Which loan app should I choose? Loan apps provide a convenient and efficient way to secure cash when needed and may even help save you money by helping avoid overdraft fees and overdraft charges.
Many apps provide immediate cash advances at an immediate rate; however, most charge a fee in the form of an annual percentage rate (APR).
SoFi is an online personal finance and banking company offering a broad selection of financing and savings products, including checking and savings accounts with competitive interest rates and no monthly fees, no-fee credit card and various investing opportunities. Their mobile app features simple money management tools with an easy user interface.
SoFi has an outstanding track record when it comes to customer service, providing answers via phone or email as well as social media and an extensive FAQ section. Furthermore, their apps boast strong reviews on both Apple and Google App Stores while their online banking service eliminates overhead expenses which allow the bank to pass these savings along to its members.
PayActiv is one of the more well-known loan apps that help individuals manage their money effectively. It utilizes a secure app that connects directly to your bank account and tracks deposit activity before providing a cash advance – typically up to several hundred dollars at most – typically taken back within an agreed upon timeline (typically automatically, though you can select a date yourself).
The app provides a cost-effective alternative to payday loans and credit card cash advances for workers living paycheck to paycheck, with features including savings tools and financial counseling provided by Central Bank of Kansas City which guarantees up to $250,000 of protection against unexpected bills or bills that come due.
Brigit is an app that helps people save money and avoid overdraft fees by giving a centralized view of their finances, with budgeting tools and automated alerts for budgeters and automatic alerts for budgeters alike. Furthermore, Brigit provides interest-free cash advances without credit checks – something particularly valuable to people living paycheck-to-paycheck as this prevents them from incurring high-interest debt or resorting to payday loans.
Brigit is a legitimate company, operating since 2019. Their app utilizes a secure 256-bit encryption system to safeguard users’ personal and banking data, while its transparency policy and Better Business Bureau rating provide further proof of legitimacy. Users can find additional details regarding Brigit’s mission and team on its website.
Klover offers cash advances that are similar to payday loans without charging interest or additional hidden fees, along with budgeting tools and rewards programs. Users must provide bank account and debit card details; Klover may use this data to deliver relevant advertisements; however, Klover maintains it does not sell personal information.
Klover differs from other loan apps in that it doesn’t check your credit score to qualify for its service, though they require at least $100 in your checking account to qualify. An advance can take one to two business days with an option available to expedite it faster for an extra fee. Plus you can earn points watching video ads, taking surveys, or referring friends!
Dave is a financial app that promises to protect users from overdraft fees and offer paycheck advances for unexpected expenses. Dave contrasts banks by collecting $30 billion annually in overdraft fees with “insane interest rates,” while offering its service free for members with regular direct deposits while helping build credit by reporting rent and utility payments to credit bureaus.
The company claims it accesses users’ accounts in read-only mode, with their app receiving a 4.8 rating on the App Store. Standard delivery typically takes between 1-3 days while express funding may be available for an additional fee. Designed specifically to attract gig economy workers in need of additional income opportunities and financial stability. Based in California.