Dave is a popular cash advance app, but let’s explore other options if you’re looking for a small cash advance to get you through your next payday.
Cash Advance Apps
Financial hardships strike when we least expect them. Early paycheck features found in financial apps are acting as a beacon of hope for many. Yet, they might not be the hero everyone is expecting.
Payday advance services promised to offer a safety net, a way to get cash before your paycheck lands. But sometimes, instant cash comes with a high price. Users are getting caught in a cycle of short term loans, borrowing again and again.
The bright side is hard to see when you are stuck in this cycle. Money management seems a far-off dream. And what about the overdraft protection that these apps promise? Sometimes it works. Many times, it does not.
Here are other cash advance apps similar to Dave:
Earnin is a popular app like Dave, it lets you use the money you have earned before payday. The rule is easy: if you earned it, you should get it. So, they give you up to $100 every day and as much as $750 every pay time.
To start using it, you need to get the Earnin app and show proof of your job and how much you earn. The app then watches the hours you work to figure out how much money you can get early.
The key thing is having a direct deposit setup for your pay. This way, you can ask for some money through the app, and it goes to your bank account faster than waiting for payday. When payday comes, Earnin just keeps the part of your pay that you took early, so you don’t have to worry about paying it back or extra costs.
Usually, it takes a few days to get the money, but if you are in a rush, you can use the Lightning Speed option for a quick transfer by paying a small fee.
The good points are that you can get to your money as you earn it, without any extra costs. It even warns you if your bank account is getting too low, helping you avoid extra bank charges.
But it has some not-so-good points too. You have to use direct deposit and let the app see your bank account details. Also, getting your pay early can turn into a bad habit over time, urging a careful think before you start using it.
Albert is another app like Dave where you can get a cash advance of up to $250 without paying any fees or interest. You can take out money up to three times in one pay period but it can’t be more than $250 in total.
To use this service, you need to have had a checking account for two months. You must show that you get regular payments from your job into this account and that your job has been the same for the past two months. Also, you have to show that there is money in your account a day after you get paid.
To start, you will be able to take out a small amount of money. If you pay it back on time, you might be able to take out more next time. You have to pay back what you borrowed when you get your next paycheck. If you can’t do it, you can ask for more time.
Some good things about Albert are that it doesn’t have a monthly fee and lets you get to your paycheck early. It also lets you borrow up to $250.
But, it does not let two people share one account. To use most of the features, you have to pay $8 every month. The interest rate on savings accounts is also low.
Empower steps in to assist people who need cash before payday arrives. With Empower, there’s no need to worry about credit checks or fees when you ask for a cash boost of up to $250. It usually takes a few days for the money to arrive in your account, but if waiting is not an option, a small fee will speed things up for an instant transfer.
To be in line to enjoy Empower’s cash advance offer, you must show a steady stream of direct deposits from work into your account. Your bank account history should be positive, displaying a good track record of direct deposits over time. You have the freedom to send the advanced cash to an external bank account or to your card from Empower.
What draws people to Empower is the chance to oversee all their financial activities in one hub. It is a shield against overdrafts as it grants early access to funds with zero fees. Saving money is more manageable with Empower because it sets aside funds automatically.
Yet, it has its downfalls. Each month, a hefty fee surfaces and the cash advance ceiling is set at $250, limiting the amount of financial relief one can get. It is a tool with its set of merits and demerits for potential users to weigh before jumping in.
Even steps up to the plate, offering a way to get hold of your hard-earned money before payday. If your employer agrees, you can tap into as much as half of your earnings early through a feature called Instapay.
Pairing up with some of the big names in the business world, Even lays out a path for you to reach your earnings ahead of time. You have the power to choose the sum you want from what the app shows you’ve earned. But remember, when payday comes around, it’s time to settle the score and pay back what you took.
The bright side of using Even includes enjoying an early bird catch on your funds without worrying about interest or fees. It’s a buddy to many, linking up with a wide array of employers and banks.
On the flip side, getting money early might tempt you to spend more than you should, leading you into a cycle of bad money habits. It keeps users guessing on the exact monthly fee, lacking a clear outline of this detail. And a big catch – it all falls apart if your employer isn’t on board with Even, keeping the app’s hands tied and unable to help you. It paints a picture of both opportunity and caution for those thinking of using it.
Brigit stands as a helpful friend in times of cash crunch, similar to Dave, granting not only cash advances named “Instant Cash” but also sharing tools to guide your personal finance journey. When you join, the door opens to borrow up to $250, though newcomers start with a smaller borrowing limit. Over time, as you show your punctuality in repayments, Brigit trusts you with higher amounts.
To be on Brigit’s good list for cash advances, you need a checking account that has been buzzing with activity for the last sixty days. This account should showcase a minimum of three regular direct deposits from your place of work and maintain a healthy positive balance.
Brigit gets the money to you in a few business days. But if patience is not your strong suit, a quick transfer is at your fingertips for a minor fee. While most folks square up the advance by the next payday, Brigit is open to extending the repayment time if you ask.
For a monthly handout of $9.99, Brigit becomes your financial ally, offering you “Instant Cash” and more, with the promise of no interest or hidden charges on cash advances. It acts as a safeguard against overdrafts by setting up automatic advances and smoothly interacts with over 6,000 banks.
However, Brigit comes with a caveat. A constant monthly fee of $9.99 can feel heavy on the pocket. Moreover, it insists on having an external bank account to process the cash advances, putting a boundary on its easy access. It stands with offerings that allure but with conditions that ask for a thoughtful nod.
DailyPay differs greatly from the Dave app, offering access to your full earned income right away, a feature that might suit those facing serious emergencies that require more than $500.
This service operates based on ‘earned wage access’, which allows employees to reach their earnings as they clock them, doing away with the payday wait. But just like Payactiv, the use of DailyPay depends on whether your employer offers this option.
The moment you start your job, DailyPay is there for you, allowing you to transfer your earnings to any account or card of choice. Users have the choice between an instant transfer for a fee or waiting till the next business day for a free transfer.
An added advantage is its integration with your employer’s timekeeping system, automatically updating you on your earnings after each shift, and letting you know the amount available for early transfer anytime, any day.
DailyPay stands with pros like full access to your earned funds, withholding only taxes and other deductions. It encourages automatic savings and offers a user-friendly app that operates 24/7, giving a real-time update on your earnings.
But it also carries cons. Accessing funds early might lead to poor financial habits, creating a situation where covering regular bills becomes difficult. The limitation tied to employer’s participation restricts its availability, coupled with a customer service that is often difficult to reach, adding to the drawbacks of this option. It’s a choice with noticeable benefits and significant downsides, requiring careful consideration before use.
MoneyLion operates like Dave, stepping up the cash advance limit to as much as $500 for some users. Apart from furnishing cash advances, it wears the hat of a personal finance app, steering users to take charge of their finances and march towards their financial objectives.
Grabbing a cash advance from MoneyLion calls for a setup where your salary lands in your account through direct deposit, coupled with a linked bank account. Should you opt to kickstart a MoneyLion RoarMoney Account, the window opens to potential cash advances soaring up to $1,000.
Aligning with MoneyLion’s cash advance pathway demands an active checking account history stretching back 60 days, a steady flow of direct deposits from your employer, and maintaining a non-negative account balance.
While the standard route sees transfers reaching you in a couple of business days, an express lane with a nominal Turbo Fee promises instant fund access.
The pros of hitching a ride with MoneyLion include seamless pathways to cash advances to bridge the gap between paydays, a sturdy app decked with a plethora of personal finance tools, and an upper hand in securing heftier cash advances through a MoneyLion bank account.
Yet, it brings along its set of cons. Aiming for higher cash advances hinges heavily on owning a MoneyLion bank account. Moreover, it tests your patience with a cash advance process that takes a tad longer than its counterparts, calling for a well-thought-out decision before jumping on board.
Payactiv steps in as a helpful ally, granting you early access to your earned income ahead of payday. However, the gateway to this service opens only if your employer is on board with Payactiv.
In the scenario where your employer is partnered with Payactiv, a route unveils where you can lay hands on your earned funds in real time. This paves the way for you to steer these funds to your bank or card, or even to extract them in cash.
The app keeps a vigilant eye on the hours you clock in at work, dictating the chunk of your daily earnings that stands ready for transfer. It extends the freedom to automate these transfers or to initiate them based on your immediate needs. A note of caution is that Payactiv holds back the amount you pull out early when payday arrives.
Choosing Payactiv comes with the assurance of getting to your pay as it accrues, devoid of any added fees or penalties. Moreover, it showcases a range of other appealing features that remain at your disposal even without your employer’s association with the service.
However, it’s not without its setbacks. Your access to early earnings is barricaded unless your employer enrolls with the service. It potentially lays the ground for forming a cycle of premature spending, urging you to dip into your salary before payday. Besides, navigating the site might not be the smoothest ride, hinting at a user experience that leaves room for improvement.
Axos operates differently from Dave app, it doesn’t give you loans or advance cash. What it does offer is a feature named “Direct Deposit Express,” which means you can get your paycheck a bit earlier than usual.
In simple terms, Axos allows you to use your paycheck as soon as they know your employer has sent it. This tends to be a few days before the official payday. So, you do not have to wait for the typical bank delay to use your own money. When payday arrives, Axos simply keeps the money they had given you early.
Looking at the bright side, you enjoy the comfort of getting your paycheck earlier without the stress tied to cash advances. Plus, they let you increase your annual percent yield (APY) on what you have in your account, by doing easy things like using your Axos Visa debit card. And the best part, no monthly charges.
But there are downsides too. You cannot get a cash advance if you find yourself needing money before payday. Opening an account requires $50. And to enjoy the early paycheck service, setting up a direct deposit with Axos is a must.
Varo lets you get up to $100 as a cash advance, with no need to give tips or pay interest. You just pay a one-time fee that depends on how much you borrow, and you pay it back when you get your next paycheck.
To be able to use this service, you need to meet some rules. You must have a Varo checking account that has been active for at least a month. In that month, you should have got at least $1,000 through direct deposits, and you should be using a Varo debit card.
On your next payday, Varo takes back the amount you borrowed automatically.
This setup has its good sides. If you borrow $20 or less, you pay no fees. You can also get to your paycheck earlier, and enjoy many features of online banking.
But it also has bad sides. The maximum you can borrow is quite small, and the fees can feel quite big compared to the small borrowing limit.
Chime gives you the chance to get up to $200 extra when you buy something with your debit card or take out cash. It’s not like a normal cash advance, it’s more like a small extra amount you can spend when your account goes below zero. This service is called SpotMe and it does not have overdraft fees.
When you start with Chime, you might be able to spend an extra $20 beyond your account balance. If you show that you use the service well, you could get up to $200 of this kind of help. When your next paycheck comes, Chime takes back the extra money they gave you.
To be able to use SpotMe, you need to have put at least $200 into your Chime account through direct deposits in the past month, and have an active Chime Visa debit card.
Good things about this include no extra fees, getting your paycheck early, and being able to use up to $200 extra if you need to.
On the downside, you can only get this help if you have a Chime bank account and their Visa debit card, and you start with a small amount of extra money you can use.
Frequently Asked Questions (FAQ)
Are cash advance apps safe to use?
Safety varies from app to app. It is best to use apps that have good reviews and follow the law. It is smart to read the app’s terms and policies before you start using it.
Can I use a cash advance app if I have bad credit?
Yes, you can. Many apps do not check your credit score. But they will check other things, like your work history.
Do cash advance apps affect your credit score?
Most of the time, they do not affect your credit score. But it is always good to check the app’s policy to be sure.
How fast can I get money from a cash advance app?
Often, you can get money fast. Some apps offer instant cash. But sometimes, it can take a day or two.
What should I watch out for when using a cash advance app?
Watch out for high fees and costs. Be careful not to borrow more money than you can pay back. It can lead to a cycle of debt that is hard to break.