Do you know that some mobile applications can lend you money in the USA? Some of these apps can give you up till your payday to pay back your debt. In this write-up, we shall take a look at 7 top loan apps in the USA.
Money Lending Apps
Money lending apps are mobile apps that allow you to borrow approximately between $50 and $500 and pay it back in full when you receive your next paycheck. In some cases, you can find apps that allow you to borrow this money with no interest or fees. Some may include an optional tip feature that allows you to specify how much you want to pay for the service.
Top USA Money Lending Apps
There are so many apps that can lend you money in the USA. Here are some of the most reputable ones.
Dave
With Dave, you have far more options than with many other money-lending apps.
Borrowers can qualify for up to $500 in ExtraCash funds, which are deposited directly onto the Dave Debit Mastercard. It is quick and simple to apply, and you will not be charged interest on the loan. Dave also does not charge late fees.
Brigit
This app may advance you between $80 and $250, but to be eligible for “instant transfers” and other features, you must pay $9.99 per month for the Brigit Plus plan.
The app, which is available for both Android and Apple devices, is notable for its budgeting tools that assist you in tracking your spending as well as its “Brigit score” model.
Your Brigit score ranges from 0 to 100 and measures three aspects of financial wellness: bank account health, spending behavior, and earnings profile.
Chime
The Chime app helps you receive your paycheck two days before payday. On the chime app, you can request a loan of up to $100, which will be automatically debited when you are paid.
Chime also provides banking services such as secured credit cards, high-yield savings accounts, and no-fee ATMs. There are no monthly or minimum balance fees with a Chime checking account. Chime will also cover up to $200 in debit card purchases with no overdraft fees through its SpotMe service. Signing up costs nothing.
Chime Mobile app is available for both Android and iOS devices.
Earnin
This is a paycheck advance app that connects your checking account and work’s electronic timesheets to receive quick direct deposit advances before the payment date.
You can pay however much you want for the service, with $0 tip options available. New users begin with a maximum pay period advance of $100. You can gradually increase your limits up to $500.
Possible Finance
Possible Finance offers a payday loan alternative that allows you to borrow up to $500 and repay it over eight months in four equal installments. You will pay interest on the loan, but there are no late payment penalties.
Each on-time payment will also contribute to the development of your payment history and grant you access to the Possible Card.
With Possible finance, you get instant funding options and good grace periods for late payments.
Money Lion
This is another app that allows you to borrow money, save money, and invest right from the palm of your hand.
A Credit Builder Plus membership, which costs $19.99 per month, is required to obtain a credit-builder loan through the Money Lion app.
Earning rewards for logging into the app and making purchases of more than $10 per month with your moneyLion Visa debit card (if you have one) can help offset the cost of membership.
MoneyLion does not run a credit check to determine your eligibility for credit-builder loans. Instead, you’ll link your primary checking account, and the company will look over your account activity to see if you qualify.
Empower
Do you need some extra cash to get to your next paycheck? Empower has your back. Get up to $250 right away. Say goodbye to overdraft fees and financial stress. No credit check or security deposit is required to qualify for Empower loans.
This platform provides cash advances as well as budgeting tools and bank accounts. An Empower advance typically takes one day to fund, but users can pay an instant delivery fee to receive funds within an hour. The app includes an automatic savings feature that allows users to choose an amount from their checking account to be transferred to their savings account.
Are Money Lending Apps Reliable?
Apart from credit unions and traditional banks, there are two main ways to borrow money. These two ways are money lending apps and online lending networks. They are both reliable depending on the lender you use.
Alternatives to Using Borrowing Apps
Some alternatives to using these types of services are:
Get Loans from Relatives or Friends
This is one of the best options if you have relatives that can give. Most friends and relatives will not request any interests. As long as you can pay back at the time of the agreement, you will have no problems.
Get Loans from Credit Unions
You may be eligible for a small personal loan if you belong to a credit union. They frequently have competitive interest rates and repayment terms of up to a year. Credit unions frequently conduct credit checks. However, a lower score does not always imply denial, as the credit union may approve you based on your solid banking history.
Get Small Personal Loans from Online Lenders
Check out online lenders for small personal loans. If you’re concerned that your credit score is too low, some lenders offer loan products for borrowers with less-than-perfect credit.
You’ll pay higher interest, but it’s limited to 36 percent.
Earn a Higher Income
This is the best option for you. If you have a better income, you will not be stranded in situations of emergencies. I suggest having up to three sources of income. Passive sources are also good options.
What is the Minimum Credit Score Required to Get a Loan from an App?
A money lending app or online lending network does not require a minimum credit score. Having said that, each lender has its algorithm for determining credit worthiness. Your application may be accepted by one lender but rejected by another.
