When an unexpected expense hits before payday, it can throw your whole budget off track. Cash advance apps can offer a lifeline, providing a small loan to bridge the gap. These apps are often a more affordable alternative to high-interest payday loans, making them a popular choice for short-term financial needs.
This guide from the WTUPB website explores the top cash advance apps available, breaking down their features, fees, and who they’re best for. We’ll help you understand how these apps work and what to consider before you borrow, so you can make a smart financial decision.
What is a cash advance app?
A cash advance app is a tool that lets you borrow a small amount of money against your upcoming paycheck, typically between $20 and $500.
Unlike traditional loans, these apps usually don’t charge interest. Instead, they might have a monthly subscription fee or ask for an optional tip. Some also charge a small fee if you need the money instantly.
The amount you can borrow is often determined by factors like your direct deposit history and spending habits. Because they generally don’t require a credit check, cash advance apps can be an accessible option for those with bad credit or no credit history.
The best cash advance apps of 2024
After reviewing over 15 different providers, our team has identified the best cash advance apps based on borrowing limits, fees, turnaround times, and unique features.
1. EarnIn: Best for hourly employees
EarnIn stands out by letting you borrow based on the hours you’ve already worked, not just your total paycheck. It offers daily advances of up to $150 and up to $1,000 per pay period.
There are no mandatory fees or monthly subscriptions. If you need funds instantly, its “Lightning Speed” service starts at $3.99 per transfer; otherwise, standard transfers take one to two business days.
To use EarnIn, you’ll need to provide proof of your work hours through a timesheet, work email, or GPS tracking.
- Advance Amount: Up to $1,000 per pay period
- Turnaround Time: 1-2 business days, or instant for a fee
- Cost: No subscription; optional tips and instant transfer fees
2. Current: Best for larger advances
If you need a bit more cash, Current offers advances up to $750, which is higher than many competitors. There’s no monthly subscription required to use this feature.
You just need to have a Current account and receive at least $500 in eligible direct deposits each month. Standard transfers are free and take up to three days, while same-day transfers are available for a fee.
- Advance Amount: $50 – $750
- Turnaround Time: Up to 3 days, or within an hour for a fee
- Cost: No subscription; fee for instant transfers
3. Cleo: Best for gig workers
Cleo is an AI-powered app that’s ideal for freelancers and gig workers who don’t have regular paychecks. As long as you have a consistent income stream, you can qualify for advances up to $250.
To access this feature, you’ll need a $5.99 monthly subscription. Standard transfers take three to four days, and instant transfers cost between $3.99 and $14.99.
- Advance Amount: $20 – $250
- Turnaround Time: 3-4 days, or instant for a fee
- Cost: $5.99 monthly subscription + instant transfer fees
4. Brigit: Best for payment flexibility
Brigit offers a unique feature that lets you extend your repayment due date, which can help you avoid overdrafts. To get cash advances of up to $250, you’ll need to subscribe to a paid plan, which starts at $8.99 per month.
The premium plan includes free instant transfers and access to a credit-builder program. You can store up to three payment extensions after making two consecutive on-time payments.
- Advance Amount: $50 – $250
- Turnaround Time: 1-3 business days, or instant with a premium plan/fee
- Cost: $8.99 to $15.99 monthly subscription
5. Chime MyPay®: Best for low fees
Chime’s MyPay feature offers advances up to $500 with no monthly subscription fees. What makes it appealing are its low instant transfer fees—just a flat $2 for any amount.
If you can wait, standard transfers arrive within 24 hours for free. You’ll need a Chime checking account with at least $200 in qualifying direct deposits to be eligible.
- Advance Amount: $20 – $500
- Turnaround Time: Within 24 hours, or instant for a $2 fee
- Cost: No subscription; $2 fee for instant transfers
6. Varo: Best for a longer repayment window
Varo gives you a full 30 days to repay your advance, which is more than double the time most other apps allow. It offers advances between $20 and $500 with no monthly fees or tipping prompts.
Instant transfers to your Varo Bank account are free, but the advance itself comes with a flat fee ranging from $1.60 to $40, depending on the amount borrowed.
To qualify, you need an active Varo Bank account with at least $800 in direct deposits in the past month.
- Advance Amount: $20 – $500
- Turnaround Time: Instant
- Cost: No subscription; advance fee up to $40
7. Albert: Best for building a portfolio
Albert combines cash advances of up to $1,000 with a suite of financial tools for saving and investing. The cash advance feature is free for eligible members with a connected bank account and consistent direct deposits.
While instant transfers to an external account cost a fee, transfers to an Albert Cash account are free. Optional subscriptions, starting at $14.99 per month, unlock additional features like budgeting insights and automated savings.
- Advance Amount: $25 – $1,000
- Turnaround Time: Instant to an Albert Cash account
- Cost: No subscription for advances; optional monthly subscription for other tools
8. ONE@Work: Best for budget planning
ONE@Work, formerly Even, is an employer-sponsored app that gives you access to up to 50% of your earned wages. If your employer participates in its “Instapay” program, advances are typically free and instant.
The app also includes budgeting tools to help you track upcoming bills and manage your spending. Because it’s an employer-sponsored benefit, its availability depends on whether your company offers it.
- Advance Amount: Up to 50% of earned wages
- Turnaround Time: Instant if employer has configured the benefit
- Cost: Free through participating employers
How to choose a cash advance app
When selecting an app, think about your specific needs. If you regularly need cash fast, an app with low instant transfer fees like Chime MyPay might be best.
If you’re a gig worker, Cleo is designed for you. For those needing larger amounts, Current or Albert are strong contenders.
Always read customer reviews on the App Store or Google Play to get a sense of user experience. Pay close attention to fees, advance limits, and repayment terms to avoid surprises. While these apps use bank-level security, it’s always wise to be cautious and aware of potential data breaches.
Are cash advance apps a good idea?
Cash advance apps can be a useful tool for managing short-term cash flow issues. They are typically cheaper and more transparent than payday loans, which can have triple-digit APRs. However, it’s important to use them responsibly.
Relying on advances regularly can lead to a cycle of debt and may mask larger financial problems. These apps are best for occasional emergencies, not as a long-term solution.
If you find yourself needing to borrow frequently, it might be time to look at your budget or seek financial advice.
Other alternatives to consider include asking your employer for a paycheck advance, seeking a small loan from a credit union, or using a “Buy Now, Pay Later” service for necessary purchases.
Your next financial step!
Cash advance apps offer a convenient way to handle unexpected expenses without resorting to high-cost loans.
By understanding their features and fees, you can choose the right app for your situation and use it as a responsible financial tool.
Remember, the goal is financial stability. Use these apps as a temporary bridge, not a crutch. For more comprehensive financial planning, consider speaking with a financial advisor who can help you build a sustainable budget and savings plan!