The need for extra money is how you value your time and energy in the right type of cash advance apps. Are you short on some amount of cash and feeling embarrassed? Worry not as we have found the perfect solution for you in this article. We will also guide you to look out for frauds and what to see in an app before downloading it.
You have the right to choose whatever application suits your needs no matter if you are an Android or iOS user. Netflix subscription is due in a few days and you are out of wages? Do not fret because there are certain applications that will have your back at the most desperate times.
Being short on phone bills will become an embarrassment when you want to make an urgent call. Now you can get rid of all these fumblings and can get a spot on with the things you want to get or whatever you want to do. This is all possible with the apps that are built for users who have a happening life that requires financial emergencies.
List of Similar Apps Like Empower
Here are the best cash advance app that are similar like empower.
- PockBox
- LoanSolo
- Dave
- MoneyLion
- PayActiv
- Earnin
- Albert
- Go2Bank
- Chime
- Wealthfront
Empower:
In 2017, the Empower app was launched as a complete replacement for your bank account. This idea was forwarded by Hogarth to TechCrunch to let users manage their money. For the requirements of early cash, this app is designed to give you up to $250 to keep the financial flow on the run.
You can even save for the future by connecting your existing bank account with the Empower’s account. It works by using the Plaid platform and starts tracking your spending and saving activity. After this, your activities, especially spending, on where your money is going. The current availability of your usage can be noticed in these categories.
This app lets you change the budgeting with financial tracking help in order to get the most out of your earnings. Being a straightforward system, its only major con is that one cannot take a stroll through the app on the personal information that is being asked. It contains your name, email, date of birth and access to your bank account.
First 14 days are free after you download this app from google play and from the Apple Store and then a monthly fee of $8 is charged from the user. Following the required criteria in order to get the top features such as:
- Regular use of primary checking account
- Useful budgeting, spending and payment habits
- Maintaining a healthy account balance
- Sufficient and predictable income
The Pros of this app includes:
- No credit check with major bureaus
- Up to $250 advance amount
- Monitoring of financial records and spending habits
- Can set goal
- Push notifications and alerts
- Can be used on both iOS and Android
On the other hand, the Cons are as under:
- Free trial lasts 2 weeks
- Critical approval of advance
- Per month $8 fee
- Providing personal information
- 1% foreign transaction fee
How Payday Advance Works:
Although free instant cash advance apps are easily available to get, there is a certain pattern to follow. So starting off with understanding the fact that these apps are known as a paycheck advance and not exactly a loan. This means, the amount you have requested for will be deducted from your upcoming salary no matter what.
In other cases, if your paycheck is several days away, you can ask for the money depending on the work you have done that particular week. It can be related to the criteria a payday loan works excluding the interest. The makers of the apps can earn from optional tips and monthly subscription charges if applicable.
However, the absence of interest does not necessarily mean that there is no downside to these unreliable resources. One of the reasons is being stuck in a never ending cycle of taking advances one after the other before your paycheck and always falling behind the original payment. You rely too much on these apps and there is very less to pay your bills and cover other expenses.
Look Out For Scams:
Most of the advances can range from $250 to $500 that will typically be free of interests and other charges. This factor also depends on the user, his type of account and the app he is using for certain requests. If you have insufficient information about the scams and loan sharks, you will most likely fall prey to one.
1- Based On Your Stimulus:
One should now allow any cunning party to take advantage of your weak spot or in the time of crisis. There are loan sharks that offer you incredible loan options but based on your stimulus. Such predators are those lenders who give you a faulty calculation of what you will be receiving by tricking you into believing it a great choice.
In addition to this, their interest rates will be skyrocketing whereas your information about getting the beneficial payment can be sent to those unethical lenders. The power of this formula lies in their convincing power and how they represent themselves to you.
2- Phishing Emails:
One of the most dangerous scams popping since COVID is spam emails that alert you of your outdated account details or mention them as wrong. There is a link mentioned that takes you to a fraudulent website where you are asked to put your personal information. They enter through this way and you give away all the data yourself to those infamous and dirty websites.
3- Pay For benefits:
Another way to get access to your data is companies or people promising you some sort of benefits in return. They may offer a paycheck protection program or unemployment at a quick rate in your area. After paying a small fee to get done with your paperwork, it is difficult to get out of that phase.
4- Various Advances On Programs:
Fash cash giving out is another ruse similar to programs and loans based on stimulus. You are assured to get quick money through PPP or any kind of aid. A sky high interest rate is taken from you on these cash advances and you can still not be eligible to qualify for the program.
Especially during a global pandemic, student loan repayment, government fund relief, info about local COVID case info fee etc are some of the loan sharks’ tactics to get money from you.
Plus Sides of Cash Advance Apps:
Any user who is familiar with the scams must also associate some positive points with this process as well. It is not all fake and frustrating to deal with and has its own set of rules if you follow a certain path. These pros of having a cash advance app will help you survive through a crisis with feature as:
✔ After the approval, you have access to fast cash and since the app is connected with your bank account, it can easily be added there instantly.
✔ With a cash advance app, you can avoid getting up to 400% APR as it can happen in payday loans because most of these apps do not charge interest. There is only a small fee and it can even be reduced if you use advance via credit card.
✔ During the time of approval for your request, you can still use the app that has other features. You can go through the settings and keep track of your transactions by the time you get more money.
Cons of Cash Advance Apps:
As there are positives, some of the cons can also bring the user back down or look for options that does not have the following factors:
???? The loan amount is usually minimal and can start from $20 to $500 covering short term emergencies. They may not be able to get your back in bigger crises and you have to look at other ways to get the job done.
???? A never ending cycle of remaining in debt and behind your actual amount might haunt you till you stop taking advances. This can be addicting as it is easy to use the money you do not have yet until your next paycheck. One needs to carefully consider his situation and its intensity of it.
???? Before you begin, the app needs the approval to connect to your bank account. On top of this, you might also need to pass it through your employer as well because some apps might not work if your employer is not using them too. To get payroll advances, this process needs to go smoothly and uninterrupted.
Alternatives of Empower App:
The list of cash advance apps will give the user multiple options to have a certain amount for borrowing. The following apps have their own set of rules and plus sides that are known for making every user happy while also supporting other features.
1- PockBox:
An online app connecting you with various short term lenders and getting you up to $2500 cash. After filling out the required forms which will merely take a few minutes, your matched lender will pop up. He will help you cash out the requested amount by the upcoming business day. One has to look out for the APRs that may vary according to your current credit situation.
With the positive reviews this app gets, 84% consumers trust the app and its performance just by reading about them from other users. Its Pros include:
- Existed for years and serving people
- It only takes a few minutes to connect you to lenders id swift
- Valid SSL certificate according to Xolophin
On the other hand, the Cons have the user’s eye to keep them bad vibes away from:
- Website user can hide his identity through paid service
- Not much website traffic or visitors
- Not greatly optimized for search engines
2- LoanSolo:
Any lender who is willing to work with you, LoanSolo connects you with them and gets possible fast cash. The direct deposit into your bank account is possible when you connect it with your app. It takes away a lot of hassle of getting in line to get a small amount of cash. You can get $1000 up to $3000 and based APRs vary on the credit factors of your account.
Some of the Positive sides of this app offer you:
- A clean network of reputable lenders
- Secure applications
- People with bad credit scores are also accepted
- 2 types of loans available
The Cons may have some users sit back such as:
- No advertised fees or rates
- Small loan amounts only
- Not properly rated by better Business Bureau
- Absence of customer support
3- Dave:
Many other apps like empower and dave have a magical effect for its loyal customers that has no no minimum balance. On top of it, no interest is applicable with cash advance requests as well as working with most of the banks. In case you take an amount more than what is present in your account, most apps hit you with a stiff fee. Dave does not follow this pattern instead it alerts you when going over balance.
Its certain features include:
- Electronic checking account
- You can freeze and unfreeze your card through the app
- Automatic budgeting depending on your monthly expenses
- Free subscription to level credit so that it built a credit without a credit card
- Can connect you with money making gigs near your location
- Free access to 32,000 MoneyPass ATMs throughout the nation
- Minimum membership fee of $1 per month
4- MoneyLion:
Working 24/7, MoneyLion lets your money get into your account within seconds. Online banking offers a combination of paycheck access and early cash advance. You can borrow up to $250 working with a RoarMoney account for getting access to paycheck 2 days earlier than other users. The low fee checking has no standard transfer or fees as well as minimum balance requirement.
Having access to 55,000 Allpoint ATMs and only a $1 monthly fee does not seem like an inconvenience. Not only saving, you also get to save into your account by building a portfolio of exchange traded funds. You can also customize so that your adjustment can fit right into the type of investments you want to make. Its multi-factor authentication so that your account becomes secure and risk free of fraud.
Moreover, the weekly spending reports are sent to the user to see where you are using your money. Controlling your budget before it gets out of control is the speciality of this app. Even earning cash back rewards with MoneyLion can also lead to select online merchants. After making a $10 purchase, additional rewards can also be earned by shaking your phone.
Upgrade your credit builder plus account for $19.99 per month where you can take a loan of $1000 to cover it back in 12 months. Depending on your credit rating, the range of APR from 5.99% to 29.99%.
5- PayActiv:
With a maximum of $500, PayActiv lets you collect 50% of wages which the employer offers you as a benefit. The core feature of this app is wage access as soon as you earn them. Let the earned money be transferred to your bank account or prepaid card to pay bills or cash it at a walmart money center. A flat fee of $5 needed to be paid every 2 weeks to use this service.
There is a one on one financial coaching payment feature for its employees to make purchases on Amazon or Uber. Providing discounts on prescription drugs too and can be paid by PayActiv prepaid card. The ease of making a transaction to look around and find 65,000 ATM networks.
6- Earnin:
To connect your account with your bank in seconds, Earnin has the ability to track your records and history. During working hours, it can even track it and let you know when you can cash out. Automatic deduction after your paycheck comes in can be one of the cons of this application. But other than that, Earnin does not charge any fees or interest for using this incredible app.
It does not cost you anything and can even add a tip to help you support the company that made it. Per day, $100 and $500 per pay period can be taken out without any service charges. Even the optional tip of $14 can be added voluntarily while the app protects you from overdraft fees. The app is designed to send you alerts if your balance runs too low and can offer you $100 when you need it.
Link your credit card and get to earn 10% to get this from stores and restaurants. These rewards can be added directly into your bank account too. Having an FDIC insured bank is another perk of this app entering you in weekly cash prizes. It even gives you interest even if you don’t win.
7- Albert:
One of the financial apps without any fee and interest and can spot up to $250 before your next paycheck. Albert instant is absolutely free to use and can let you leave a tip if you enjoy the service of this app. Rather than 2 or 3 days, you can pay a small fee for getting instant money with overdraft protection too.
One of the notable features offers you as:
- Automated savings are powered by AI engine of Albert
- Up to 20% instant cash back with your debit card
- Guide and DIY investing allows you to pick up your favorite themes and stocks
- No requirement of minimum balance or commissions and hidden fees
8- Go2Bank:
Once you get hold of these apps, a subsidiary of Green Dot support has the backing of Go2Bank. It has more features than most of the apps present online therefore, more benefits are waiting for you. Such factors serve:
- An interest rate of 1% APY is over 10 times the national average
- No monthly fees is charged as long as you use direct deposit
- Fraud alert notifications
- Online bill payment facility
- $5 is charge without direct deposit per month
- Up to $200 overdraft protection
- Free ATM access
- Free monthly credit score from Equifax
- 7% cashback on in app purchases of electronic gift cards
9- Chime:
Yet another online bank, Chime is a faster pay access or network to fulfill your dreams with direct deposit. You can get your wages on the same day you have earned it from the employer directly into your account. Up to 2 days earlier access can be achieved so that you do not feel left out. This is a full service bank that can be used to transfer money as well as save it into your account and whatnot.
There is no hidden fees or overdraft charges whereas no minimum balance requirement can also be seen. Up to 38,000 ATMs and their access becomes free to the user of this app. Even on transfer money or foreign transactions, nothing is charged and is free of cost. Chime gives banking alerts to the user so that you can track your cash and spendings.
Having automatic savings builds your profile with the savings account and can receive 10% paycheck transfer. With Visa Zero LIability, a debit card is protected completely and do not let others use it if you disable it from the app with one swipe. Chime users can also send each other free of charge or use this app to split a bill too.
10- Wealthfront:
For faster paycheck process, wealthfront’s cash account has the capability to set you up with direct deposit. Your money will reach you 2 days earlier than the official payday depending on your provider. With unlimited transfer, your investment account is a bridge to put you to work. There is a 0.10% APY interest rate without any monthly fee to create an account etc.
You can also access 19,000 ATMs and can contain up to $1 million cash in your account. Its self driving money vision looks after your financial obligations by itself. It pays your bills, replenishes emergency funds and reaches personal goals etc.
Conclusion:
Depending too much on these cash advance applications can be critical if you do not put an eye on your savings and spendings. There are other ways to get quick cash like asking a friend or family for a short term loan that will cost you nothing or sharing economy like driving an uber in extra hours. You can also sell something to become a self made user but there is no harm in getting some benefit from technology and these apps as well.
FAQs:
Q1. How can we borrow money instantly?
Through credit cards, funds can be accessed quickly having an introductory of 0% APR that will also give you advantage for larger purchases as well.
Q2. Which app can get you money before payday in Australia?
Apps like PayActiv, WagePay, BeforePay are great for personal loans and unexpected expenses. They are designed to have unique features such as early wage access to get you money days before in times of need.
Q3. How to borrow $100 from a cash app?
Following these steps will allow you to get the amount you need from the cash app. Open application < tap on your balance on the lower-left corner of the screen <tap on banking header < look for “borrow” < tap unlock the app can then tell you how much you can borrow from it.
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