Overdraft fees are the worst. No one wants to get them, and chances are that when you do it’s not because you were intentionally spending money you didn’t have, rather, it’s because you misjudged how much cash you still had in your account. Luckily, new overdraft protection apps like Dave and Earnin are on your side!
We are here to help you find the best app on the market to help you avoid these outrageously expensive fees.
There are 3 main types of overdraft protection apps:
- Cash advance apps
- Early paycheck request apps
- PayDay loan apps
Here is a comprehensive list of the options available today. If we left out anything, or you have additional insights to add to our reviews, please feel free to send us an E-mail, our post on our Facebook page to let us know.
Dave offers cash advances of up to $75/month to help you avoid overdraft fees. It usually takes 2 days to get approved, once approved you can start borrowing immediately! For their services Dave charges a $1/ month subscription fee, and if you appreciate their service, you can also give them a voluntary tip!
Earnin helps you get the money you’ve earned when you need it. Based on your hours worked they can advance you parts of your paycheck at no cost. You are only eligible for their services if your employer is partnered with the app.
GoChange offers cash advances of up to $100, interest free! Once you are approved (quick and easy process), you can start borrowing for free. All they ask for is a voluntary tip if you appreciated their service.
Even helps you manage your financials by tracking your bills and expenses; if your employer is partnered with the app, they can give you an advance on your next paycheck. Unfortunately, to date, they only work with a limited number of employers.
LendingClub is a white-collar payday lender. Their APR is not as high as other payday lenders, but their loan amounts are large, and long term: ranging from $1000 to $40,000 for 3 to 5 years. They are best suited to help you with large expenses and we do not think they are an ideal overdraft protection app for the average person.
Mint is a financial planning app that tracks your bills and expenses and lets you know when you’re spending too much! It is very easy to use and offers high quality service. Unfortunately, at this time, they do not have auto-saving or micro-loan features.
Digit helps you save money by transferring small amounts of money from your checking account into a “Rainy Day” savings account. Their algorithms analyze your spending habits and based on what they think you can afford transfer small amount of money to your “Rainy Day” account. You will receive 1% annual interest (paid out every 3 months) on all the money in your new account. Their services cost $3/ month. While Digit doesn’t tackle overdraft issues directly, it helps you save enough money to avoid them in the first place.