Sometimes, you need money quickly and don’t have time to wait for a traditional bank loan. Whether it’s for an emergency, a big purchase, or a sudden expense, you might want to look for alternative ways to get cash fast. Fortunately, there are many loan apps that let you borrow money fast and conveniently. These apps can connect you with lenders who offer short-term loans, personal loans, or installment loans that you can apply for and receive within minutes or hours. However, before you use any of these apps, you should be aware of the pros and cons, such as high interest rates, fees, and repayment terms. Here are 7 loan apps that let you borrow money fast:
1. Earnin
Earnin is an app that lets you access your earned wages before your next payday. You can borrow up to $100 per day or $500 per pay period, depending on your income and hours worked. You don’t have to pay any fees or interest, but you can tip what you think is fair. To use Earnin, you need to have a regular paycheck, a bank account, and a smartphone. You also need to upload your timesheet or turn on location tracking to verify your hours. Earnin will automatically deduct the amount you borrowed from your bank account on your payday.
2. Dave
Dave is an app that helps you avoid overdraft fees by advancing you up to $100 from your next paycheck. You don’t have to pay any interest, but you have to pay a $1 monthly membership fee. You can also tip the app if you want to support its service. To use Dave, you need to have a bank account with a steady income and a positive balance. You also need to show that you have enough money left over after paying your bills. Dave will send the money to your bank account within one to three business days, or instantly for a small fee.
3. Brigit
Brigit is an app that offers up to $250 in cash advances without any credit checks, interest, or late fees. You have to pay a $9.99 monthly subscription fee to access this feature, as well as other benefits such as budgeting tools and overdraft alerts. To use Brigit, you need to have a bank account with a regular income of at least $1,500 per month and a positive balance. You also need to have a good banking history and a predictable pay schedule. Brigit will send the money to your bank account within one business day, or instantly for a small fee.
4. MoneyLion
MoneyLion is an app that offers various financial products, including personal loans, credit builder loans, and cash advances. You can borrow up to $250 in cash advances without any interest or fees if you have a MoneyLion checking account and direct deposits. You can also borrow up to $1,000 in personal loans with low interest rates if you have a good credit score and income. Alternatively, you can borrow up to $1,000 in credit builder loans with high interest rates if you have a poor credit score or no credit history.
5. Possible
Possible is an app that offers installment loans of up to $500 with flexible repayment terms of up to two months. You don’t need a good credit score or a bank account to apply for these loans, but you do need to have an ID, a smartphone, and a source of income. Possible charges interest rates that vary by state, but they are typically lower than payday loans or overdraft fees. Possible also reports your payments to the credit bureaus, which can help you improve your credit score over time.
6. SoFi
SoFi is an app that offers personal loans of up to $100,000 with low interest rates and no fees. You can use these loans for various purposes, such as debt consolidation, home improvement, medical expenses, or major purchases. To qualify for these loans, you need to have a good credit score, income, and financial history. SoFi also offers other benefits such as career coaching, financial planning, and member discounts.
7. Avant
Avant is an app that offers personal loans of up to $35,000 with interest rates that vary by your credit score and loan term. You can use these loans for various purposes as well, such as paying off credit cards, covering unexpected expenses, or making home repairs. To qualify for these loans, you need to have a fair credit score of at least 580 and a verifiable income of at least $20,000 per year. Avant also charges an origination fee of up to 4.75% of the loan amount.
Conclusion
These are some of the loan apps that let you borrow money fast and conveniently. However, before you use any of them, you should compare the costs, benefits, and risks of each option. You should also make sure that you can afford to repay the loan on time and avoid getting into a cycle of debt. Borrowing money fast can be helpful in some situations, but it can also be expensive and risky in others. Therefore, you should always be careful and responsible when using these loan apps.
