Do you often find yourself in situations where you’re out of cash before your next paycheck? If yes, then any financial inconvenience that comes your way will cause you to opt for a payday loan, or even worse, throw those expenses on your credit card. It does seem like a good solution at first, but it can lead to long-term financial debt with uncontrollably high-interest rates! Therefore, before you start contemplating your life decisions, let me break the good news to you – there are various applications available today that can offer you quick cash! This means that you can finally stop living paycheck-to-paycheck and use money lending apps to tackle your unforeseen expenses. 

We’ve researched all the money lending apps available and hand-picked the top ones for you to use and manage your funds. Check out these payday loan alternatives and decide for yourself which one suits you best. 

Contents
  1. 5 Money Lending Apps and Payday Loan Alternatives
    1. Earnin - One of the Best Money Lending Apps 
    2. Brigit - Quick and Easy Money Lending Apps
    3. Dave - One of the Better-known Money Lending Apps
    4. MoneyLion - One of the Better-known Money Lending Apps
    5. Branch - Top Quality Mobile Financial Services
  2. Conclusion

5 Money Lending Apps and Payday Loan Alternatives

Here are the top five money lending apps available today that effectively serve as payday loan alternatives.

  • Earnin – One of the Best Money Lending Apps 

Earnin - Best Money Lending Apps

With Earnin, you don’t need to wait for your employer’s payday. You can access up to $100 by using your paycheck as collateral. Moreover, this application is one of those payday loan alternatives that don’t charge any interest or fees. The day you receive your pay, Earnin will automatically deduct the total cashed amount. 

Therefore, you can receive quick cash without paying exorbitant interest rates! Although there is an option available that allows you to offer tips, it is entirely based on your experience with this money lending app. This means that you can also choose to pay $0 if your experience was below satisfactory. 

Features of ‘Earnin’ Payday Loan Alternative

    • Eligibility: You’re required to have a regular and steady paycheck schedule to use Earnin. You should earn weekly, bi-weekly, or monthly and have a single checking account that contains more than 50% of your pay. Moreover, you’ll need to fill an electronic timesheet so that the application can keep track of your working hours. 
    • Earnings: The application doesn’t take into account tips and commissions. It only considers the pay from a single employer, which is transferred into your checking account by direct deposit. 
    • Overdraft Prevention: The application will notify you when your account balance becomes low, and thus, may prevent you from over-drafting and save you from the overdraft fee. 
    • ‘Lightning Speed’: This feature allows you to receive money the same day you drop a request. Users who don’t have access to this feature receive the amount in 2-3 business days. Moreover, all banks do not support this feature.

Pros and Cons of Earnin 

Here’s a quick way to have a closer look at money lending apps – its good and bad points. 

Pros 
Cons
    • The loans are free of any interest or fee. 
    • You need to have a minimum direct-deposit amount in your account before you start borrowing.
    • The application is available for both Android and iOS users.
    • The account-activation period is up to 3 days. 
    • Users can cash out up to $100 per day.
    • There’s a limit to how much you can withdraw.
    • The application offers cashback rewards.
    • The platform is not responsible for third-party fees if there is an insufficient balance in your account.
    • It has a feature called ‘Balance Sheild’ that prevents the occurrences of overdrawing.
    • There are eligibility criteria for users, depending on their job and paycheck amount.
  • Brigit – Quick and Easy Money Lending Apps

Brigit - Best Money Lending Apps

Related: 10 Best Money Making Apps 

Brigit is one of the greatest money lending apps available today. It offers up to $250 of cash advances along with other features such as a budgeting tool. However, unlike Earnin, Brigit offers its services on a subscription basis. You will be required to opt for their membership to access most of its features. 

Moreover, the application has various restrictions. You will need to qualify for a ‘Brigit Score’ to access cash advances, which should be 70 or higher. Factors taken into consideration are your spending habits, banking history, and your income. Overall, it is one of the best payday loan alternatives that helps you cover monthly expenses.

Features of ‘Brigit’ Payday Loan Alternatives

    • Auto-advances: The application auto-transfers amount in your bank account when it thinks you are close to overdrawing. This helps users prevent overdraft fees and manage their expenses simultaneously. 
    • Subscription-based: Brigit offers most of its services and features to users who opt for their monthly subscription, priced at $9.99/month.
    • ‘Brigit Score’: You are given a score based on your income and banking history, which would act as an eligibility criterion for taking loans. A score between 70-80 is considered fair, 80-90 is good, and 90+ is highly desirable. 
    • Auto-deduction: The application automatically deducts a recurring direct deposit from your checking account the day after receiving it. You’ll receive a notification a day before the deduction. 

Pros and Cons of Brigit

Here’s a quick way to have a closer look at money lending apps – its good and bad points. 

Pros 
Cons
    • The loans are free of any interest or fee. 
    • The application offers services on a paid-subscription basis. 
    • The application is available for both Android and iOS users.
    • There is an eligibility requirement for users.
    • The application works with 6,000+ banks.
    • The application is not compatible with all banks.
    • App users can cash out up to $250 
    • Users will be required to allow the application to track their bank account.
    • It provides features such as Auto-Advances and budget tracking tools. 
    • The services are not available for joint accounts.
  • Dave – One of the Better-known Money Lending Apps

Dave - Best Money Lending Apps

Dave provides you quick money within a few simple taps and clicks on your smartphone. Although the application does not charge any tips or interest, it charges a monthly subscription fee like most money lending apps. The maximum cash advance amount offered to users is relatively low as compared to other paycheck loan alternatives. 

To use the app, you’ll be required to have a stable paycheck schedule and receive the pay via direct deposit. Moreover, it also alerts the users in various situations, such as when you’re close to overdrawing or when your bills are due. To sum it up, when your checking account balance starts to get considerably low, Dave will help you pay your expenses and save you from excessive overdraft fees.

If you wish to create a money lending application for your organization, feel free to get in touch with us and get started with your project today! 

Features of ‘Dave’ Payday Loan Alternatives

    • Low withdrawal amount: The application allows you to receive a maximum of $100. Once the application offers the cash advance, it doesn’t allow you to take more amount unless the due payments are made.
    • Subscription-based: Dave offers most of its services and features to users who opt for their monthly subscription, priced at $1/month. This amount gets deducted from the linked bank account.
    • Standard vs. Express: You can receive cash advances within three days of placing your request if you opt for the standard feature included in your subscription. If you opt for the express feature (chargeable), you may be able to receive the cash advance the same day it was requested. 
    • Alerts: The application gives various alerts and notifications to the users regarding their account balance, due bills, etc. 

Pros and Cons of Dave

Here’s a quick way to have a closer look at money lending apps – its good and bad points. 

Pros 
Cons
    • The loans are free of any interest or fee. 
    • The application offers services on a paid-subscription basis. 
    • The application is available for both Android and iOS users.
    • The maximum amount for a cash advance is $100. 
    • Dave doesn’t review your credit history.
    • Dave automatically withdraws repayments from your checking account.
    • The application provides budgeting tools and connects you with side hustle opportunities.
    • The express feature is chargeable.
    • It provides relevant alerts and updates. 
    • There is an eligibility requirement for users.
  • MoneyLion – One of the Better-known Money Lending Apps

MoneyLion - Best Payday Loan Alternatives

Related: Top 10 Donation Apps For Nonprofits – 2021 Edition

MoneyLion is slightly different from the above-mentioned money lending apps and offers cash backs, credit-builder loans, online banking services, etc. It is a financial services company and one of the best payday loan alternatives that allow you to build credit. Thus, if you make payments on time, you can build a solid credit history. 

Features of ‘MoneyLion’ Payday Loan Alternatives

    • Credit-builder loans: The application allows you to receive credit-builder loans up to a maximum of $1,000. However, loan approval depends on your finances and the checking account linked to the application.
    • Prepayment Penalty: You can pay off your loan early without a prepayment penalty fee.
    • Subscription-based: MoneyLion offers some of its services, such as credit-builder loans to users who opt for their monthly subscription, priced at $19.99/month.
    • Deferment Support: The company might allow you to defer payment in situations where you cannot make the payment on the said date. However, you’ll be required to submit an application for the same.

Pros and Cons of MoneyLion

Here’s a quick way to have a closer look at money lending apps – its good and bad points. 

Pros 
Cons
    • The company offers credit-builder loans up to $1,000.
    • The application offers services on a paid-subscription basis. 
    • The application does not charge a prepayment penalty.
    • Until you pay off the loan, the money may be placed in a reserve account.
    • MoneyLion provides credit monitoring and provides a full credit report.
    • The APRs (annual percentage rate) may range from competitive to high.
    • The application/company reports the payments to three major consumer credit bureaus.
    • The application offers low to moderate loan amounts. 
    • Deferment support is made available to users.
    • There is an eligibility requirement for users.
  • Branch – Top Quality Mobile Financial Services

Branch - Best Payday Loan Alternatives

With Branch being in the picture, you can quit your worries about your financial emergencies. Instead of opting for payday loans or credit cards, you can access your paycheck early and save yourself from the high-interest rates. 

Moreover, the platform is similar to the aforementioned money lending apps as it doesn’t charge any interest or fee. You can request cash advances for the hours you’ve worked and tip the service. 

Features of ‘Branch’ Payday Loan Alternatives

    • Eligibility: If you wish to use this application, you will be required to have a minimum of two direct deposits from your employer. Moreover, the amount must be more than $40.
    • ‘Instant’ Option: If you wish to receive your cash advances instantly, you can opt for the instant feature and receive your money immediately. However, there’s a fee for this feature, which ranges from $2.99 to $4.99, depending on your loan amount. 
    • Cash Advance Limits: Initially, the application offers cash advance limits. However, as you continue to use the services, the limit extends. 

Pros and Cons of Branch

Here’s a quick way to have a closer look at money lending apps – its good and bad points. 

Pros 
Cons
    • Branch doesn’t charge interest on cash advances.
    • The services are not available for remote workers.
    • The application is available for both Android and iOS users.
    • The advance amount is limited and extends only after repeated use.
    • The application doesn’t have a subscription-based service. 
    • The ‘Instant’ option is chargeable.
    • It allows users to access a portion of their paychecks.
    • The express feature is chargeable.
    • Offers ATM withdrawals without any fee. 
    • The users can only request advances through their application.

Conclusion

And that’s a wrap! This was our blog post on the Top 5 Money Lending Apps and Payday Loan Alternatives that one can use to receive cash advances. These applications make the loan process and experience much more manageable and help you understand your spending habits better.

Moreover, if you wish to create a money lending application for your organization, we have solutions for that too. 

Feel free to get in touch with us and get started with a world-class app today! 

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