| Table of Content Some things you must know before borrowing money from an app: |
Top 15 Apps That Help You Get A Loan Before PayDay
With all the well-paying jobs in the world, we all need a loan at some point in life. Whether it is a family indulgence or an unforeseen emergency, you can consider securing a loan via a borrow money app. Loan apps that help you borrow money to bridge the cash flow gaps. Loans are a great way to purchase, expensive items that you can’t afford otherwise.
Need cash urgently, without a hassle with various banks? Well, there are now various money apps for phones and tablets that help you take out a direct loan. In recent years, the cash advance apps, which gives people access to their money before payday, has become a hot trend. As many of us find ourselves living paycheck to paycheck, these apps let you borrow money from your paycheck to meet your financial needs.
Some things you must know before borrowing money from an app:
Select your app wisely: Apps that allow you to borrow money can be easily downloaded on your device app store - Google play from Android devices and Apple app store from iOS devices. Read reviews and conduct a thorough research on all the apps that are available and make an informed decision.Personal Details: All apps will request your basic details along with your full name, physical address, email address and phone number.
Private Details: Some of the apps will require a more detailed profile about you including proof of your income and social security number.
Link Your Bank Account: Connecting your bank account to apps like MoneyLion and Dave means the app automatically deducts repayments from your bank accounts.
Don’t Default On Your Payments: Repaying your loan in the said amount of time, is essential for future loan requirements. Some apps may automatically deduct repayments, while for others you can make manual payments. Be sure to have funds available at the time of repayment.
While borrowing money with a money app seems convenient, it is also a financial commitment and knowing what you are agreeing to is very important. It is important to understand the terms used by money apps and below are some of the most important terms you should know about:
Loan Amount
Loan Term
Annual Percentage Rate
Late Fees
Credit Score
If you find yourself lost and confused by all the choices that are available, start thinking about how much money you actually need to borrow, next consider your credit score and lastly consider user reviews along with the app store ratings. Some of the Pros and Cons are as follows:
Pros
Same Day Funding
Secured Loan
Online Application
Rebuilds Your Credit
Gradual Increase In Loan Limit
Cons
Penalty of default payment
Debt Cycle Trap
High-Interest
Today in this article, are listed for you some of the best conventional loan apps that let you borrow money until payday.
1. Brigit Loan App
A beautifully executed app that lets you borrow money before payday.. Brigit does not charge its users obscene amounts of interest rates and is also known to take care of you and your financial needs. It is the best option available in the market for individuals that need fast cash in amount of up to $250.If users constantly require to borrow money, this app can help you save in terms of fees and interest. The option of Payment Date Extension allows flexible repayment terms and any type of loan or advancement can easily be extended up to three times. All these benefits are available for users at a minimal monthly fee of $10. Users must also note that the only form of communication, with Brigit is via email, which can be inconvenient and slow. Read also How do you get bed bugs?
2. Earnin App
Individuals who work by the hour can now book the hours that worked and get paid their money paid in advancements when needed. It is an excellent option for those living paycheck to paycheck and cannot wait to get paid till the end of the month. Even though the limit for advance loans is only $500 a month, Earnin is a popular app among users.Instead of charging a regular fee or a commision, the app allows the users to tip for the service provided based on personal judgement. Earnin also allows users to fully integrate their bank account with the app, for better management. The app provides a user friendly interface along with a friendly fees and interest rate on borrowed amounts.
3. PayActiv App
One of the best apps in the market, PayActiv in known for focusing on the dignity of their user. Since daily finances are already complicated, it is difficult to deal with institutions who do not have your best interest in mind. The firm has shown proven commitment to their clients by offering a fully automatic counseling product that helps in increasing financial literacy. The app not only lets you access your funds in a practical and fast manner, but you can also request up to 50% of your paycheck in advancements via the app.Since receiving such a high amount of your paycheck is very unheard of in the market, PayActiv is one of the best apps that lets you borrow money until payday. Once you have signed the agreements and contracts, you will not have to pay any fees or commissions for the advancement. While PayActiv offers an excellent plan, users must not fall into the trap of a debt cycle. The app allows users to borrow money whose employers have a deal with the provider.
4. MoneyLion
The app is directly connected to your employer, which allows them to pay or deposit your paycheck directly with MoneyLion. Anytime you request for an advancement of up to $250 the firm will credit your funds directly into your account. For high-risk individuals the firm offers a personal loan of up to $500 with an interest for borrowing in a period of 12 months. Having to pay less than 6% interest this is one of the cheapest options on the market. You repayment activity is reported to the credit reference bureaus which can help you build your credit score. You will also need a 640 credit score to begin with securing a loan, which can be a barrier for potential barriers.
5. Dave Loan App
With a monthly fee of $1 for the subscription process, the firm calculates the maximum loan based on based on your current income without allowing you to carry forward any debt. This is the best payday app that lets you borrow money in the market in 2019. It also lets users borrow small loans of up to $75, without requiring a credit check. The firm has also publicly disclosed that they will soon start charging an interest rate on their loans.You will need to connect a checking’s account with the app in order to ensure that they will be able to take back their money once your paycheck comes in. This integration is not only between your account but also their budgeting tools that help keep your finances in control. These tools help you predict when you might be in danger of not having enough money to finish the month or pay for basic utilities.
6. PockBox
While PockBox is not a direct lender, it helps users connect with potential lenders that offer loans. They offer quick, secure and hassle free process to help you secure personal loan. PockBox welcomes all credit types who wish to secure funds until payday. It is absolutely the perfect app that allows you to get cash advances of up to $2,500 in just minutes. All you have to do is submit your personal information online from the comfort of your home and connect with over 50 lenders both online and offline.
7. Loan Solo
The Loan solo app allows users to borrow a payday loan of up to $1000 and an online personal loan of up to $3000. The process is simple and quick and does not require much for you to do, also if you are approved you can get your money in the next business working day. LoanSolo has a network of over 300 lenders who offer their customers with a variety of choices and more options when it comes to finding a specific payday loan tailored to their needs.You can easily apply via an online application, a telephonic application or through the various stores spread across the US.8. Speedy Cash
An app that allows you to secure a payday loan as a short-term solution or an instalment loan for long-term financing, SpeedyCash offers services, options and payment plans for you. Various factors such as your monthly income, credit score, and max loan amount available in your state are taken into account while making a lending decision. The apps lets you borrow anywhere between $50-$26,000 within minutes as a secured loan to meet your financial needs. The app helps its users to manage their payday loans, title loans, installment loans and lines of credit from the comfort of their Android phones.
9. Lend Up
Another interesting application and a trusted company you can rely upon while applying for personal loans online. LendUp can make your online personal loan process pretty smooth and effective. Thinking of applying for a personal loan online, this application provides a 24/7 service. You get to receive the payment via bank transfer within one business day. A great application that can help you with great safety along with better rates. With the instant loan decision you can cope up with your emergency financial needs. While other applications and companies disclose your personal information to other companies, you can completely trust LendUp when it comes to protecting your personal information.
10. LoanLab
A payday loan app for android that can help you with urgent financial requirements. LoanLab is a very effective application that can provide with a quick registrations, along with the affordability this application can be a great method for getting a loan online. With the help of this application you don’t have to stand in a long line and no waiting, making the process of getting a loan online easily.
11. ACE Cash Express Mobile Loans
Another effective and efficient application that you can use for not just applying but also to manage loans. This application is fast-working that can help you in buying what you want and not wait for your salary to come. Also, this application is connected with so many stores from where you get to buy whatever you want. You can get detailed information about each of those stores and read about their products ad you can also contact them directly.
12. PayActiv
Another application that can easily take away the tension of waiting for a salary to meet your needs. It’s really easy to register on this application and is user-friendly. PayActiv provides you with various other services such as Financial health counselling, Bill payments and also budgeting tools. With this application you can access up to half of the money you receive regularly.
CONCLUSION:
With the technological advancement, online loan applying is like a dream come true.
While applying for personal loan, make sure you are applying with companies that are licensed and doesn’t share your personal information. Although you never know when an unexpected financial crisis will occur and you have to be prepared. There are numerous applications that can close-up on the struggle of looking for effective banks that can cooperate with your needs. You can easily register on these applications through which you can easily get a loan and you don’t have to worry about privacy.
With our world getting more digitized by the day, now you can get loans by not even going to a bank and still receive the money within few working days. Along with no hassle, these applications are very much user-friendly, so that anyone and everyone can use it. Gone are the days of standing in line for getting loans, now you just have to download an application and you are good to go.
Author: Johannah Singh
Johannah is a writer, a trained Graphologist and a nomad, more appropriately-The Nomadic Graphologist! who travels solo to the remotest part of India to reconnect to her true self! A wild life lover and a hippie by heart, she is playing a vital role in introducing the nomadic culture in India, especially among young women.