Best Payday Loan Apps and How They Work

On many occasions, most people find it hard to get to the next paycheck without getting some supplement in between. And that’s where payday loans come into play. Once you get a payday loan, you will repay it during the next paycheck.

You can apply for a payday loan in the comfort of your home. You only need to have an internet connection and a smartphone, and you can access numerous payday lenders online.

Many lenders have now migrated to online lending because of the digital era. However, when dealing with online borrowing, you should be careful not to land on the wrong hands.

That’s why I’m going to show you the best payday loan apps and how they work—the apps that you will be safe to borrow.

The best payday loan apps to trust today

1. The Empower app

This app gives up to $250 advance cash with no interest rates attached. Not only does the Empower app give you a cash advance, but it also makes paychecks mature faster by two days once you deposit on the card.

Features and how it works

  • You get up to 10% cashback when using the Empower Perks card on groceries, restaurants, and gas stations.
  • There are no late payment fees.
  • You can get over 37,000 ATMs all over the US.
  • Empower deducts their money when you get the next paycheck.

In addition, Empower also has an Autosaving account whereby it does the calculations on what you should save. Afterward, it saves automatically to that different account.

2. Brigit

Brigit is another app that can help you with advances. With Brigit, you can get up to $250 cash advance and repay after you get the next paycheck. In addition, the Brigit app does not run credit checks for them to approve your payday loan.

Brigit also has a feature that allows you to get notifications when your bank account balance is dropping. And that will save you from facing overdraft charges. However, this specific feature is for premium users who pay a monthly fee of $10.

How it works

  • You must have a steady flow of income from a stable source and have a minimum salary amount. However, the app doesn’t specify how much you should earn.
  • Your checking account should have been active for the last two months. The checking account should also have a balance of more than $0.
  • The app uses Brigit scores which work similarly to credit scores. The Brigit score ranges from 1-100, and you must have a minimum of 70 to receive a cash advance from them. Brigit determines your score based on your banking history, spending, and also your earnings.
  • Once you receive the next paycheck, Brigit pulls their money from your account automatically. However, if you get cash before the salary, you can make payments.

3. Dave

If you need to sort out a minor expense in the middle of the month before the next paycheck, you can always consider the Dave app. You will get small amounts of cash that you will quickly pay after you get your next paycheck.

You can get cash ranging from $5-$100. However, if you have a Dave spending account, you can get a limit of up to $200.

The good thing about Dave is that the small amount of money is easily payable. So you don’t have to keep borrowing over and over again.

How it works

  • They process the loans within three days
  • You can pay during the next paycheck or adjust the dates according to your schedule
  • You pay a monthly subscription fee of  $1. You can tip the app 20% of the loan you take—but it’s optional.
  • Pay a $1.99-$5.pp fee to get your money faster

4. Earnin app

Earning app has a feature that tracks the hours that you have worked. They will then give you the exact amount that you have worked for already. The calculations are based on your monthly earnings.

How it works

  • Get from $100 to $500 cash advance
  • They process the loan in two business days
  • You repay during your next paycheck
  • A voluntary tip of $14. But if you need the overdraft feature, you will set a minimum of $1.5 tip

5. MoneyLion

MoneyLion is another good app to get a cash advance as you wait for your next paycheck. In addition, the app also offers investment accounts, credit builder loans, financial tracking, and mobile banking accounts.

How it works

  • Limits range from $25 to f250, but the high amounts are for those with MoneyLion checking accounts.
  • If you want an instant delivery, you will pay a $4.99 fee
  • You will get the money in your account within two business days for those with a MoneyLion checking account. Those without an account will have to wait for 3 to 5businessdays
  • MoneyLion withdraws the funds they owe you after you receive your next paycheck

6. DailyPay app

The DailyPay is an app used by employers to give advances to their employees. You get money according to what you have worked.

How it works

  • Every day you work, adds your limit in the DailyPay app.
  • You can transfer the amount you want to your bank if it doesn’t go past your worked days.
  • Receive money instantly, and you will pay a $2.99 fee. But if you pay $1.99, you will receive the cash in one business day.
  • You will also access automatic transfers to a savings account in DailyPay.

DailyPay works similar to the Earnin app because the more an employee works, the more the limit grows.

The bottom line

Getting advance cash on the above applications is way too better compared to taking traditional payday loans. You can get the apps that fit well with the amount of money you want.

The apps, as mentioned earlier, can help you when you got an emergency before you get your paycheck. To have the best experience, you can opt to get an account with the apps.