Payday loans have emerged as one of the most popular short-term borrowing tools and payday lending has reached a record high level. With the rising popularity of Payday loan apps, lenders also have started charging high interest on these short-term loans.
There are several drawbacks of attaining such high-interest loans but they can sometimes prove to be life saviors on our bad days. Whether you have to cope with an unplanned expense or you have to pay a bill before your next paycheck, Payday loans are the easiest way to get instant money.
If you are in dire need of cash, here we have provided the best applications that can provide the best payday loan options for you.
Best Payday Loan Apps In 2022
The number of Payday loan apps is climbing with each passing day, so you have plenty of options to choose from. From low fee applications to ones that give smaller loan amounts and others having customer-friendly operations, we have rounded up some of the best Payday loan apps here. Let’s get started.
Best Payday Loan Application Number One: Earnin
Earnin has made it to the top of our Best Payday Loan applications list following its low-interest fee. As far as other applications are concerned, most of the Payday loan applications charge high interest on advances. However, this is not the case with Earnin, it asks users to pay a tip along with the borrowed amount while returning the advance.
Also, the amount of tip they ask the users to pay is not fixed, users have to pay whatever amount seems appropriate to them. Nonetheless, you have to meet some requirements to be eligible to use the app. These eligibility requirements are as follows:
- The Payday loan applicant must present proof of consistent pay that may be monthly, biweekly, or weekly.
- Half the percentage of the applicant’s income must be sent to a single checking account each month or each pay period.
- The loan applicant must also work at the same workstation or they must use an electronic timesheet to track their hours.
Initially, the Earnin app users who meet the above requirement will be eligible to withdraw $100 per pay period but this initial limit can be increased up to $500, as you prove to be a good customer by paying off the debt in a timely manner.
Another benefit of using the Earnin app is, if your bank supports Earnin’s “Lightning Speed” feature, you can get instant cash. However, if your bank doesn’t cover up this feature it might take one or two business days to get the money.
Alongside all the above benefits, the Earnin app will also notify you of your low payments when you have signed up for the balance shield alerts. As your balance limit falls below $100, you also have the option to cash out another $100 by signing up for the Balance Shield Cash Outs. This feature secures you against overdraft.
Best Payday Loan Application Number Two: Brigit
If you are looking to get small cash out, Brigit would be the best option as it doesn’t charge you interest or tip on advances ranging from $50 to $250. However, if you want a greater amount of cash, you will have to sign up for the Brigit Plus plan and it will charge you $9.99 a month on the lending.
The Brigit Plus plan comes with some other benefits including instant cash transfers and budget tracking tools.
Further, Brigit follows a scoring model that works on three basic factors; user earning profile, user’s bank account health, and earning behavior. Based on these financial habits, the application gives the users a score of 0 to a hundred. If you are able to get a score of 70 or more, you will be eligible to get instant cash from the app.
The app works with more than 6000 banks and credit unions and keeps track of your spending habits. If your bank account shows a negative balance, Brigit will transfer cash automatically to your account in order to protect you from an overdraft.
Best Payday Loan Application Number Three: Branch
The next Payday loan application you can rely on is ‘Branch’ and it is famous for offering cash advances against the hours you have already worked. Alongside the cash advances, the company also offers some other benefits including an ATM withdrawals facility at over 40000 localities, debit cards, and fee-free account checking.
Branch also has some lenient eligibility requirements. To be able to get a cash advance, you must present proof of your employment and account details where your employer has deposited a minimum of $40 for two consecutive months. Also, the bank where your employer has shared the deposit must be a participating bank of Branch.
The best part about using this Payday loan app is, it doesn’t charge interest on your cash advances but the fee may vary according to the channel you decide on receiving the amount. If you are planning to get the amount directly on your branch debit card, the company will not charge any fee. However, if you aim at getting the money on any of your external bank accounts, you will have to pay a fee ranging from $2.99 to $4.99 based on the amount you are borrowing.
Best Payday Loan Application Number Four: Dave
Another application that got our attention is ‘Dave’ that can cover you with cash advances up to $100. If you are running out of cash to pay any immediate expense, Dave is the go-to Payday loan app.
This lending application also doesn’t ask you to provide a credit check. However, you will have to prove that you are going to get enough funding with your next paycheck to pay off the money you are borrowing.
Quite similar to other loan apps, Dave asks the borrower to pay tips to help support its operations. Besides this, you will not be asked to pay any sort of interest. The application also keeps sending low-balance alerts to help you protect yourself from overdrafts.
The app asks for a small membership fee of $1 on its standard funding option following which you can get your advance in two or three business days. However, the Express funding option enables you to get funding instantly but charges a small fee depending on the borrowed amount.
Best Payday Loan Application Number Five: MoneyLion
The final app that we would suggest you rely on in your crucial times is MoneyLion. This Payday Loan app offers up to $250 cash advances on 0% APR. To get instant cash, all you are required to do is link an eligible checking account with the app once you have successfully signed up on it.
What makes MoneyLion the best choice is, it comes with a mobile banking account and auto investing account services and that for free. It also gives its members access to credit-builder loans for minimal membership charges.
The application doesn’t charge a fee on regular amount deliveries however if you are trying to get the instant cash you might need to pay some fee according to the amount of credit and channel you decide on to transfer.
As far as the amount of advance is concerned, you will get approval based on activities recorded on your linked bank account.
The Bottom Line
Payday loans are growing at a higher rate than before. This increase in demand has enabled the Payday lenders to charge have fees and interest on the borrowings. Its increased use depicts that a lot of consumers are relying on loans and are under the constant pressure of debts which is a matter of concern.
Based on these concerns, the Payday loans are being strictly regularized by the government and there also are some applications that are being prohibited by the state following their high rates.
Related: 5 Best Construction Loans You Can Easily Qualify For In 2022
