you may overly rely on them. And when you do, you could be stuck in deeper debt. So use these apps wisely.

How to Choose the Best Money Borrowing App

Borrowing money is a decision you need to make carefully. To help you with that, we have some tips on how you can choose the best money borrowing app.

  1. Check your eligibility - Your loan amount depends on your eligibility, so check how well you fit the criteria. The better you fit, the higher your loan amount will be.

  2. Choose a comfortable repayment period - Money borrowing apps have different repayment periods. You can pay in installments, on your payday, or choose your own date.

  3. Read user reviews - If you have chosen a money borrowing app, look into the user reviews. It can help you get a clearer picture of how a loan with that app would be.

What apps give you money instantly?
Among the cash advance apps, Possible is among the fastest. They take about an hour to transfer money to your debit card.

Is it Smart to Use Apps to Get a Loan?

Using money borrowing apps to borrow money is a great option for emergencies. Or they're good for once-in-awhile purchases that you'll quickly pay off on your next payday.

They have lower fees, and most don't require a credit check.

But beware, when you depend on these apps for a lot of your expenses, you could get trapped in more debt.

How we came up with the list

To make this list, we looked into money borrowing apps with the strongest features that cater to differing needs.

We started by considering the maximum loan amounts, and the time it takes to receive your loan. Since these apps are best for emergency use, the best apps will offer money quickly.

And for a convenient money borrowing experience, we included apps with uncomplicated eligibility requirements. This will help you make the best choice on which app to borrow money from.

Finally, we looked at the repayment options. Some offer repayment on your loan on your next payday, and others offer repayment dates months or years in the future. We made sure you have plenty of options.

Bottom Line

Hard times are unpredictable. And sometimes, borrowing money from your friends or family is not the best pick. So when you need cash urgently, you should have a few sources ready.

With money borrowing apps, you can borrow $200 and go as high as $100,000. You can pay on your next payday or pay in installments. There are plenty of apps to choose from.

Whether you need a few bucks or small business capital, there's a money borrowing app for you. Check them out and see which works for you.

References

  1. ^ Earnin. Who can use Earnin?, Retrieved 3/24/23
  2. ^ Dave. Dave Membership, Retrieved 3/24/23
  3. ^ Dave. How the ExtraCash account works, Retrieved 4/3/24
  4. ^ Dave. Dave Extra Cash Account Deposit Agreement and Disclosures: L. Fees And Fee Schedule, Retrieved 4/3/2024
  5. ^ Dave. Taking an ExtraCash advance + contributing factors, Retrieved 3/24/23
  6. ^ MoneyLion. How do I qualify for Instacash advances?, Retrieved 3/24/23
  7. ^ MoneyLion. Moneylion Fee Schedule, Retrieved 3/24/23
  8. ^ Chime. Fee-Free Overdraft with SpotMe, Retrieved 3/24/23
  9. ^ Chime. FAQs: Who is eligible for SpotMe?, Retrieved 3/24/23
  10. ^ Albert. Albert Instant, Retrieved 4/3/24
  11. ^ Albert. How do I qualify for Albert Instant?, Retrieved 4/3/24
  12. ^ Brigit. How much does Brigit cost?, Retrieved 3/24/23
  13. ^ Brigit. How to access Instant Cash, Retrieved 3/24/23
  14. ^ SoFi . Personal loans, Retrieved 3/24/23
  15. ^ SoFi. Personal Loan Eligibility, Retrieved 3/24/23
  16. ^ Possible Finance. What Are My Original Payment Dates?, Retrieved 3/24/23
  17. ^ Possible Finance. Frequently asked questions about Possible: What do I need to apply?, Retrieved 3/24/23

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