A cash advance app can help you out if you’re in a pinch, such as for an unexpected car repair to pay for, or if you’ve got a time-sensitive opportunity that can’t wait until payday. There are many cash advance apps to choose from, all with varying features.
Best cash advance apps for October 2024
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
Usually, a cash advance app offers advanced encryption and security measures so that your data is protected. Additionally, some face regulations from financial authorities, depending on whether they're banks or fintech companies.
Another essential aspect to consider is whether taking a cash advance will further any financial hardship you face. While cash advances are less risky than other methods, such as a payday loan, they aren't suited for more significant financial issues that require long-term solutions.
Is a cash advance app right for me?
Determining whether a cash advance is right for you requires some self-reflection on your financial habits. If you take out a cash advance from multiple apps each pay period, this can signal some serious financial habits that can hinder you in the long run. The last thing you want is to end up with no wiggle room in your budget because you’ve had to repay all these advances, and you still have two weeks until payday hits again.
Consider these questions before you take a payday advance:
- How quickly do you need funds, or can it wait until your next paycheck?
- Can you afford to repay the advance without it creating a domino effect with the rest of your budget?
- Have you considered an alternative option, such as cutting back expenses or selling something on Facebook Marketplace or another site?
- Do you understand the fees you might be charged?
- How often do you face cash shortfalls?
- Can you avoid dependency?
- What is your financial health like?
- Do you have a plan to cover essential expenses after repaying the advance?
- Are you relying on advances regularly or is this a one-time need?
- Would a small emergency fund provide a better solution for unexpected expenses?
- Have you calculated the total cost of the advance, including any fees or tips, compared to other options?
- Is your current income stable enough to ensure you can repay the advance on time?
- Could accessing credit counseling services help improve your financial habits and reduce the need for advances?
- Is your current job enough to cover your expenses, or should you consider increasing your income?
Alternatives to cash advance apps
Cash advance apps aren’t the only choice if you need cash before payday. Here’s a look at some of your other options.
Buy now, pay later (BNPL) apps
A BNPL app is an attractive option if you have a large purchase to pay for but you don’t want it all to be taken out at once. However, if you get stuck in the cycle of using these to shop, rather than paying for the things you need, you can find yourself in an even worse position than where you started.
Personal loans or credit cards
A personal loan can usually help fund larger purchases, though you’ll be charged interest on this. Additionally, a credit card can help you out in a pinch with a cash advance.
“Someone would use a credit card if they could pay back that debt within a few months,” Noble says. “This is due to the large interest rates usually associated with them.”
Debt relief companies
A debt relief company can negotiate debt on your behalf and come up with a plan to help you pay much less than before. They do this by paying a lump sum to your creditors based on money you accumulate in a separate savings account while they do the negotiating. During this time, you’re not paying those creditors, so your credit score will tank in the short term. If you take this route, it’s important to address your financial habits so you don’t find yourself in a similar position years down the road.
Credit repair companies
While a credit repair company doesn’t lend money, it does help fix your credit by reporting inaccuracies on your credit report. In turn, this can help you qualify for less expensive funding options.
The long-term alternative to cash advance apps: Set up a sustainable budget
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
Pros and cons of cash advance apps
Cash advance apps are a popular means for getting quick access to funds before payday. Here are some things to consider before taking one.
Pros
- Quick access to funds, often within minutes
- Usually has no interest and few, if any, fees
- Often provides other tools and services, such as budget help
- You can usually move a repayment date if it’s a once-in-a-while thing
- No credit checks
Cons
- Compared to other options, the amount you can have advanced is low
- Can get trapped in a cycle of debt if you make a habit of receiving advances
- Relying on cash advances focuses on short-term relief without addressing long-term financial planning and saving
Are cash advance apps safe?
Usually, a cash advance app offers advanced encryption and security measures so that your data is protected. Additionally, some face regulations from financial authorities, depending on whether they're banks or fintech companies.
Another essential aspect to consider is whether taking a cash advance will further any financial hardship you face. While cash advances are less risky than other methods, such as a payday loan, they aren't suited for more significant financial issues that require long-term solutions.
Is a cash advance app right for me?
Determining whether a cash advance is right for you requires some self-reflection on your financial habits. If you take out a cash advance from multiple apps each pay period, this can signal some serious financial habits that can hinder you in the long run. The last thing you want is to end up with no wiggle room in your budget because you’ve had to repay all these advances, and you still have two weeks until payday hits again.
Consider these questions before you take a payday advance:
- How quickly do you need funds, or can it wait until your next paycheck?
- Can you afford to repay the advance without it creating a domino effect with the rest of your budget?
- Have you considered an alternative option, such as cutting back expenses or selling something on Facebook Marketplace or another site?
- Do you understand the fees you might be charged?
- How often do you face cash shortfalls?
- Can you avoid dependency?
- What is your financial health like?
- Do you have a plan to cover essential expenses after repaying the advance?
- Are you relying on advances regularly or is this a one-time need?
- Would a small emergency fund provide a better solution for unexpected expenses?
- Have you calculated the total cost of the advance, including any fees or tips, compared to other options?
- Is your current income stable enough to ensure you can repay the advance on time?
- Could accessing credit counseling services help improve your financial habits and reduce the need for advances?
- Is your current job enough to cover your expenses, or should you consider increasing your income?
Alternatives to cash advance apps
Cash advance apps aren’t the only choice if you need cash before payday. Here’s a look at some of your other options.
Buy now, pay later (BNPL) apps
A BNPL app is an attractive option if you have a large purchase to pay for but you don’t want it all to be taken out at once. However, if you get stuck in the cycle of using these to shop, rather than paying for the things you need, you can find yourself in an even worse position than where you started.
Personal loans or credit cards
A personal loan can usually help fund larger purchases, though you’ll be charged interest on this. Additionally, a credit card can help you out in a pinch with a cash advance.
“Someone would use a credit card if they could pay back that debt within a few months,” Noble says. “This is due to the large interest rates usually associated with them.”
Debt relief companies
A debt relief company can negotiate debt on your behalf and come up with a plan to help you pay much less than before. They do this by paying a lump sum to your creditors based on money you accumulate in a separate savings account while they do the negotiating. During this time, you’re not paying those creditors, so your credit score will tank in the short term. If you take this route, it’s important to address your financial habits so you don’t find yourself in a similar position years down the road.
Credit repair companies
While a credit repair company doesn’t lend money, it does help fix your credit by reporting inaccuracies on your credit report. In turn, this can help you qualify for less expensive funding options.
The long-term alternative to cash advance apps: Set up a sustainable budget
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
Cash advance apps are tools that can bridge the financial gap between paychecks. You connect your bank account, upload employment and earnings info, and then you can transfer a portion of your upcoming earnings right into your bank account or on a designated debit card. Then, repay that advance during your next payday.
They can also be helpful for consumers facing potential penalties when their checking account funds are low.
“You can pay bills on time, and you can avoid overdraft fees,” says Ram Palaniappan, CEO of EarnIn, one of the cash advance apps outlined above. “That’s money that stays in your pockets.”
Cash advance app vs. payday lender
Typically, a cash advance is more flexible and convenient—ideal for short-term needs. A payday loan is often much less flexible and has higher risk than a cash advance. Here are some other key differences.
Pros and cons of cash advance apps
Cash advance apps are a popular means for getting quick access to funds before payday. Here are some things to consider before taking one.
Pros
- Quick access to funds, often within minutes
- Usually has no interest and few, if any, fees
- Often provides other tools and services, such as budget help
- You can usually move a repayment date if it’s a once-in-a-while thing
- No credit checks
Cons
- Compared to other options, the amount you can have advanced is low
- Can get trapped in a cycle of debt if you make a habit of receiving advances
- Relying on cash advances focuses on short-term relief without addressing long-term financial planning and saving
Are cash advance apps safe?
Usually, a cash advance app offers advanced encryption and security measures so that your data is protected. Additionally, some face regulations from financial authorities, depending on whether they're banks or fintech companies.
Another essential aspect to consider is whether taking a cash advance will further any financial hardship you face. While cash advances are less risky than other methods, such as a payday loan, they aren't suited for more significant financial issues that require long-term solutions.
Is a cash advance app right for me?
Determining whether a cash advance is right for you requires some self-reflection on your financial habits. If you take out a cash advance from multiple apps each pay period, this can signal some serious financial habits that can hinder you in the long run. The last thing you want is to end up with no wiggle room in your budget because you’ve had to repay all these advances, and you still have two weeks until payday hits again.
Consider these questions before you take a payday advance:
- How quickly do you need funds, or can it wait until your next paycheck?
- Can you afford to repay the advance without it creating a domino effect with the rest of your budget?
- Have you considered an alternative option, such as cutting back expenses or selling something on Facebook Marketplace or another site?
- Do you understand the fees you might be charged?
- How often do you face cash shortfalls?
- Can you avoid dependency?
- What is your financial health like?
- Do you have a plan to cover essential expenses after repaying the advance?
- Are you relying on advances regularly or is this a one-time need?
- Would a small emergency fund provide a better solution for unexpected expenses?
- Have you calculated the total cost of the advance, including any fees or tips, compared to other options?
- Is your current income stable enough to ensure you can repay the advance on time?
- Could accessing credit counseling services help improve your financial habits and reduce the need for advances?
- Is your current job enough to cover your expenses, or should you consider increasing your income?
Alternatives to cash advance apps
Cash advance apps aren’t the only choice if you need cash before payday. Here’s a look at some of your other options.
Buy now, pay later (BNPL) apps
A BNPL app is an attractive option if you have a large purchase to pay for but you don’t want it all to be taken out at once. However, if you get stuck in the cycle of using these to shop, rather than paying for the things you need, you can find yourself in an even worse position than where you started.
Personal loans or credit cards
A personal loan can usually help fund larger purchases, though you’ll be charged interest on this. Additionally, a credit card can help you out in a pinch with a cash advance.
“Someone would use a credit card if they could pay back that debt within a few months,” Noble says. “This is due to the large interest rates usually associated with them.”
Debt relief companies
A debt relief company can negotiate debt on your behalf and come up with a plan to help you pay much less than before. They do this by paying a lump sum to your creditors based on money you accumulate in a separate savings account while they do the negotiating. During this time, you’re not paying those creditors, so your credit score will tank in the short term. If you take this route, it’s important to address your financial habits so you don’t find yourself in a similar position years down the road.
Credit repair companies
While a credit repair company doesn’t lend money, it does help fix your credit by reporting inaccuracies on your credit report. In turn, this can help you qualify for less expensive funding options.
The long-term alternative to cash advance apps: Set up a sustainable budget
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
SoLo Funds offers flexible loan terms and allows you to state what the funds will be used for, which could potentially entice the lender to choose your advance to fund. These cash advances are community-based rather than provided directly by the platform. When you request an advance, lenders can see your SoLo Funds score, letting them know how risky it is to lend to you, and they can also see if you're providing them with a tip. Meanwhile, this also means lenders are far less likely to lend to you if you do not tip. The maximum tip you can give is 15%.
Solo Funds advertises that your money will arrive in your account usually in less than 20 minutes. However, it's important to understand that recent changes in its fee structure makes it less advantageous for lenders to lend money. This means your advance request may never be funded.
Other offerings from SoLo Funds
While SoLo Funds isn’t a bank like many on this list, it is a fintech company with bank-like products. This includes SoLo Wallet, which is banking with debit cards, no overdraft fees and, eventually, it plans to add life insurance and interest to these accounts too.
Dave: Best for those who need budgeting assistance along with the added convenience of small cash advances
Dave—a take on David slaying Goliath (aka large banks)—aims to provide banking services to “the commoners.” It uses artificial intelligence (AI) to help underwrite its ExtraCash Advancements and help customers manage their accounts.
Why we like Dave as best for ExtraCash Advancement plus budgeting
We love Dave’s take on using AI to help underwrite how much a customer qualifies for using its ExtraCash Advancement. It examines over 180 data points to determine the amount to offer customers. These factors include employment history, income, bank account balance, history with Dave, and the customer's spending patterns.
When you request an ExtraCash Advancement and are approved, it takes five minutes for the money to hit your bank account. While amounts vary, the average amount a customer is approved for an ExtraCash Advancement is $160.
Dave also offers a “side hustle” feature, which connects users with local flex jobs that work with their schedule. You can also earn money by taking surveys through Dave.
Other offerings from Dave
Besides its ExtraCash advances, customers can also have the following types of accounts with Dave:
- Spending Account: This operates similar to a bank account and earns up to 4.00% APY.
- Goals Account: Set goals and automate your savings all while earning 4.00% APY.
Vola: Best for overdraft advances
Vola is a subscription service with more than 300,000 clients. Since its inception, it has helped its customers save more than $15 million in bank fees.
Why we like Vola as best for overdraft advances
Relying on cash advances can impact your financial situation negatively over time. That’s why we like Vola—it rewards you actively for increasing your financial literacy and limits the number of advances you can take.
By linking your bank accounts, you can see your balances and spending at a glance, and it will send you alerts when your balance is low. This way, you can request an advance to help cover you so you won't have to pay any nonsufficient funds (NSF) or overdraft fees by your banking institution.
To keep users from getting into a cycle of debt by becoming reliant on its service, Vola has a low minimum advance amount of $500 and limits the frequency of cash advances to two advances in a 30-day period. Unlike most cash advance apps, you can report eligible payments to credit bureaus to help build your credit score.
Payactiv: Best for accessing your paycheck early
Headquartered in Milpitas, California, Payactiv got its start in 2012. It works with more than 1,500 businesses and has helped over 2 million users access more than $5 billion in wages.
Why we like Payactiv as best for an early paycheck
Sometimes, making ends meet before your next paycheck is due to arrive is made difficult by emergencies. With Payactiv, you can access the money you’ve already earned before your next paycheck. This requires employer participation but is a great feature to have if it’s available to you.
This is called Earned Wage Access (EWA), and we like that so many big employers take part, such as Amazon, Uber, AMC, Walmart, and Visa. It gives employees more control over money they've already earned.
Receiving an EWA disbursement has no fees if you receive it via ACH. However, there are fees to have the money deposited to a non-Payactiv card or to claim your money at a Walmart Cash Pickup. Repayment will show as a deduction on your next paycheck.
Other offerings from Payactiv
As a fintech company, Payactiv offers its customers a variety of smart financial resources and products, including:
- Payactiv Visa card
- Bill pay
- Goal-based savings
- Financial coaching
- Pay a friend
DailyPay: Best for accessing money you’ve already earned
Founded in 2015, DailyPay gives employees access to money already earned. It raised $5 million in Series A funding, $9 million in Series B funding, and $500 million in Series D funding.
Why we like DailyPay as best for getting the money you've already earned
DailyPay is another type of EWA, where you’re receiving money you’ve already earned, rather than waiting until payday to access your money. This is helpful if you need immediate access to funds for unexpected expenses or want to avoid relying on credit or loans between paychecks. For those who are paid less frequently, such as monthly, this can be a great relief.
With DailyPay, you can transfer up to $1,000 per day in as many as five total transfers. The amount you can transfer varies by what’s accumulated in your "Available now" section of the app and depends on the hours you've clocked for your shift. However, you can withdraw 100% of what’s available in that section, so if you have $500 available, you can withdraw $500.
According to DailyPay, 81% of employees who use its service stopped using payday loans altogether, and 15% reduced their use. The use of payday loans can bury employees in a cycle of debt that’s incredibly difficult to dig out of, so the ability to access earned wages through DailyPay can help break that cycle by providing a safer and more manageable alternative for covering short-term financial needs.
Other offerings from DailyPay
DailyPay is a fintech company offering the following products for employees:
- DailyPay Visa Prepaid card
- Credit Health, where you can track and monitor your credit score
Learn more: Read our DailyPay review
Albert: Best for occasional overdraft protection
College roommates Yinon Ravid and Andrzej Baraniak founded Albert in 2019 and aim to help customers have financial stability. Its members have saved and invested over $1 billion.
Why we like Albert as best for overdraft protection
Albert Instant will cover overdrafts that occur due to withdrawals at an ATM, debit card purchases, and electronic transfers, such as an ACH. You have six days to cover your overdraft; otherwise, it may suspend overdraft privileges.
In addition to its overdraft protection, users can earn up to 20% cash back on everyday spending like groceries and gas. You'll receive your paycheck up to two days early, have access to more than 55,000 ATMs fee-free, and monitor your identity 24/7 for suspicious activity.
It offers a 30-day free trial before you're charged for its app, so you can test drive it to see if Albert will work for you. Although Albert isn't a bank, users still receive Federal Deposit Insurance Corp. (FDIC) insurance through Sutton Bank.
Other offerings from Albert
While Albert isn’t a bank like most cash advance apps, it’s backed by a bank and provides several financial tools to help its customers spend, save, and invest wisely. These additional tools include the following:
- Access to finance experts through Genius, who can even analyze your spending and income to see if you can afford to save or invest more every week
- Banking with a Cash account
- Automate your savings based on your income, bills, and spending
- Invest as little as $1
- Budgeting tools that track your bills and spending
- Credit monitoring
What is a cash advance app?
Cash advance apps are tools that can bridge the financial gap between paychecks. You connect your bank account, upload employment and earnings info, and then you can transfer a portion of your upcoming earnings right into your bank account or on a designated debit card. Then, repay that advance during your next payday.
They can also be helpful for consumers facing potential penalties when their checking account funds are low.
“You can pay bills on time, and you can avoid overdraft fees,” says Ram Palaniappan, CEO of EarnIn, one of the cash advance apps outlined above. “That’s money that stays in your pockets.”
Cash advance app vs. payday lender
Typically, a cash advance is more flexible and convenient—ideal for short-term needs. A payday loan is often much less flexible and has higher risk than a cash advance. Here are some other key differences.
Pros and cons of cash advance apps
Cash advance apps are a popular means for getting quick access to funds before payday. Here are some things to consider before taking one.
Pros
- Quick access to funds, often within minutes
- Usually has no interest and few, if any, fees
- Often provides other tools and services, such as budget help
- You can usually move a repayment date if it’s a once-in-a-while thing
- No credit checks
Cons
- Compared to other options, the amount you can have advanced is low
- Can get trapped in a cycle of debt if you make a habit of receiving advances
- Relying on cash advances focuses on short-term relief without addressing long-term financial planning and saving
Are cash advance apps safe?
Usually, a cash advance app offers advanced encryption and security measures so that your data is protected. Additionally, some face regulations from financial authorities, depending on whether they're banks or fintech companies.
Another essential aspect to consider is whether taking a cash advance will further any financial hardship you face. While cash advances are less risky than other methods, such as a payday loan, they aren't suited for more significant financial issues that require long-term solutions.
Is a cash advance app right for me?
Determining whether a cash advance is right for you requires some self-reflection on your financial habits. If you take out a cash advance from multiple apps each pay period, this can signal some serious financial habits that can hinder you in the long run. The last thing you want is to end up with no wiggle room in your budget because you’ve had to repay all these advances, and you still have two weeks until payday hits again.
Consider these questions before you take a payday advance:
- How quickly do you need funds, or can it wait until your next paycheck?
- Can you afford to repay the advance without it creating a domino effect with the rest of your budget?
- Have you considered an alternative option, such as cutting back expenses or selling something on Facebook Marketplace or another site?
- Do you understand the fees you might be charged?
- How often do you face cash shortfalls?
- Can you avoid dependency?
- What is your financial health like?
- Do you have a plan to cover essential expenses after repaying the advance?
- Are you relying on advances regularly or is this a one-time need?
- Would a small emergency fund provide a better solution for unexpected expenses?
- Have you calculated the total cost of the advance, including any fees or tips, compared to other options?
- Is your current income stable enough to ensure you can repay the advance on time?
- Could accessing credit counseling services help improve your financial habits and reduce the need for advances?
- Is your current job enough to cover your expenses, or should you consider increasing your income?
Alternatives to cash advance apps
Cash advance apps aren’t the only choice if you need cash before payday. Here’s a look at some of your other options.
Buy now, pay later (BNPL) apps
A BNPL app is an attractive option if you have a large purchase to pay for but you don’t want it all to be taken out at once. However, if you get stuck in the cycle of using these to shop, rather than paying for the things you need, you can find yourself in an even worse position than where you started.
Personal loans or credit cards
A personal loan can usually help fund larger purchases, though you’ll be charged interest on this. Additionally, a credit card can help you out in a pinch with a cash advance.
“Someone would use a credit card if they could pay back that debt within a few months,” Noble says. “This is due to the large interest rates usually associated with them.”
Debt relief companies
A debt relief company can negotiate debt on your behalf and come up with a plan to help you pay much less than before. They do this by paying a lump sum to your creditors based on money you accumulate in a separate savings account while they do the negotiating. During this time, you’re not paying those creditors, so your credit score will tank in the short term. If you take this route, it’s important to address your financial habits so you don’t find yourself in a similar position years down the road.
Credit repair companies
While a credit repair company doesn’t lend money, it does help fix your credit by reporting inaccuracies on your credit report. In turn, this can help you qualify for less expensive funding options.
The long-term alternative to cash advance apps: Set up a sustainable budget
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
^To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
*Free transfers within 24 hours or $2 fee applies to get funds instantly.
SoLo Funds: Best for peer-to-peer (P2P) cash advances
SoLo Funds is the first Black-owned fintech company, founded by Travis Holoway and Rodney Williams. It offers P2P lending via an app with more than 1 million users, 82% of whom come from underserved ZIP codes. This equates to 600,000 loans made with a transaction volume of more than $300 million.
Why we like Solo Funds as best for peer-to-peer loans
SoLo Funds offers flexible loan terms and allows you to state what the funds will be used for, which could potentially entice the lender to choose your advance to fund. These cash advances are community-based rather than provided directly by the platform. When you request an advance, lenders can see your SoLo Funds score, letting them know how risky it is to lend to you, and they can also see if you're providing them with a tip. Meanwhile, this also means lenders are far less likely to lend to you if you do not tip. The maximum tip you can give is 15%.
Solo Funds advertises that your money will arrive in your account usually in less than 20 minutes. However, it's important to understand that recent changes in its fee structure makes it less advantageous for lenders to lend money. This means your advance request may never be funded.
Other offerings from SoLo Funds
While SoLo Funds isn’t a bank like many on this list, it is a fintech company with bank-like products. This includes SoLo Wallet, which is banking with debit cards, no overdraft fees and, eventually, it plans to add life insurance and interest to these accounts too.
Dave: Best for those who need budgeting assistance along with the added convenience of small cash advances
Dave—a take on David slaying Goliath (aka large banks)—aims to provide banking services to “the commoners.” It uses artificial intelligence (AI) to help underwrite its ExtraCash Advancements and help customers manage their accounts.
Why we like Dave as best for ExtraCash Advancement plus budgeting
We love Dave’s take on using AI to help underwrite how much a customer qualifies for using its ExtraCash Advancement. It examines over 180 data points to determine the amount to offer customers. These factors include employment history, income, bank account balance, history with Dave, and the customer's spending patterns.
When you request an ExtraCash Advancement and are approved, it takes five minutes for the money to hit your bank account. While amounts vary, the average amount a customer is approved for an ExtraCash Advancement is $160.
Dave also offers a “side hustle” feature, which connects users with local flex jobs that work with their schedule. You can also earn money by taking surveys through Dave.
Other offerings from Dave
Besides its ExtraCash advances, customers can also have the following types of accounts with Dave:
- Spending Account: This operates similar to a bank account and earns up to 4.00% APY.
- Goals Account: Set goals and automate your savings all while earning 4.00% APY.
Vola: Best for overdraft advances
Vola is a subscription service with more than 300,000 clients. Since its inception, it has helped its customers save more than $15 million in bank fees.
Why we like Vola as best for overdraft advances
Relying on cash advances can impact your financial situation negatively over time. That’s why we like Vola—it rewards you actively for increasing your financial literacy and limits the number of advances you can take.
By linking your bank accounts, you can see your balances and spending at a glance, and it will send you alerts when your balance is low. This way, you can request an advance to help cover you so you won't have to pay any nonsufficient funds (NSF) or overdraft fees by your banking institution.
To keep users from getting into a cycle of debt by becoming reliant on its service, Vola has a low minimum advance amount of $500 and limits the frequency of cash advances to two advances in a 30-day period. Unlike most cash advance apps, you can report eligible payments to credit bureaus to help build your credit score.
Payactiv: Best for accessing your paycheck early
Headquartered in Milpitas, California, Payactiv got its start in 2012. It works with more than 1,500 businesses and has helped over 2 million users access more than $5 billion in wages.
Why we like Payactiv as best for an early paycheck
Sometimes, making ends meet before your next paycheck is due to arrive is made difficult by emergencies. With Payactiv, you can access the money you’ve already earned before your next paycheck. This requires employer participation but is a great feature to have if it’s available to you.
This is called Earned Wage Access (EWA), and we like that so many big employers take part, such as Amazon, Uber, AMC, Walmart, and Visa. It gives employees more control over money they've already earned.
Receiving an EWA disbursement has no fees if you receive it via ACH. However, there are fees to have the money deposited to a non-Payactiv card or to claim your money at a Walmart Cash Pickup. Repayment will show as a deduction on your next paycheck.
Other offerings from Payactiv
As a fintech company, Payactiv offers its customers a variety of smart financial resources and products, including:
- Payactiv Visa card
- Bill pay
- Goal-based savings
- Financial coaching
- Pay a friend
DailyPay: Best for accessing money you’ve already earned
Founded in 2015, DailyPay gives employees access to money already earned. It raised $5 million in Series A funding, $9 million in Series B funding, and $500 million in Series D funding.
Why we like DailyPay as best for getting the money you've already earned
DailyPay is another type of EWA, where you’re receiving money you’ve already earned, rather than waiting until payday to access your money. This is helpful if you need immediate access to funds for unexpected expenses or want to avoid relying on credit or loans between paychecks. For those who are paid less frequently, such as monthly, this can be a great relief.
With DailyPay, you can transfer up to $1,000 per day in as many as five total transfers. The amount you can transfer varies by what’s accumulated in your "Available now" section of the app and depends on the hours you've clocked for your shift. However, you can withdraw 100% of what’s available in that section, so if you have $500 available, you can withdraw $500.
According to DailyPay, 81% of employees who use its service stopped using payday loans altogether, and 15% reduced their use. The use of payday loans can bury employees in a cycle of debt that’s incredibly difficult to dig out of, so the ability to access earned wages through DailyPay can help break that cycle by providing a safer and more manageable alternative for covering short-term financial needs.
Other offerings from DailyPay
DailyPay is a fintech company offering the following products for employees:
- DailyPay Visa Prepaid card
- Credit Health, where you can track and monitor your credit score
Learn more: Read our DailyPay review
Albert: Best for occasional overdraft protection
College roommates Yinon Ravid and Andrzej Baraniak founded Albert in 2019 and aim to help customers have financial stability. Its members have saved and invested over $1 billion.
Why we like Albert as best for overdraft protection
Albert Instant will cover overdrafts that occur due to withdrawals at an ATM, debit card purchases, and electronic transfers, such as an ACH. You have six days to cover your overdraft; otherwise, it may suspend overdraft privileges.
In addition to its overdraft protection, users can earn up to 20% cash back on everyday spending like groceries and gas. You'll receive your paycheck up to two days early, have access to more than 55,000 ATMs fee-free, and monitor your identity 24/7 for suspicious activity.
It offers a 30-day free trial before you're charged for its app, so you can test drive it to see if Albert will work for you. Although Albert isn't a bank, users still receive Federal Deposit Insurance Corp. (FDIC) insurance through Sutton Bank.
Other offerings from Albert
While Albert isn’t a bank like most cash advance apps, it’s backed by a bank and provides several financial tools to help its customers spend, save, and invest wisely. These additional tools include the following:
- Access to finance experts through Genius, who can even analyze your spending and income to see if you can afford to save or invest more every week
- Banking with a Cash account
- Automate your savings based on your income, bills, and spending
- Invest as little as $1
- Budgeting tools that track your bills and spending
- Credit monitoring
What is a cash advance app?
Cash advance apps are tools that can bridge the financial gap between paychecks. You connect your bank account, upload employment and earnings info, and then you can transfer a portion of your upcoming earnings right into your bank account or on a designated debit card. Then, repay that advance during your next payday.
They can also be helpful for consumers facing potential penalties when their checking account funds are low.
“You can pay bills on time, and you can avoid overdraft fees,” says Ram Palaniappan, CEO of EarnIn, one of the cash advance apps outlined above. “That’s money that stays in your pockets.”
Cash advance app vs. payday lender
Typically, a cash advance is more flexible and convenient—ideal for short-term needs. A payday loan is often much less flexible and has higher risk than a cash advance. Here are some other key differences.
Pros and cons of cash advance apps
Cash advance apps are a popular means for getting quick access to funds before payday. Here are some things to consider before taking one.
Pros
- Quick access to funds, often within minutes
- Usually has no interest and few, if any, fees
- Often provides other tools and services, such as budget help
- You can usually move a repayment date if it’s a once-in-a-while thing
- No credit checks
Cons
- Compared to other options, the amount you can have advanced is low
- Can get trapped in a cycle of debt if you make a habit of receiving advances
- Relying on cash advances focuses on short-term relief without addressing long-term financial planning and saving
Are cash advance apps safe?
Usually, a cash advance app offers advanced encryption and security measures so that your data is protected. Additionally, some face regulations from financial authorities, depending on whether they're banks or fintech companies.
Another essential aspect to consider is whether taking a cash advance will further any financial hardship you face. While cash advances are less risky than other methods, such as a payday loan, they aren't suited for more significant financial issues that require long-term solutions.
Is a cash advance app right for me?
Determining whether a cash advance is right for you requires some self-reflection on your financial habits. If you take out a cash advance from multiple apps each pay period, this can signal some serious financial habits that can hinder you in the long run. The last thing you want is to end up with no wiggle room in your budget because you’ve had to repay all these advances, and you still have two weeks until payday hits again.
Consider these questions before you take a payday advance:
- How quickly do you need funds, or can it wait until your next paycheck?
- Can you afford to repay the advance without it creating a domino effect with the rest of your budget?
- Have you considered an alternative option, such as cutting back expenses or selling something on Facebook Marketplace or another site?
- Do you understand the fees you might be charged?
- How often do you face cash shortfalls?
- Can you avoid dependency?
- What is your financial health like?
- Do you have a plan to cover essential expenses after repaying the advance?
- Are you relying on advances regularly or is this a one-time need?
- Would a small emergency fund provide a better solution for unexpected expenses?
- Have you calculated the total cost of the advance, including any fees or tips, compared to other options?
- Is your current income stable enough to ensure you can repay the advance on time?
- Could accessing credit counseling services help improve your financial habits and reduce the need for advances?
- Is your current job enough to cover your expenses, or should you consider increasing your income?
Alternatives to cash advance apps
Cash advance apps aren’t the only choice if you need cash before payday. Here’s a look at some of your other options.
Buy now, pay later (BNPL) apps
A BNPL app is an attractive option if you have a large purchase to pay for but you don’t want it all to be taken out at once. However, if you get stuck in the cycle of using these to shop, rather than paying for the things you need, you can find yourself in an even worse position than where you started.
Personal loans or credit cards
A personal loan can usually help fund larger purchases, though you’ll be charged interest on this. Additionally, a credit card can help you out in a pinch with a cash advance.
“Someone would use a credit card if they could pay back that debt within a few months,” Noble says. “This is due to the large interest rates usually associated with them.”
Debt relief companies
A debt relief company can negotiate debt on your behalf and come up with a plan to help you pay much less than before. They do this by paying a lump sum to your creditors based on money you accumulate in a separate savings account while they do the negotiating. During this time, you’re not paying those creditors, so your credit score will tank in the short term. If you take this route, it’s important to address your financial habits so you don’t find yourself in a similar position years down the road.
Credit repair companies
While a credit repair company doesn’t lend money, it does help fix your credit by reporting inaccuracies on your credit report. In turn, this can help you qualify for less expensive funding options.
The long-term alternative to cash advance apps: Set up a sustainable budget
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
Chime is a financial technology company, not a bank. MyPayTM line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).
^To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
*Free transfers within 24 hours or $2 fee applies to get funds instantly.
SoLo Funds: Best for peer-to-peer (P2P) cash advances
SoLo Funds is the first Black-owned fintech company, founded by Travis Holoway and Rodney Williams. It offers P2P lending via an app with more than 1 million users, 82% of whom come from underserved ZIP codes. This equates to 600,000 loans made with a transaction volume of more than $300 million.
Why we like Solo Funds as best for peer-to-peer loans
SoLo Funds offers flexible loan terms and allows you to state what the funds will be used for, which could potentially entice the lender to choose your advance to fund. These cash advances are community-based rather than provided directly by the platform. When you request an advance, lenders can see your SoLo Funds score, letting them know how risky it is to lend to you, and they can also see if you're providing them with a tip. Meanwhile, this also means lenders are far less likely to lend to you if you do not tip. The maximum tip you can give is 15%.
Solo Funds advertises that your money will arrive in your account usually in less than 20 minutes. However, it's important to understand that recent changes in its fee structure makes it less advantageous for lenders to lend money. This means your advance request may never be funded.
Other offerings from SoLo Funds
While SoLo Funds isn’t a bank like many on this list, it is a fintech company with bank-like products. This includes SoLo Wallet, which is banking with debit cards, no overdraft fees and, eventually, it plans to add life insurance and interest to these accounts too.
Dave: Best for those who need budgeting assistance along with the added convenience of small cash advances
Dave—a take on David slaying Goliath (aka large banks)—aims to provide banking services to “the commoners.” It uses artificial intelligence (AI) to help underwrite its ExtraCash Advancements and help customers manage their accounts.
Why we like Dave as best for ExtraCash Advancement plus budgeting
We love Dave’s take on using AI to help underwrite how much a customer qualifies for using its ExtraCash Advancement. It examines over 180 data points to determine the amount to offer customers. These factors include employment history, income, bank account balance, history with Dave, and the customer's spending patterns.
When you request an ExtraCash Advancement and are approved, it takes five minutes for the money to hit your bank account. While amounts vary, the average amount a customer is approved for an ExtraCash Advancement is $160.
Dave also offers a “side hustle” feature, which connects users with local flex jobs that work with their schedule. You can also earn money by taking surveys through Dave.
Other offerings from Dave
Besides its ExtraCash advances, customers can also have the following types of accounts with Dave:
- Spending Account: This operates similar to a bank account and earns up to 4.00% APY.
- Goals Account: Set goals and automate your savings all while earning 4.00% APY.
Vola: Best for overdraft advances
Vola is a subscription service with more than 300,000 clients. Since its inception, it has helped its customers save more than $15 million in bank fees.
Why we like Vola as best for overdraft advances
Relying on cash advances can impact your financial situation negatively over time. That’s why we like Vola—it rewards you actively for increasing your financial literacy and limits the number of advances you can take.
By linking your bank accounts, you can see your balances and spending at a glance, and it will send you alerts when your balance is low. This way, you can request an advance to help cover you so you won't have to pay any nonsufficient funds (NSF) or overdraft fees by your banking institution.
To keep users from getting into a cycle of debt by becoming reliant on its service, Vola has a low minimum advance amount of $500 and limits the frequency of cash advances to two advances in a 30-day period. Unlike most cash advance apps, you can report eligible payments to credit bureaus to help build your credit score.
Payactiv: Best for accessing your paycheck early
Headquartered in Milpitas, California, Payactiv got its start in 2012. It works with more than 1,500 businesses and has helped over 2 million users access more than $5 billion in wages.
Why we like Payactiv as best for an early paycheck
Sometimes, making ends meet before your next paycheck is due to arrive is made difficult by emergencies. With Payactiv, you can access the money you’ve already earned before your next paycheck. This requires employer participation but is a great feature to have if it’s available to you.
This is called Earned Wage Access (EWA), and we like that so many big employers take part, such as Amazon, Uber, AMC, Walmart, and Visa. It gives employees more control over money they've already earned.
Receiving an EWA disbursement has no fees if you receive it via ACH. However, there are fees to have the money deposited to a non-Payactiv card or to claim your money at a Walmart Cash Pickup. Repayment will show as a deduction on your next paycheck.
Other offerings from Payactiv
As a fintech company, Payactiv offers its customers a variety of smart financial resources and products, including:
- Payactiv Visa card
- Bill pay
- Goal-based savings
- Financial coaching
- Pay a friend
DailyPay: Best for accessing money you’ve already earned
Founded in 2015, DailyPay gives employees access to money already earned. It raised $5 million in Series A funding, $9 million in Series B funding, and $500 million in Series D funding.
Why we like DailyPay as best for getting the money you've already earned
DailyPay is another type of EWA, where you’re receiving money you’ve already earned, rather than waiting until payday to access your money. This is helpful if you need immediate access to funds for unexpected expenses or want to avoid relying on credit or loans between paychecks. For those who are paid less frequently, such as monthly, this can be a great relief.
With DailyPay, you can transfer up to $1,000 per day in as many as five total transfers. The amount you can transfer varies by what’s accumulated in your "Available now" section of the app and depends on the hours you've clocked for your shift. However, you can withdraw 100% of what’s available in that section, so if you have $500 available, you can withdraw $500.
According to DailyPay, 81% of employees who use its service stopped using payday loans altogether, and 15% reduced their use. The use of payday loans can bury employees in a cycle of debt that’s incredibly difficult to dig out of, so the ability to access earned wages through DailyPay can help break that cycle by providing a safer and more manageable alternative for covering short-term financial needs.
Other offerings from DailyPay
DailyPay is a fintech company offering the following products for employees:
- DailyPay Visa Prepaid card
- Credit Health, where you can track and monitor your credit score
Learn more: Read our DailyPay review
Albert: Best for occasional overdraft protection
College roommates Yinon Ravid and Andrzej Baraniak founded Albert in 2019 and aim to help customers have financial stability. Its members have saved and invested over $1 billion.
Why we like Albert as best for overdraft protection
Albert Instant will cover overdrafts that occur due to withdrawals at an ATM, debit card purchases, and electronic transfers, such as an ACH. You have six days to cover your overdraft; otherwise, it may suspend overdraft privileges.
In addition to its overdraft protection, users can earn up to 20% cash back on everyday spending like groceries and gas. You'll receive your paycheck up to two days early, have access to more than 55,000 ATMs fee-free, and monitor your identity 24/7 for suspicious activity.
It offers a 30-day free trial before you're charged for its app, so you can test drive it to see if Albert will work for you. Although Albert isn't a bank, users still receive Federal Deposit Insurance Corp. (FDIC) insurance through Sutton Bank.
Other offerings from Albert
While Albert isn’t a bank like most cash advance apps, it’s backed by a bank and provides several financial tools to help its customers spend, save, and invest wisely. These additional tools include the following:
- Access to finance experts through Genius, who can even analyze your spending and income to see if you can afford to save or invest more every week
- Banking with a Cash account
- Automate your savings based on your income, bills, and spending
- Invest as little as $1
- Budgeting tools that track your bills and spending
- Credit monitoring
What is a cash advance app?
Cash advance apps are tools that can bridge the financial gap between paychecks. You connect your bank account, upload employment and earnings info, and then you can transfer a portion of your upcoming earnings right into your bank account or on a designated debit card. Then, repay that advance during your next payday.
They can also be helpful for consumers facing potential penalties when their checking account funds are low.
“You can pay bills on time, and you can avoid overdraft fees,” says Ram Palaniappan, CEO of EarnIn, one of the cash advance apps outlined above. “That’s money that stays in your pockets.”
Cash advance app vs. payday lender
Typically, a cash advance is more flexible and convenient—ideal for short-term needs. A payday loan is often much less flexible and has higher risk than a cash advance. Here are some other key differences.
Pros and cons of cash advance apps
Cash advance apps are a popular means for getting quick access to funds before payday. Here are some things to consider before taking one.
Pros
- Quick access to funds, often within minutes
- Usually has no interest and few, if any, fees
- Often provides other tools and services, such as budget help
- You can usually move a repayment date if it’s a once-in-a-while thing
- No credit checks
Cons
- Compared to other options, the amount you can have advanced is low
- Can get trapped in a cycle of debt if you make a habit of receiving advances
- Relying on cash advances focuses on short-term relief without addressing long-term financial planning and saving
Are cash advance apps safe?
Usually, a cash advance app offers advanced encryption and security measures so that your data is protected. Additionally, some face regulations from financial authorities, depending on whether they're banks or fintech companies.
Another essential aspect to consider is whether taking a cash advance will further any financial hardship you face. While cash advances are less risky than other methods, such as a payday loan, they aren't suited for more significant financial issues that require long-term solutions.
Is a cash advance app right for me?
Determining whether a cash advance is right for you requires some self-reflection on your financial habits. If you take out a cash advance from multiple apps each pay period, this can signal some serious financial habits that can hinder you in the long run. The last thing you want is to end up with no wiggle room in your budget because you’ve had to repay all these advances, and you still have two weeks until payday hits again.
Consider these questions before you take a payday advance:
- How quickly do you need funds, or can it wait until your next paycheck?
- Can you afford to repay the advance without it creating a domino effect with the rest of your budget?
- Have you considered an alternative option, such as cutting back expenses or selling something on Facebook Marketplace or another site?
- Do you understand the fees you might be charged?
- How often do you face cash shortfalls?
- Can you avoid dependency?
- What is your financial health like?
- Do you have a plan to cover essential expenses after repaying the advance?
- Are you relying on advances regularly or is this a one-time need?
- Would a small emergency fund provide a better solution for unexpected expenses?
- Have you calculated the total cost of the advance, including any fees or tips, compared to other options?
- Is your current income stable enough to ensure you can repay the advance on time?
- Could accessing credit counseling services help improve your financial habits and reduce the need for advances?
- Is your current job enough to cover your expenses, or should you consider increasing your income?
Alternatives to cash advance apps
Cash advance apps aren’t the only choice if you need cash before payday. Here’s a look at some of your other options.
Buy now, pay later (BNPL) apps
A BNPL app is an attractive option if you have a large purchase to pay for but you don’t want it all to be taken out at once. However, if you get stuck in the cycle of using these to shop, rather than paying for the things you need, you can find yourself in an even worse position than where you started.
Personal loans or credit cards
A personal loan can usually help fund larger purchases, though you’ll be charged interest on this. Additionally, a credit card can help you out in a pinch with a cash advance.
“Someone would use a credit card if they could pay back that debt within a few months,” Noble says. “This is due to the large interest rates usually associated with them.”
Debt relief companies
A debt relief company can negotiate debt on your behalf and come up with a plan to help you pay much less than before. They do this by paying a lump sum to your creditors based on money you accumulate in a separate savings account while they do the negotiating. During this time, you’re not paying those creditors, so your credit score will tank in the short term. If you take this route, it’s important to address your financial habits so you don’t find yourself in a similar position years down the road.
Credit repair companies
While a credit repair company doesn’t lend money, it does help fix your credit by reporting inaccuracies on your credit report. In turn, this can help you qualify for less expensive funding options.
The long-term alternative to cash advance apps: Set up a sustainable budget
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
Learn more: Read our Chime review
Chime is a financial technology company, not a bank. MyPayTM line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).
^To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
*Free transfers within 24 hours or $2 fee applies to get funds instantly.
SoLo Funds: Best for peer-to-peer (P2P) cash advances
SoLo Funds is the first Black-owned fintech company, founded by Travis Holoway and Rodney Williams. It offers P2P lending via an app with more than 1 million users, 82% of whom come from underserved ZIP codes. This equates to 600,000 loans made with a transaction volume of more than $300 million.
Why we like Solo Funds as best for peer-to-peer loans
SoLo Funds offers flexible loan terms and allows you to state what the funds will be used for, which could potentially entice the lender to choose your advance to fund. These cash advances are community-based rather than provided directly by the platform. When you request an advance, lenders can see your SoLo Funds score, letting them know how risky it is to lend to you, and they can also see if you're providing them with a tip. Meanwhile, this also means lenders are far less likely to lend to you if you do not tip. The maximum tip you can give is 15%.
Solo Funds advertises that your money will arrive in your account usually in less than 20 minutes. However, it's important to understand that recent changes in its fee structure makes it less advantageous for lenders to lend money. This means your advance request may never be funded.
Other offerings from SoLo Funds
While SoLo Funds isn’t a bank like many on this list, it is a fintech company with bank-like products. This includes SoLo Wallet, which is banking with debit cards, no overdraft fees and, eventually, it plans to add life insurance and interest to these accounts too.
Dave: Best for those who need budgeting assistance along with the added convenience of small cash advances
Dave—a take on David slaying Goliath (aka large banks)—aims to provide banking services to “the commoners.” It uses artificial intelligence (AI) to help underwrite its ExtraCash Advancements and help customers manage their accounts.
Why we like Dave as best for ExtraCash Advancement plus budgeting
We love Dave’s take on using AI to help underwrite how much a customer qualifies for using its ExtraCash Advancement. It examines over 180 data points to determine the amount to offer customers. These factors include employment history, income, bank account balance, history with Dave, and the customer's spending patterns.
When you request an ExtraCash Advancement and are approved, it takes five minutes for the money to hit your bank account. While amounts vary, the average amount a customer is approved for an ExtraCash Advancement is $160.
Dave also offers a “side hustle” feature, which connects users with local flex jobs that work with their schedule. You can also earn money by taking surveys through Dave.
Other offerings from Dave
Besides its ExtraCash advances, customers can also have the following types of accounts with Dave:
- Spending Account: This operates similar to a bank account and earns up to 4.00% APY.
- Goals Account: Set goals and automate your savings all while earning 4.00% APY.
Vola: Best for overdraft advances
Vola is a subscription service with more than 300,000 clients. Since its inception, it has helped its customers save more than $15 million in bank fees.
Why we like Vola as best for overdraft advances
Relying on cash advances can impact your financial situation negatively over time. That’s why we like Vola—it rewards you actively for increasing your financial literacy and limits the number of advances you can take.
By linking your bank accounts, you can see your balances and spending at a glance, and it will send you alerts when your balance is low. This way, you can request an advance to help cover you so you won't have to pay any nonsufficient funds (NSF) or overdraft fees by your banking institution.
To keep users from getting into a cycle of debt by becoming reliant on its service, Vola has a low minimum advance amount of $500 and limits the frequency of cash advances to two advances in a 30-day period. Unlike most cash advance apps, you can report eligible payments to credit bureaus to help build your credit score.
Payactiv: Best for accessing your paycheck early
Headquartered in Milpitas, California, Payactiv got its start in 2012. It works with more than 1,500 businesses and has helped over 2 million users access more than $5 billion in wages.
Why we like Payactiv as best for an early paycheck
Sometimes, making ends meet before your next paycheck is due to arrive is made difficult by emergencies. With Payactiv, you can access the money you’ve already earned before your next paycheck. This requires employer participation but is a great feature to have if it’s available to you.
This is called Earned Wage Access (EWA), and we like that so many big employers take part, such as Amazon, Uber, AMC, Walmart, and Visa. It gives employees more control over money they've already earned.
Receiving an EWA disbursement has no fees if you receive it via ACH. However, there are fees to have the money deposited to a non-Payactiv card or to claim your money at a Walmart Cash Pickup. Repayment will show as a deduction on your next paycheck.
Other offerings from Payactiv
As a fintech company, Payactiv offers its customers a variety of smart financial resources and products, including:
- Payactiv Visa card
- Bill pay
- Goal-based savings
- Financial coaching
- Pay a friend
DailyPay: Best for accessing money you’ve already earned
Founded in 2015, DailyPay gives employees access to money already earned. It raised $5 million in Series A funding, $9 million in Series B funding, and $500 million in Series D funding.
Why we like DailyPay as best for getting the money you've already earned
DailyPay is another type of EWA, where you’re receiving money you’ve already earned, rather than waiting until payday to access your money. This is helpful if you need immediate access to funds for unexpected expenses or want to avoid relying on credit or loans between paychecks. For those who are paid less frequently, such as monthly, this can be a great relief.
With DailyPay, you can transfer up to $1,000 per day in as many as five total transfers. The amount you can transfer varies by what’s accumulated in your "Available now" section of the app and depends on the hours you've clocked for your shift. However, you can withdraw 100% of what’s available in that section, so if you have $500 available, you can withdraw $500.
According to DailyPay, 81% of employees who use its service stopped using payday loans altogether, and 15% reduced their use. The use of payday loans can bury employees in a cycle of debt that’s incredibly difficult to dig out of, so the ability to access earned wages through DailyPay can help break that cycle by providing a safer and more manageable alternative for covering short-term financial needs.
Other offerings from DailyPay
DailyPay is a fintech company offering the following products for employees:
- DailyPay Visa Prepaid card
- Credit Health, where you can track and monitor your credit score
Learn more: Read our DailyPay review
Albert: Best for occasional overdraft protection
College roommates Yinon Ravid and Andrzej Baraniak founded Albert in 2019 and aim to help customers have financial stability. Its members have saved and invested over $1 billion.
Why we like Albert as best for overdraft protection
Albert Instant will cover overdrafts that occur due to withdrawals at an ATM, debit card purchases, and electronic transfers, such as an ACH. You have six days to cover your overdraft; otherwise, it may suspend overdraft privileges.
In addition to its overdraft protection, users can earn up to 20% cash back on everyday spending like groceries and gas. You'll receive your paycheck up to two days early, have access to more than 55,000 ATMs fee-free, and monitor your identity 24/7 for suspicious activity.
It offers a 30-day free trial before you're charged for its app, so you can test drive it to see if Albert will work for you. Although Albert isn't a bank, users still receive Federal Deposit Insurance Corp. (FDIC) insurance through Sutton Bank.
Other offerings from Albert
While Albert isn’t a bank like most cash advance apps, it’s backed by a bank and provides several financial tools to help its customers spend, save, and invest wisely. These additional tools include the following:
- Access to finance experts through Genius, who can even analyze your spending and income to see if you can afford to save or invest more every week
- Banking with a Cash account
- Automate your savings based on your income, bills, and spending
- Invest as little as $1
- Budgeting tools that track your bills and spending
- Credit monitoring
What is a cash advance app?
Cash advance apps are tools that can bridge the financial gap between paychecks. You connect your bank account, upload employment and earnings info, and then you can transfer a portion of your upcoming earnings right into your bank account or on a designated debit card. Then, repay that advance during your next payday.
They can also be helpful for consumers facing potential penalties when their checking account funds are low.
“You can pay bills on time, and you can avoid overdraft fees,” says Ram Palaniappan, CEO of EarnIn, one of the cash advance apps outlined above. “That’s money that stays in your pockets.”
Cash advance app vs. payday lender
Typically, a cash advance is more flexible and convenient—ideal for short-term needs. A payday loan is often much less flexible and has higher risk than a cash advance. Here are some other key differences.
Pros and cons of cash advance apps
Cash advance apps are a popular means for getting quick access to funds before payday. Here are some things to consider before taking one.
Pros
- Quick access to funds, often within minutes
- Usually has no interest and few, if any, fees
- Often provides other tools and services, such as budget help
- You can usually move a repayment date if it’s a once-in-a-while thing
- No credit checks
Cons
- Compared to other options, the amount you can have advanced is low
- Can get trapped in a cycle of debt if you make a habit of receiving advances
- Relying on cash advances focuses on short-term relief without addressing long-term financial planning and saving
Are cash advance apps safe?
Usually, a cash advance app offers advanced encryption and security measures so that your data is protected. Additionally, some face regulations from financial authorities, depending on whether they're banks or fintech companies.
Another essential aspect to consider is whether taking a cash advance will further any financial hardship you face. While cash advances are less risky than other methods, such as a payday loan, they aren't suited for more significant financial issues that require long-term solutions.
Is a cash advance app right for me?
Determining whether a cash advance is right for you requires some self-reflection on your financial habits. If you take out a cash advance from multiple apps each pay period, this can signal some serious financial habits that can hinder you in the long run. The last thing you want is to end up with no wiggle room in your budget because you’ve had to repay all these advances, and you still have two weeks until payday hits again.
Consider these questions before you take a payday advance:
- How quickly do you need funds, or can it wait until your next paycheck?
- Can you afford to repay the advance without it creating a domino effect with the rest of your budget?
- Have you considered an alternative option, such as cutting back expenses or selling something on Facebook Marketplace or another site?
- Do you understand the fees you might be charged?
- How often do you face cash shortfalls?
- Can you avoid dependency?
- What is your financial health like?
- Do you have a plan to cover essential expenses after repaying the advance?
- Are you relying on advances regularly or is this a one-time need?
- Would a small emergency fund provide a better solution for unexpected expenses?
- Have you calculated the total cost of the advance, including any fees or tips, compared to other options?
- Is your current income stable enough to ensure you can repay the advance on time?
- Could accessing credit counseling services help improve your financial habits and reduce the need for advances?
- Is your current job enough to cover your expenses, or should you consider increasing your income?
Alternatives to cash advance apps
Cash advance apps aren’t the only choice if you need cash before payday. Here’s a look at some of your other options.
Buy now, pay later (BNPL) apps
A BNPL app is an attractive option if you have a large purchase to pay for but you don’t want it all to be taken out at once. However, if you get stuck in the cycle of using these to shop, rather than paying for the things you need, you can find yourself in an even worse position than where you started.
Personal loans or credit cards
A personal loan can usually help fund larger purchases, though you’ll be charged interest on this. Additionally, a credit card can help you out in a pinch with a cash advance.
“Someone would use a credit card if they could pay back that debt within a few months,” Noble says. “This is due to the large interest rates usually associated with them.”
Debt relief companies
A debt relief company can negotiate debt on your behalf and come up with a plan to help you pay much less than before. They do this by paying a lump sum to your creditors based on money you accumulate in a separate savings account while they do the negotiating. During this time, you’re not paying those creditors, so your credit score will tank in the short term. If you take this route, it’s important to address your financial habits so you don’t find yourself in a similar position years down the road.
Credit repair companies
While a credit repair company doesn’t lend money, it does help fix your credit by reporting inaccuracies on your credit report. In turn, this can help you qualify for less expensive funding options.
The long-term alternative to cash advance apps: Set up a sustainable budget
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
10 cash advance apps to borrow against your next paycheck
There are many cash advance apps to choose from, so make sure to compare your options before choosing which one to utilize. Consider the app’s fees, cash advance maximum, any interest charged, and other perks the service may feature—like overdraft protection or early access to your full paycheck.
We looked at the loan amount, time to pay out, fast-funding fees, any other subscription fees, and the app rating to determine the best cash advance apps available today:
EarnIn: Best for those who need immediate access to their paycheck
EarnIn is a cash advance app available on both Apple and Android devices. It offers cash advances of up to $750 per pay period and operates on a tip-based platform. Users have the option to add tips on each transaction to support EarnIn’s services.
Why we like EarnIn as best for immediate paycheck access
EarnIn has a feature where you can tip yourself between $1–$50 total per day, accumulating up to $2,000 across five tip jars. While it isn't interest-bearing, this can be used as a way to save money for specific expenses, such as a vacation or a rainy day.
EarnIn offers several added features, including Lightning Speed transfers, which enable payouts in minutes. There is also free credit score monitoring and a warning system called “Balance Shield” that alerts you when your funds are low.
When you take a cash advance from EarnIn, you can request up to $100 per day, or $750 per pay period. However, a member's first advance is $85 on average. Over time, the advance you're able to take can increase if you maintain a positive balance in your bank account and manage your spending. You won’t pay any interest, have any credit checks, or pay any fees to use it, either.
Learn more: Read our EarnIn review
Current: Best for an advance on your paycheck
With 4 million members, Current's team of 200 employees helps customers save money, get their paychecks early, invest their income, and build credit with everyday purchases. It’s headquartered in New York City.
Why we like Current as best for a paycheck advance
A paycheck advance through Current only requires a minimum payroll deposit of $500 while most apps require at least $800. Your advance can be deposited instantly for a fee. Otherwise, standard timing takes up to three business days.
There is no credit check to access a cash advance with Current. However, to qualify, you must have an eligible direct deposit into the account you have with Current or set up an external bank account with a direct deposit.
While Current charges no fees, other than if you want an instant deposit, it does give the option to leave a tip. You won’t be penalized in any way for not leaving a tip, although some may feel obligated to tip, so use your discretion.
Other offerings from Current
Current is a fintech company and not a bank. However, it offers bank-like services, including:
- A bank account that helps you build your credit
- Crypto trading
- A savings account that pays up to 4.00% as an annual bonus
Learn more: Read our Current review
Varo: Best for those who need flexibility in repayment terms
With more than 3 million customers, Varo is an online-only bank offering products like high-yield savings accounts, lines of credit, credit-building cards, standard bank accounts, and cash advances.
Why we like Varo as best for flexible repayment
When getting a cash advance, most apps require you to repay your advance on your next payday. However, Varo lets you choose anywhere from 15 to 30 days from the date you receive your advance. Plus, you can split this amount into as many payments as needed, provided you pay it back within 30 days.
Like most cash advance apps, you won't be able to borrow the maximum amount during your first advance. Instead, you must work your way up to it. If you have larger direct deposits, other than the minimum of $800 to get an advance, you may qualify for higher advances right out of the gate. You'll also need to be a Varo customer, with a Varo Online Bank Account or Savings Account.
When users rely on short-term borrowing, they can sometimes get stuck in a cycle of debt that's not easy to get out of. But with Varo, its system evaluates your ability to take an advance daily. So, if you're having a difficult time paying back a Varo Advance or have a negative account balance, you won't be able to take out another one until you've brought these into good standing.
Other offerings from Varo
Varo helps its customers manage several areas of their finances, including banking, budgeting, and credit:
- Online banking
- High-yield savings account
- Credit builder card
- Personal line of credit
Learn more: read our Varo review
Chime: Best for low-fee instant deposits
Chime is a financial technology (fintech) company offering MyPay™, which allows customers to get an advance on their paychecks. In addition to MyPay™, it offers several other online banking products.
Why we like Chime for best instant deposits
When you receive an advance on your paycheck from Chime, you won’t pay any fees to have your funds deposited within 24 hours. However, if you need quick access to your funds, you can request an instant deposit. Normally, apps charge a percentage of the advance as a fee, often around 1.75% to 2%.
With Chime, you’re paying a flat fee of $2, no matter the amount of the advance. So, if you’re taking a larger advance, you’re still only paying $2. On other apps, you might pay a $5–$10 fee on an advance of a few hundred dollars.
Unlike other cash advance apps, you’re also not asked to provide a tip. Instead, Chime makes its money through interchange fees on its other products.
Other offerings from Chime
Besides its cash advance product, Chime offers a host of other options for its customers. These include:
- Chime account: This is its online bank account. Chime doesn't use ChexSystems nor does it check your credit, making it ideal for those with less-than-stellar banking histories.
- High-yield savings: Receive up to 2.00% APY on your money.
- Chime Visa debit card: With a debit card, you can access funds from more than 50,000 fee-free ATMs.
- SpotMe: Provides up to $200 in fee-free overdraft protection.
Learn more: Read our Chime review
Chime is a financial technology company, not a bank. MyPayTM line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).
^To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
*Free transfers within 24 hours or $2 fee applies to get funds instantly.
SoLo Funds: Best for peer-to-peer (P2P) cash advances
SoLo Funds is the first Black-owned fintech company, founded by Travis Holoway and Rodney Williams. It offers P2P lending via an app with more than 1 million users, 82% of whom come from underserved ZIP codes. This equates to 600,000 loans made with a transaction volume of more than $300 million.
Why we like Solo Funds as best for peer-to-peer loans
SoLo Funds offers flexible loan terms and allows you to state what the funds will be used for, which could potentially entice the lender to choose your advance to fund. These cash advances are community-based rather than provided directly by the platform. When you request an advance, lenders can see your SoLo Funds score, letting them know how risky it is to lend to you, and they can also see if you're providing them with a tip. Meanwhile, this also means lenders are far less likely to lend to you if you do not tip. The maximum tip you can give is 15%.
Solo Funds advertises that your money will arrive in your account usually in less than 20 minutes. However, it's important to understand that recent changes in its fee structure makes it less advantageous for lenders to lend money. This means your advance request may never be funded.
Other offerings from SoLo Funds
While SoLo Funds isn’t a bank like many on this list, it is a fintech company with bank-like products. This includes SoLo Wallet, which is banking with debit cards, no overdraft fees and, eventually, it plans to add life insurance and interest to these accounts too.
Dave: Best for those who need budgeting assistance along with the added convenience of small cash advances
Dave—a take on David slaying Goliath (aka large banks)—aims to provide banking services to “the commoners.” It uses artificial intelligence (AI) to help underwrite its ExtraCash Advancements and help customers manage their accounts.
Why we like Dave as best for ExtraCash Advancement plus budgeting
We love Dave’s take on using AI to help underwrite how much a customer qualifies for using its ExtraCash Advancement. It examines over 180 data points to determine the amount to offer customers. These factors include employment history, income, bank account balance, history with Dave, and the customer's spending patterns.
When you request an ExtraCash Advancement and are approved, it takes five minutes for the money to hit your bank account. While amounts vary, the average amount a customer is approved for an ExtraCash Advancement is $160.
Dave also offers a “side hustle” feature, which connects users with local flex jobs that work with their schedule. You can also earn money by taking surveys through Dave.
Other offerings from Dave
Besides its ExtraCash advances, customers can also have the following types of accounts with Dave:
- Spending Account: This operates similar to a bank account and earns up to 4.00% APY.
- Goals Account: Set goals and automate your savings all while earning 4.00% APY.
Vola: Best for overdraft advances
Vola is a subscription service with more than 300,000 clients. Since its inception, it has helped its customers save more than $15 million in bank fees.
Why we like Vola as best for overdraft advances
Relying on cash advances can impact your financial situation negatively over time. That’s why we like Vola—it rewards you actively for increasing your financial literacy and limits the number of advances you can take.
By linking your bank accounts, you can see your balances and spending at a glance, and it will send you alerts when your balance is low. This way, you can request an advance to help cover you so you won't have to pay any nonsufficient funds (NSF) or overdraft fees by your banking institution.
To keep users from getting into a cycle of debt by becoming reliant on its service, Vola has a low minimum advance amount of $500 and limits the frequency of cash advances to two advances in a 30-day period. Unlike most cash advance apps, you can report eligible payments to credit bureaus to help build your credit score.
Payactiv: Best for accessing your paycheck early
Headquartered in Milpitas, California, Payactiv got its start in 2012. It works with more than 1,500 businesses and has helped over 2 million users access more than $5 billion in wages.
Why we like Payactiv as best for an early paycheck
Sometimes, making ends meet before your next paycheck is due to arrive is made difficult by emergencies. With Payactiv, you can access the money you’ve already earned before your next paycheck. This requires employer participation but is a great feature to have if it’s available to you.
This is called Earned Wage Access (EWA), and we like that so many big employers take part, such as Amazon, Uber, AMC, Walmart, and Visa. It gives employees more control over money they've already earned.
Receiving an EWA disbursement has no fees if you receive it via ACH. However, there are fees to have the money deposited to a non-Payactiv card or to claim your money at a Walmart Cash Pickup. Repayment will show as a deduction on your next paycheck.
Other offerings from Payactiv
As a fintech company, Payactiv offers its customers a variety of smart financial resources and products, including:
- Payactiv Visa card
- Bill pay
- Goal-based savings
- Financial coaching
- Pay a friend
DailyPay: Best for accessing money you’ve already earned
Founded in 2015, DailyPay gives employees access to money already earned. It raised $5 million in Series A funding, $9 million in Series B funding, and $500 million in Series D funding.
Why we like DailyPay as best for getting the money you've already earned
DailyPay is another type of EWA, where you’re receiving money you’ve already earned, rather than waiting until payday to access your money. This is helpful if you need immediate access to funds for unexpected expenses or want to avoid relying on credit or loans between paychecks. For those who are paid less frequently, such as monthly, this can be a great relief.
With DailyPay, you can transfer up to $1,000 per day in as many as five total transfers. The amount you can transfer varies by what’s accumulated in your "Available now" section of the app and depends on the hours you've clocked for your shift. However, you can withdraw 100% of what’s available in that section, so if you have $500 available, you can withdraw $500.
According to DailyPay, 81% of employees who use its service stopped using payday loans altogether, and 15% reduced their use. The use of payday loans can bury employees in a cycle of debt that’s incredibly difficult to dig out of, so the ability to access earned wages through DailyPay can help break that cycle by providing a safer and more manageable alternative for covering short-term financial needs.
Other offerings from DailyPay
DailyPay is a fintech company offering the following products for employees:
- DailyPay Visa Prepaid card
- Credit Health, where you can track and monitor your credit score
Learn more: Read our DailyPay review
Albert: Best for occasional overdraft protection
College roommates Yinon Ravid and Andrzej Baraniak founded Albert in 2019 and aim to help customers have financial stability. Its members have saved and invested over $1 billion.
Why we like Albert as best for overdraft protection
Albert Instant will cover overdrafts that occur due to withdrawals at an ATM, debit card purchases, and electronic transfers, such as an ACH. You have six days to cover your overdraft; otherwise, it may suspend overdraft privileges.
In addition to its overdraft protection, users can earn up to 20% cash back on everyday spending like groceries and gas. You'll receive your paycheck up to two days early, have access to more than 55,000 ATMs fee-free, and monitor your identity 24/7 for suspicious activity.
It offers a 30-day free trial before you're charged for its app, so you can test drive it to see if Albert will work for you. Although Albert isn't a bank, users still receive Federal Deposit Insurance Corp. (FDIC) insurance through Sutton Bank.
Other offerings from Albert
While Albert isn’t a bank like most cash advance apps, it’s backed by a bank and provides several financial tools to help its customers spend, save, and invest wisely. These additional tools include the following:
- Access to finance experts through Genius, who can even analyze your spending and income to see if you can afford to save or invest more every week
- Banking with a Cash account
- Automate your savings based on your income, bills, and spending
- Invest as little as $1
- Budgeting tools that track your bills and spending
- Credit monitoring
What is a cash advance app?
Cash advance apps are tools that can bridge the financial gap between paychecks. You connect your bank account, upload employment and earnings info, and then you can transfer a portion of your upcoming earnings right into your bank account or on a designated debit card. Then, repay that advance during your next payday.
They can also be helpful for consumers facing potential penalties when their checking account funds are low.
“You can pay bills on time, and you can avoid overdraft fees,” says Ram Palaniappan, CEO of EarnIn, one of the cash advance apps outlined above. “That’s money that stays in your pockets.”
Cash advance app vs. payday lender
Typically, a cash advance is more flexible and convenient—ideal for short-term needs. A payday loan is often much less flexible and has higher risk than a cash advance. Here are some other key differences.
Pros and cons of cash advance apps
Cash advance apps are a popular means for getting quick access to funds before payday. Here are some things to consider before taking one.
Pros
- Quick access to funds, often within minutes
- Usually has no interest and few, if any, fees
- Often provides other tools and services, such as budget help
- You can usually move a repayment date if it’s a once-in-a-while thing
- No credit checks
Cons
- Compared to other options, the amount you can have advanced is low
- Can get trapped in a cycle of debt if you make a habit of receiving advances
- Relying on cash advances focuses on short-term relief without addressing long-term financial planning and saving
Are cash advance apps safe?
Usually, a cash advance app offers advanced encryption and security measures so that your data is protected. Additionally, some face regulations from financial authorities, depending on whether they're banks or fintech companies.
Another essential aspect to consider is whether taking a cash advance will further any financial hardship you face. While cash advances are less risky than other methods, such as a payday loan, they aren't suited for more significant financial issues that require long-term solutions.
Is a cash advance app right for me?
Determining whether a cash advance is right for you requires some self-reflection on your financial habits. If you take out a cash advance from multiple apps each pay period, this can signal some serious financial habits that can hinder you in the long run. The last thing you want is to end up with no wiggle room in your budget because you’ve had to repay all these advances, and you still have two weeks until payday hits again.
Consider these questions before you take a payday advance:
- How quickly do you need funds, or can it wait until your next paycheck?
- Can you afford to repay the advance without it creating a domino effect with the rest of your budget?
- Have you considered an alternative option, such as cutting back expenses or selling something on Facebook Marketplace or another site?
- Do you understand the fees you might be charged?
- How often do you face cash shortfalls?
- Can you avoid dependency?
- What is your financial health like?
- Do you have a plan to cover essential expenses after repaying the advance?
- Are you relying on advances regularly or is this a one-time need?
- Would a small emergency fund provide a better solution for unexpected expenses?
- Have you calculated the total cost of the advance, including any fees or tips, compared to other options?
- Is your current income stable enough to ensure you can repay the advance on time?
- Could accessing credit counseling services help improve your financial habits and reduce the need for advances?
- Is your current job enough to cover your expenses, or should you consider increasing your income?
Alternatives to cash advance apps
Cash advance apps aren’t the only choice if you need cash before payday. Here’s a look at some of your other options.
Buy now, pay later (BNPL) apps
A BNPL app is an attractive option if you have a large purchase to pay for but you don’t want it all to be taken out at once. However, if you get stuck in the cycle of using these to shop, rather than paying for the things you need, you can find yourself in an even worse position than where you started.
Personal loans or credit cards
A personal loan can usually help fund larger purchases, though you’ll be charged interest on this. Additionally, a credit card can help you out in a pinch with a cash advance.
“Someone would use a credit card if they could pay back that debt within a few months,” Noble says. “This is due to the large interest rates usually associated with them.”
Debt relief companies
A debt relief company can negotiate debt on your behalf and come up with a plan to help you pay much less than before. They do this by paying a lump sum to your creditors based on money you accumulate in a separate savings account while they do the negotiating. During this time, you’re not paying those creditors, so your credit score will tank in the short term. If you take this route, it’s important to address your financial habits so you don’t find yourself in a similar position years down the road.
Credit repair companies
While a credit repair company doesn’t lend money, it does help fix your credit by reporting inaccuracies on your credit report. In turn, this can help you qualify for less expensive funding options.
The long-term alternative to cash advance apps: Set up a sustainable budget
Consistently using cash advance apps can get you stuck in an ever-widening gap between how much you’re spending and how much cash you actually have available. Creating a budget that you can stick to long-term is a much better solution than relying on cash advance apps before every paycheck. While you may need to tighten your belt for a while, you’ll thank yourself in the long run.
Try using a platform that syncs with your bank accounts so you can see your entire financial picture at a glance—the best budgeting apps can help you manage your subscriptions and negotiate for lower bills, saving you even more.
Methodology
We looked at more than 20 cash advance apps and determined the best cash advance apps available today based on these factors:
View this interactive chart on Fortune.com
- Loan amount per pay period (25%): The most important factor to consider is how much money you can access through the app.
- Speed to access funds without paying a fee (20%): The point of a cash advance app is to get money quickly. If it's not instant or same-day, we rated the app less highly.
- Maximum loan amount per day (15%): Several apps have daily limits that differ from the limit you can access during a pay cycle—if you need money fast, a daily limit could impact how helpful the app will actually be.
- Fast-funding fee (15%): Some apps require a fee if you want instant access to the cash.
- App rating (15%): User experience is critical when trying to move quickly and get the funds you need. Apps that were rated highly scored higher in our rubric.
- Monthly subscription fee (10%): If the app charges a subscription fee to use the service, we rated it less highly.
The takeaway
Cash advance apps let you access a portion of your paycheck early and may be a good option on occasion. As Lokenauth explains, however, “These should not be used as a long-term financial solution.”
Using cash advances often may indicate a deeper financial issue, so if you find yourself needing help regularly, consider working with a credit counselor or budgeting professional for help. Building up an emergency fund can also help you better handle a financial emergency should one arise.
Frequently asked questions
What is the best pay advance app?
Our top-rated pay advance app is Varo, which allows users to repay advances 15–30 days later on a flexible schedule, splitting up the payments as needed. Initial advances can be up to $250 and with time, customers can increase that to $500. The app requires $800 in monthly direct deposits to a linked checking account to qualify.
What is the easiest cash advance app to use?
Current is a simple app to use if you want a cash advance. It only requires a minimum payroll deposit of $500, whereas many competitors require much more. Additionally, you’re not required to have a Current bank account to get the money. Dave is also an easy-to-use app that takes minutes to set up and doesn’t charge interest or late fees.
What app will let you borrow money instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction. Usually, you can save that fee if you’re willing to wait up to an hour for a normal deposit.
What app gives the largest cash advance?
From our list, Payactiv offers up to $1,500. However, you’ll need your employer to participate in the app in order to qualify for an advance. It works to receive money you’ve “already earned” right after you’ve worked, instead of waiting for your paycheck.
How do I borrow $100 instantly?
EarnIn, Dave, and Empower all have options to receive instant access to a $100 cash advance. The amount you’re able to advance depends on many factors, such as spending habits, employment history, and income stability.
Are cash advance apps payday lenders?
Cash advance apps aren’t payday lenders, and they don’t technically offer “loans.” They connect directly to your bank account and set a borrowing limit based on your transaction history, and they provide cash advances against your paychecks. As such, they don’t charge interest or late fees, and they often let you borrow money for free, unless you opt for an add-on service for extra fees.
Does getting a cash advance affect your credit score?
Getting a cash advance from an app doesn’t affect your credit score, because it doesn’t run a credit check. Because these apps aren’t technically lenders, they rely on your payment history rather than your credit history to decide your advance limits. It could, however, hurt your credit score if you don’t repay advances on time, because some apps do report late payment history.
