Instead of falling prey to predatory lenders or loan sharks, there are legitimate apps that allow you to borrow money and pay it back at the stipulated date or time. Let’s know Best Apps That Let You Borrow Money
Some of the cash advance apps that will borrow you money are listed below
Apps that let you borrow money
- Dave
Amount: You can borrow up to $250
APR: There is a 0% APR
Fees: You will have to pay a $1 membership fee and for same-day cash advances, a $1.99 to $5.99 fee
Eligibility: To be eligible, you have to have cash left over after paying your bills and have at least two qualifying direct deposits.
Pros
- Dave does not check your credit or charge interest
- You are allowed to borrow up to $250
- You can also link your existing bank account to the app
- Dave had a three-day standard free funding
Cons
- You have to pay a monthly $1 membership fee
- Possible
Amount: You can borrow up to $500
APR: There is a 150% to 200% APR
Fees: There is no fee
Eligibility: To be eligible, you have to have a checking account that has been valid for three months, a direct deposit of $750 per month, and a surplus balance each month.
Pros
- Possible does not check your credit or charge interest
- You are allowed to borrow up to $500
- Possible give a 29-day grace for late payment
Cons
- There is a high APR
- SoLo Funds
Amount: You can borrow up to $500
APR: There is a 3% to 10% APR
Fees: You will be charged a 15% late payment fee of the amount loaned
Eligibility: To be eligible, you have to meet the P2P lenders’ criteria
Pros
- SoLo funds offer same-day funding
- You can borrow up to $500 without a credit check
- You can also link your bank account to the app
Cons
- You have to meet the criteria of the independent lenders to be approved for a loan
- You are charged a late payment fee of 15%
The other apps are:
- MoneyLion
Amount: You can borrow up to $250
APR: There is a 0% APR
Fees: You will have to pay a $1.99 to $7.99 immediate cash advance fee
Eligibility: To be eligible, you have a checking account that has been valid for at least two months, and make sure the account has a positive balance.
Pros
- You can borrow up to $250 without a credit check
- You can link your existing bank account to the app
- MoneyLion charges no monthly membership fee
Cons
- It charges a high fee for instant cash advance
- Brigit
Amount: You can borrow up to $250
APR: There is a 0% APR
Fees: You will have to pay a $9.99 membership fee
Eligibility: To be eligible, you have to have a Brigit score of more than 40%
Pros
- Brigit does not charge interest or check your credit
- You are allowed to borrow up to $250
- The fund is deposited into your account as fast as 20 minutes after applying
Cons
- You have to pay a monthly $9.99 membership fee
- You have to take a Brigit test and score above 40% to be qualified for a loan
- Grain
Amount: You can borrow up to $1000
APR: There is a 15% to 17.99% APR
Fees: You will have to pay a 1% fee per withdrawal and a late payment fee of 5% of the balance due.
Eligibility: To be eligible, your checking account will be analyzed by Grain’s algorithm to determine eligibility
Pros
- You are allowed to borrow up to $1000
- You can link your existing bank account to the app
- There is no membership fee
Cons
- You have to pay a 1% fee for every withdrawal
- You have to pay a late payment of 5% of the balance due
- Earnin
Amount: You can borrow up $500 per pay period and $100 per day
APR: There is a 0% APR
Fees: You will have to pay $3.99 to $100 for a same-day cash advance. However, you are freely given the first one.
Eligibility: To be eligible, your checking account has to have frequent direct deposits.
Pros
- Earnin does not check your credit or charge interest
- You are allowed to borrow up to $100 to $500 in cash
- You are given a free same-day cash advance for your first time
- There is no monthly membership fee
Cons
- You have to provide certain location and identity information
- It charges a high fee for a subsequent same-day cash advance.
Frequently Asked Questions
Question 1: Will PayPal loan me money?
Answer: Yes, they might, however, it depends on your PayPal account history.
Question 2: Which app is the most flexible app where I can borrow money?
Answer: MoneyLion is a very flexible cash advance app.
Question 3: How much can I borrow from SoLo fund?
Answer: You can borrow up to $500 from SoLo fund with a 3 to 10% APR.
