The Best Apps for Instant Money
Instant loan apps are designed to get you small amounts of money (around $50 or more) in an instant — consider it an emergency loan to help get you to your next paycheck or cover a near-term expense.
While credit cards are a better option for handling such a shortage, if you don’t have access to them, it doesn’t matter how much better they are!
In this article, we cover the top $50 loan instant apps and some alternatives. The instant loan apps listed here might be a good solution if and when you experience a cash shortfall and need a little help.
While the best solution is to have a fully funded emergency fund, we can’t see the future and we have to deal with the situation we are faced with today.
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Best For: Overall money management
Cleo is a fun personal finance app that offers first-time borrowers anywhere from $20 to $100. After you pay back that first loan, subsequent loans can be as much as $250. To use it, you link up your bank account, and it analyzes your transaction history to offer suggestions on how to improve your finances. That can be very helpful.
Cleo also offers budgeting tools and a credit-building product, Credit Builder, which can improve your options in the future should you need to rely on your credit. It also has a savings account with a competitive interest rate and features that help you save more.
Check out our Cleo review for more.
If so, you can often get hundreds of dollars to open a new bank account. Banks are constantly competing for business and this is a great way to put cash in your pocket. I’ve heard from several readers that they’ve made thousands of dollars doing this.
Banks like Chase, Citi®, Discover, and others will give you $100 to $300 if you open a bank account and get your paycheck direct deposited into your new account.
Find out which banks will pay you $100+ to open a new account
Best For: Overdraft protection
Chime is a fintech banking app that allows users to open spending accounts with no minimum balance requirement or monthly fees.
You can be approved for Chime’s SpotMe feature will cover any overdrafts caused by your Chime debit card, up to $200. You need to have a monthly direct deposit of at least $200 to qualify. The MyPay feature allows you to take a payroll advance of up to $500. You can see your MyPay limit in the Chime mobile app.
There is no credit check with Chime; however, they do use other avenues to verify that the information you entered on your application is correct.
Chime comes with a free debit card that doesn’t charge fees for debit purchases or in-network ATM use. Take advantage of Chime’s secured Visa credit card if you want to start building your credit history.
If you’re particularly interested in credit building, you’ll want to read our Chime Credit Builder Review.
Check out our full Chime review for more information.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Please see back of your Card for its issuing bank.
Best For: Working with your existing checking account
Brigit is a budgeting app that connects to your existing banking account. It offers a cash advance on your paycheck if you need it.
Brigit can approve you for any amount between $50 and $250. The app chooses your approved advance amount based on your banking activity. Standard transfers are free but take 2-3 business days. There is an instant transfer feature, but the fees are not disclosed. Some reports state that the fee is between 99 cents and $4.99, depending on the loan amount.
As an optional feature, Brigit might also make an automatic advance deposit if the app’s algorithm shows you are at risk of going negative in your bank account. This feature can save you from overdraft charges via your bank. Brigit automatically sets your advance repayment schedule.
You can pay the advance back early if you wish. You may also be able to extend your payback period with Brigit.
Check out our full Brigit review for more information.
Best For: Low fees
Dave is a fintech banking app with a variety of features. The instant loan amount you get approved for with Dave depends on several factors, including your account history, your average balance, your monthly deposit amount and how fast you’ve paid back previous advances.
Direct Deposit into your linked account or your Dave account is required, and the money you borrow will automatically be paid back in full once your Direct Deposit hits your account.
You do have the option to pay some or all of the advance back early if you want to. There’s an option to tip as well, and some of your tip money will go to the nonprofit Feeding America.
Dave does charge a $1 per month membership fee. You get free in-network ATM usage and debit card usage.
There are no overdraft fees or minimum balance requirements with Dave. And you can get your Direct Deposit funds up to two days early. (Here are alternatives to Dave)
Best For: Frequent advances
Earnin is a popular app designed to help users get earnings from their job early. When you link Earnin to your bank account, you can use Earnin advances and other features.
Earnin will automatically take back the advanced money when your direct deposit paycheck hits your bank account. If repaying the Earnin loan causes an overdraft, it will reimburse the fee.
You can choose to tip Earnin for the advance it gave you, but you don’t have to. Customer tips are how Earnin stays in business and makes money.
You can also use the Tip Yourself feature to help build a savings account balance. Note that you have to be employed and get Direct Deposit to use Earnin. Here are some Earnin app alternatives, some of which are included in this article.
Best For: Larger advances
You can use MoneyLion’s advance features with either an external bank account or a MoneyLion cash management account, called RoarMoney.
The cash advance amount you will be eligible for depends on the amount of your direct deposit, how long you’ve had the account, and whether you use a RoarMoney account or an external account. When you first qualify, you will be eligible for $25 with an external account and $50 with a RoarMoney account.
If you need to expedite Instacash advances to your RoarMoney or external banking account, Instacash Turbo is the solution. The fee for instant transfers depends on the amount you need and if the money is going to a MoneyLion account or an external account. Fees start at 49 cents for transfers under $5 and go up to $8.99 for transfers between $90 and $100.
Instacash advances are paid back from your RoarMoney account or your external checking account, depending on where the loan was deposited.
Looking for something similar to MoneyLion? Check out our article on apps like MoneyLion.
An instant loan app is an app that lends you a small amount of money for a short period (often less than 30 days).
You can’t rely on an instant loan app to cover large purchases, like a vehicle or electronics, or as a way to consolidate and pay off debt. Instead, they help you bridge the gap when you’re running a few bucks short in between paychecks.
Typically, the money you borrow through an instant loan app often has to be paid back in full when you get your next paycheck. For that reason, you can only access small amounts of cash via instant loan apps, it’s also why the apps require direct deposit.
While some instant money apps are free to use, some charge high interest rates and fees. In other words, you might have to pay to use them – and pay handsomely (relative to the size of the loan).
With the plentiful options for instant loan apps, you’ll want to ensure that you choose wisely. You can start that process by asking yourself some questions:
When it comes to choosing an instant loan app, you’ll want to be aware of the requirements. From there, you can work to narrow down your list of choices.
If you aren’t willing to switch your checking account over to a new company, then you’ll have to use apps that work with external bank accounts, such as Brigit or MoneyLion.
If you frequently need instant transfers, you should choose an app with a low fee for instant transfers, such as Chime.
Lastly, if you’d prefer an app that helps you with money management as a whole, you might like the Cleo app.
People like instant loan apps for many reasons, one being that many of the apps don’t check credit to determine approval.
Instead, instant loan apps utilize other factors, and it’s good for you as a consumer to know which factors matter when it comes to whether you’re approved and how much money you’re approved for.
Some of the factors that dictate whether or not you’re approved for instant loan money include:
Instant loan apps will usually approve new members for smaller loan amounts, such as $20. Once you’ve shown that you don’t overspend regularly, that you pay back loan amounts on time, and that you’re working to improve your money management, instant loan app companies are more likely to increase the loan amount you’re eligible for.
Bottom line: Manage the money you have as wisely as you can and show instant loan app companies that you’re worthy of the loan.
As you can see, instant loan apps may be convenient, but they don’t solve the problem of not having enough money. You have a little extra today, but you have to pay it back when you get your next paycheck.
Instead, consider these alternatives for handling small financial emergencies.
Scour your home for items you no longer need and look for the right venues to sell them fast. Some ideas include:
Some ideas for things you can sell include clothing, sporting goods, and home/living items such as storage containers and small appliances.
Side hustles are a great way to get some extra cash fast. Unlike many traditional jobs where you have to find them, interview, and wait for a start date, some side hustles let you get paid quickly.
Here are some side hustles that will earn you cash fast:
You could also offer to do small jobs such as cleaning jobs for friends, family, and neighbors.
Get creative and start offering to do those tasks that everyone puts off: clean basements and attics, clean cars inside and out, wash windows, wash dogs–you get the idea.
For more ideas on earning quick cash, this article offers 20 simple ways to make money fast.
Instant loan apps are safe to use, provided you get them through a reputable company. Check Better Business Bureau ratings and online reviews to be safe.
In most cases, instant loan apps are different from payday lenders and aren’t subject to government lending regulations. However, some instant loan apps, such as PaydaySay, do work with payday lenders.
Yes, some instant loan apps are scams. The ones mentioned here are from reputable companies. Again, it’s wise to do your research before taking an instant loan.
Using an instant loan app is a great way to get instant money. However, using these apps should be a “last resort” option. Needing short-term loans is a sign that something is wrong. If you find that you are consistently running short of funds, you’ll want to get serious about budgeting so you can make long-term sustainable changes to your finances.
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