7 Best Money Borrowing Apps You Should Download Right Now

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“Are there apps that let me borrow money?”

At some stage, everyone will ask themselves that question. Whether you need a little extra to cover your bills, this month’s rent or you want to splurge on yourself, it’s nice to know when you have options.

Thankfully, long gone are the days when loans were only available from major banks and the lending process was reserved for certain individuals (and certain financial eligibility) only.

The consumer lending landscape has changed and it’s not changing back.

Whether it is for a planned expense, an unexpected indulgence, or an emergency, you absolutely can get the funds you need from a loan. But you don’t need to head to your local bank. You can download and use a money-borrowing app instead. 

Apps that loan you money are ideal for bridging your cash flow gaps and providing flexible funding options. So we’ve rounded up the top 7 money borrowing apps you should consider downloading.

What we’ll cover:

7 apps that let you borrow money

You’re spoiled for options if you need to borrow as money apps come in all shapes and sizes. 

Each app is slightly different in the way it works and with lending requirements, so you’ll need to find the app that meets your individual requirements. Many will let you borrow $40 now and then increase the amount you can access to $200 or more with a little bit of good usage history. These are some of the apps we think you should take a look at:

#1. Earnin – Get up to $500 with no fees

Earnin cash out $100

If you want to be able to borrow up to $100 per day in just a few minutes – and with NO FEES – then the Earnin app is a must-have on your phone.

Earnin gives you fast and easy access to up to $100 per day and up to $500 per period. Download the free Earnin app, create an account in just a few minutes and you can borrow money right away, as soon as you’re verified. There is no credit check and you don’t need to setup direct deposit.

Earnin links to your existing account and gives you advances against your next paycheck. If you’ve worked this pay period (either for an employer or a gig company like Door Dash or Lyft) but haven’t been paid yet, Earnin gives you instant access to your earnings.

Cash is deposited into your existing bank account, usually in under 30 minutes, so you can use it however you like – withdraw cash at an ATM, pay for purchases with you debit card, or make sure that a check or bill payment gets paid on time. It’s a great way to get cash when you need it without paying overdraft fees. Your advance will be automatically repaid when you receive your next paycheck, and you can use Earnin to cash out again whenever you need to.

Best of all, you can cash out with Earnin absolutely free. There are no fees. You will be encouraged to leave an optional tip, but whether you tip or not won’t impact your ability to make future cash outs.

Borrow up to $100 right away >>> Check out the free Earnin app

#2. Current – Borrow up to $200 with fee-free overdrafts

download current app

Current gives you ability to instantly borrow up $200 with no interest or fees. There’s no credit check either.

With Current you get nearly all of the features you use a bank for, straight from your phone. Sign up for Current and you’ll get a Current debit card, which you can use at the millions of merchants that accept Mastercard, or withdraw cash from nearly 40,000 ATMs with no-fee. You can also cash checks right in the app, and even earn rich cash-back rewards when your debit card, such as 4% at tons of local and national restaurants, and 2% back at brand-name gas stations.

The most popular feature is Current Overdrive, which gives you instant access to up to $200 in no-fee overdrafts in debit card purchases. Unlike many other apps, you don’t need to plan ahead for when you’ll need extra cash. Just make qualifying direct deposits to your Current account, and Overdrive will kick-in whenever you need it, so you can avoid the inconvenience, embarrassment and high fees of making your purchase when you don’t have enough money in your account.

Get up to $200 whenever you need it >>> Check out the free Current app

#3. PockBox – When you need to borrow up to $2,500 fast

If you need more cash than most cash advance apps offer to new users, PockBox is a great way to see how much you can borrow.

Answer just a few quick questions, and PockBox will instantly fetch loan quotes from up to 50 lenders, so you can find the offer that works best for you. Loans start at $100 and you may be able to borrow up to $2,500. With most lenders you can get your loan by the next business day, and sometimes even faster.

PockBox is free to use and there’s no obligation. Many lenders on PockBox specialize in borrowers with bad credit, so even if you’ve been turned down elsewhere, you may still qualify for a loan through PockBox.

Compare loan offers for up to $2,500 >>> Check out the free PockBox app

#4. SeedFi – A loan designed to boost your credit score

seedfi loans can increase your credit score

SeedFi’s Credit Builder loan is designed to help people with poor credit or no credit history obtain an affordable loan and improve their credit score so they can access better credit cards, auto loans and even mortgages from traditional banks.

You can quickly sign up for a $500 line of credit with Credit Builder, and you get to decide how much you want to pay each pay period (which SeedFi calls a savings commitment), starting at just $10.  SeedFi will deposit your $500 loan in a “locked” savings account, which means you can’t access it just yet.

These small payments help build your credit and every time your payments reach $500, SeedFi gives you access to it.  It’s your money, so you can move it to another bank, use it to pay bills, or hang on it and grow your savings.  

There’s no credit check to get Credit Builder Prime – and that’s exactly the point. You can establish and improve your credit with a SeedFi savings account, as payments are reported to the three major credit bureaus.  Your on-time payments can help boost your credit score!

There is no upfront cost,  no interest and no fees. You keep 100% of the money you save!

If you’re serious about getting your credit on the right , SeedFi is a great solution. You can build your credit and your savings – FREE.

(The full details:  Credit Builder Installment Editions are $500 with the entire loan amount locked in your SeedFi Savings Account until you repay in full. The repayment periods of Credit Builder Installment Editions range from 7 months to 27 months. The Annual Percentage Rate (APR) ranges from 4.03% to 5.26%. There are no origination fees.)

Get the loan that can improve your credit score >>> Check out SeedFi

#5. MoneyLion – Low cost $250 cash advances from a full-featured financial app

borrow $250 from MoneyLion

With MoneyLion Instacash, you can quickly borrow up to $250 with no credit check, no interest, and no monthly fee.

Setup your MoneyLion account with InstaCash and you’ll be instantly eligible for a $25 cash advance. Your amount can quickly increase to up to $250 as you receive direct deposits in your existing bank account, or move your direct deposit to a MoneyLion RoarMoney account. You can get as many Instacash advances as you like, up to your eligible amount.

MoneyLion can get your cash in 48 hours for free. If you need to your money faster, you have it almost instantly by paying a $3.99 fee to have it deposited into your MoneyLion RoarMoney account or $4.99 for it to be sent to your bank account.

Cash advances are just one part of the full-featured MoneyLion app, which also includes convenient tools for digital banking, automated investing, credit building loans, budgeting and financial tracking, and rewards.

See all that MoneyLion has to offer >>> MoneyLion Plus App Review

#6. Dave – $250 cash advances with no interest and no credit check

Dave cash advances

Dave invested the cash advance app, and today has millions of users who turn to it to borrow up to $250 with no interest and no credit check. 

The money is sent to your linked bank account, so you don’t need to move your direct deposit to Dave. Since your money is deposited in your existing bank account, you can use your cash advance from Dave to withdraw cash from an ATM, write a check, pay a bill, make a debit cad purchase, or fund transfers on apps like Venmo or Cash App.

Dave transfers your cash advance to your bank account within three days. If you need get the money faster, you’ll need to use Dave’s express feature, which will get you your funds within 8 hours, however you’ll need to pay an additional fee of $1.99 – $5.99. You also need to subscribe to Dave for $1 per month to access cash advances. There is no fee to borrow money from Dave, but it will ask you to leave an optional tip.

Learn more about no-interest cash advances from Dave >>> Dave App Review

#7. Chime SpotMe – Borrow $20 right away with no overdraft fees

Chime advances your paycheck up to two days early

Chime SpotMe® can provide you with up to $200* in fee-free overdrafts.

Millions of people are downloading Chime to manage and borrow money on their terms using the SpotMe feature. This lets you overdraft your account via debit card purchases or ATM withdrawals with no overdraft fees (limits start at $20 and can be increased up to $200*).

Even better, there’s no cost to enroll in SpotMe, and once you set up your account to receive a qualifying direct deposit of $200 or more a month, Chime will cover up to $200 in overdrafts on your account – without charging you overdraft fees! 

Here’s an example of how SpotMe can help you avoid expensive overdraft fees:

A casual dinner with your family comes to $65, but you only have $50 in your bank account. If you use your bank debit card to pay for this meal, you’ll be hit with an overdraft fee of $35 or more, meaning dinner could wind up costing you $100! (Plus, your bank may decline your transaction, creating an embarrassing situation). But if you’ve set up SpotMe (and have your paycheck regularly deposited into your account) and use your Chime debit card to pay for that meal, the $15 overdraft is covered with no fee to you. And the next time you make a deposit to your Chime account, the $15 negative balance will be instantly cleared.

SpotMe doesn’t have high overdraft limits. But you can see how much you can spend in the app to help avoid fees (and those unwanted moments when your transactions are declined). You can access $20 in overdrafts right away and grow your limit over time.

Get fast access to fee-free overdrafts >>> Sign up for Chime in less than 2 minutes

How to choose the best app for borrowing money

Overwhelmed with choices? 

Start by thinking about how much you need to borrow. If you need more than $500 you can immediately rule out many of the latest apps including Go2Bank, MoneyLion and Dave.

Next, consider what your personal credit score is. Poor credit history may cause many lenders to refuse to lend to you. Yet some, such as MoneyLion, will lend you money without ever referring to your credit file.

Finally, consider what other users are saying about specific borrow money apps. A low app store score does not necessarily mean you will experience similar frustrations. But it helps to see what other app users think. 

Whether you sign up for some type of overdraft coverage or use apps like Dave or apps like Earnin, just remember there are a number of resources that can put cash in your pocket.

Find Out More >>> 5 Best Personal Loan Apps

borrow money apps on phone homescreen

Financial terms glossary

Borrowing with a money app is a financial commitment and knowing what you are agreeing to is important. Understanding the terms most commonly used will help you stay on top of your financial obligations.

Here are the most important terms you should know about.

  • Annual Percentage Rate (APR): is the interest you pay on a loan over a yearly period. Consistently comparing interest rates on an annual basis is important as interest rates can appear to be low when quoted on a daily or monthly basis, when in fact the rates may be comparatively high. Note that some apps charge no interest.
  • Loan amount: The total amount you are borrowing is also called the loan principal or loan size. This is the amount you receive in your bank account. Your total repayments will often be higher than your loan amount due to interest and other charges.
  • Loan term: The term of your loan is the repayment period. Your loan will be repaid at the end of the term unless you extend the loan. Money borrowing apps can feature short loan terms of days and weeks but most loans are measured in months or years.
  • Late charge: Also known as a missed payment charge, this is the amount you will be charged if you do not make a scheduled payment on time. Lenders charge this to discourage borrowers from missing payments and to compensate the lender for processing costs.
  • Credit score: Your credit score is based on your previous borrowing history. This includes your track record for making payments on time and for fully repaying loans. Lenders use your credit score to decide whether lending to you presents a high risk. Many money apps will consider borrowers with poor credit scores.
woman holding shopping bags

Final thoughts and what to do next…

Everyone’s approach to borrowing money via an app will be different.

The options listed in this guide can all put money in your account and help you meet your financial obligations (or splurge on something for yourself). But your specific needs will determine which is best for you.

The latest figures show that 35% of Americans would struggle to cover an unexpected $400 cost, so if you’re strapped for cash, the apps we’ve listed here can help remove some of the pressure of unpaid bills and expenses.

More important than the app you choose, ensure you repay your loan in line with the repayment schedule you agreed to. For apps that automatically take repayments, you need to make sure you always have the funds available. For loans repaid manually, set a calendar reminder for yourself to make sure you don’t miss any payments. Many apps will let you borrow $25 instantly and will increase that amount to $200 or more with just a short history of responsible use.

Remember to carefully review the terms, conditions, and fees of the borrow-money app you choose, and you’ll have all the information you need to make an informed choice and get the funds you need to move forward in life.

*Chime SpotMe eligibility requirements and overdraft limits: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See Terms and Conditions .

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

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