How to Choose Best Cash Advance App

Each of us, at least once in our lives, was in a situation when we urgently needed money but didn’t know how to get it. You may be away from banks, from friends and relatives. Perhaps you are out of town and urgently need to pay for something on the Internet.

In this case, the cash advance application can help out. This is one of the fastest and easiest ways to get a small amount of money, not only without leaving your home but also without letting go of your phone.

However, there are a large number of applications that provide loans, and choosing the best among them is not so easy. We tested different apps and chose what we found to be the best cash advance app. And then we’ll tell you why.

Features of the Best Cash Advance App

If you need money urgently and there is no way to wait for a loan response from traditional financial institutions, the payday advance app can be a real lifesaver.

We have selected the best paycheck advance app for you based on a number of critical criteria. Among them are the interface convenience, the absence of hidden fees and penalties, as well as favorable conditions, and the good work of the support team.

ASAP Finance Payday Advance App – Best for an Instant Cash Advance

With only one application form, the ASAP Finance payday advance app (for iOS users) connects you to multiple lenders. The app is free to use and made to assist borrowers in choosing the best financing solution for their requirements.

Whether you’re looking for a personal loan or a payday loan, this cash advance software will assist you in locating the best lender for your financial objectives. You’ll be connected with several direct lenders who can provide quick cash loans targeted to your particular needs at competitive rates and terms. Additionally, their customer service representatives are available by phone or chat around the clock if you have any queries concerning the procedure or the offers that have been presented.

The ASAP Finance payday advance app is also available for Android users. You can download it from the Play store for free and start using it right away. You can receive instant money on the same day by completing a simple registration and filling out a request form.

Features

• Get a cash advance in as short as 24 hours;
• The ASAP finance payday advance app provides flexible repayment schedules;
• No credit check is necessary, and no personal data is shared with lenders;
• No prior payments;
• No late fees.

What Is a Cash Advance App

The borrow money app is a mobile application that allows users to get an immediate cash advance before the next paycheck. They are similar to payday loans, with the speed of obtaining funds as well as relatively high-interest rates.

However, this is offset by the speed and ease of obtaining a loan. In addition, the application does not carry out credit checks with the help of the three major credit bureaus, which means that such loans are available even to people with low credit scores.

How Do Cash Advance Apps Work

In most cases, cash advance apps operate on the principle of short-term loans, allowing users to borrow funds until the next paycheck. While some apps use monthly direct deposit history, others rely on tracking work hours. To enable automatic payments and withdrawals, these apps typically need users to link their personal bank account with the system.

On the other hand, some instant cash advance apps function as mobile banks that give account holders overdraft protection. When an overdraft is identified, the app assists users in avoiding overdraft fees by immediately depositing funds. When the user’s subsequent paycheck is deposited, the funds are taken out of their account.

The principle of operation is simple: you download the application, install it on your smartphone, and go through a simple, quick registration and data verification. After that, by adding your bank account to your account in the application, you can request and receive funds.

What to Look for When Choosing a Cash Advance App

When you need money instantly, have no time to wait a long time for a response from the bank, and there are not enough funds on your credit card, apps that let you borrow money become a real salvation, as they allow you to get a cash advance to your bank account online in just a couple of clicks.

However, among the many cash advance apps, you must choose the one that suits you. What should you pay attention to when choosing the right app for you?

1. Ask your friends. Among your friends and acquaintances, there are probably those who have used cash advance apps at least once. If not themselves, then one of their acquaintances or colleagues must have heard something and will be able to advise you on a good option.
2. Read reviews. You will have to spend a little more time on this, but in the reviews, you can find out a lot of information about the application, the support team, and how comfortable it was to use the service.
3. Calculate the interest rate (IR). Despite the fact that the main page of the application rarely talks about IR, it is still present. Therefore, when choosing a cash advance app, calculate the IR and the APR in order to borrow money on favorable terms.
4. Consider the fees. Before choosing which cash advance app to use, examine the monthly costs and tips charged by each option. Some cash advance applications have bigger interest rates than others. Then, to determine savings, contrast the cost of using a cash advance app with the overdraft fees levied by your bank.

Cash Advance Apps Worth Paying Attention to

Although above we have described the best, in our opinion, application for getting quick cash, you can check out these apps if you are looking for an alternative and want to compare different ones before making a decision:

Earnin

You may rapidly borrow money against your next paycheck using the Earnin app without paying any fees or interest.

Features:

• The service is provided without charge. Earnin receives gratuities voluntarily from its users;
• You can withdraw up to $750 from your salary each pay period;
• The application sends you a notification if the amount of funds in your bank account falls below the set amount.

Chime

The checking Chime account is connected to the Chime app. Users of the Chime app can get their direct deposits up to two days early.

Features:

• No overdraft fees;
• No minimum balance fees;
• No monthly fees;
• No foreign transaction fees.

Current

A Current account is only accessible via a mobile app. The app aims to save users money on fees and show them good budgeting techniques.

With Current account, direct payments arrive in your linked bank account up to two days sooner, and overdrafts are paid for without incurring fees up to $25 for new account holders, with the option to raise that cap to $200 over time.

Features:

• You can buy and sell crypto;
• No overdraft fee;
• No monthly fee.

Pros and Cons of Cash Advance Apps

Getting a small amount of money quickly and without much time investment can be very attractive. We want it to be faster and easier to receive cash in advance using our smartphone in just a couple of clicks.

However, the use of cash advances is the use of the same financial product as other loans, so it should be taken just as seriously.

It is worth first sorting out all the pros and cons before choosing the most suitable application for you and using its services if necessary.

Pros

• It’s simple. It is enough to install the application, register, and link your bank account, and you can receive money;
• It’s fast. If you have already passed verification, the money will be credited to your account almost instantly;
• It’s good for emergencies. You may face several challenges at any given time. There may be instances when unexpected needs such as car repairs, urgent medical care, or other;
• It’s good for small loans. Cash apps might be useful if you only need to borrow a tiny amount of money to get you by till payday. 

Cons

• It is impossible to borrow a large amount. If you need a larger amount of money, then cash advance apps are not suitable, and you should consider another type of loan.
• Circle of borrowing and debt. If you occasionally take some amount before payday, there is nothing to worry about. However, the habit of living from loan to loan will not bring anything good. 
• This is a short-term loan. Therefore, if you need money for a longer period, then you should consider alternative loans with different loan terms.
• Cash advance app fees. Even if the app promises the most favorable terms, constantly lending money will inevitably lead to paying fees and a higher interest rate.

Alternatives To Cash Advance Apps

If, for one reason or another, payday advance apps are not for you and you are not considering this way of getting money, there are always alternative ways to get money quickly and often online.

Payday Loans

Payday loans are a good alternative to paycheck advance apps. They are also easy to apply online, and the funds can be in your bank account on the same day. Payday lenders don’t do tough credit checks, and then your credit score doesn’t matter for getting a payday loan.

In most states, these loans are limited to $1,000, and you need to repay them within 14 to 31 days.

Personal Loans

In the case of personal loans, you will be able to borrow a larger amount, but it is likely that you will have to wait a little longer for the money, and a credit check may also be required.

Personal, like payday loans, are available for online processing. It is also possible to get a personal loan with a poor credit score, but the terms may be less favorable.

In addition, there are many more types of loans or ways to get a small amount of money quickly. Among them:

• Credit union loans;
• Car title loans;
• Pawnshop.

Final Word

Most cash advance apps provide quite favorable conditions for receiving cash advances on a user’s bank account and also have a user-friendly interface and a good support team. We have prepared for you a list of applications that meet all the necessary criteria, have a high level of security, and have good reviews, but the choice of the best cash advance app is up to you.