Borrow Money App [2024] Best Loan Apps, Cash Advance, Payday
By Maddy Scheckel Life is often stressful. 34% of adults say they’re overwhelmed by stress almost every day.
Nothing contributes to stress like money problems. Some months, you just can’t make ends meet, no matter how much you stretch your money. And you could always try to get a loan – but it would be super complicated, right?
Wrong – thanks to modern borrowing apps!
You can use a borrow money app to get a cash advance, fee-free overdrafts, and the digital equivalent of a payday loan.
Below, I’ll describe some of the best apps for borrowing money in a pinch.
Best Borrow Money Apps
There’s no single way to borrow money. Before choosing your own approach, you’ll have to look at your financial situation and consider your priorities.
Do you need the money right away? Do you want to avoid paying interest? Are you totally allergic to fees? Answering these questions will help you choose the right borrowing method.
Check out this list of the best ways to borrow money.
Let’s say you’re set on borrowing with an app. I can see why – it’s super easy and convenient!
But you’re not done strategizing! Because there are a few different ways to use an app to borrow money:
- Fee-free overdrafts
- Cash advances
- Personal loans
Every app on this list offers at least one of those options.
1 – Chime
Best For: Avoiding fees
Loan Amount: $20 – $200
How Quickly You Can Get Money: Immediately (by using your debit card)
Fees: None
Chime is a banking app that offers a modern personal finance experience. Gone are the days of having to sit in a stuffy bank lobby to open an account or handle your finances. With Chime, you can open bank accounts, get a debit card, and save for the future – all from your mobile device.
Chime is also a wonderful borrow money app, thanks to its “SpotMe” feature. With SpotMe, you can overdraw your Chime checking account up to $200 without paying interest or facing a fee.
Here’s how it works. First of all, you need to have a Chime debit card and checking account. Then, to qualify for SpotMe, you need to receive at least $200 per month to that checking account in the form of direct deposits.
If you meet that requirement, you can overdraw up to $20 without facing a fee or interest. And if you use your Chime account consistently and responsibly, that limit could rise to $200.
And what does that mean in practice? Basically, SpotMe allows you to hit the ATM or buy things with your debit card even when you don’t have any money in your account. And as long as you stay below your overdraft limit, you won’t have to pay for borrowing the funds. That’s right – this is literally a case of free credit!
In addition to the SpotMe feature, Chime allows you to access your paycheck up to 2 days ahead of schedule with early direct deposit. Together, these features make Chime an excellent borrow money app!
Check out this full Chime review here.
2 – Current
Best For: Fee-free overdrafts
Loan Amount: $25 – $200
How Quickly You Can Get Money: Instantly (by using your debit card)
Fees: None
Current is a digital banking service that can help you build credit and improve your financial health. It also allows fee-free overdrafts for qualifying users, which earns it a place on this list of the best apps for borrowing money!
Current has a feature called “Overdrive” that lets you keep spending with your Current debit card, even when you don’t have any money in your account. So, it’s not technically a loan, but it serves the same purpose – allowing you to hit an ATM or make purchases until your account receives more funds.
But, not all Current users qualify for Overdrive. You’ll need to set up direct deposits and then get at least $500 deposited into your account each month.
So, realistically, Overdrive is only an option for people whose jobs can pay them via direct deposit.
But if you can swing it, Current is a fantastic borrow app. You’ll get at least $25 in fee-free overdrafts – and, depending on how you use your Current account, that limit could go up to $200. That’s a significant amount of financial wiggle room!
Read this complete Current Bank review here.
Source: Current
3 – Cash App
Best For: Emergency funds
Loan Amount: $20 – $200
How Quickly You Can Get Money: Within minutes
Fees: 5% of the loan amount
Cash App is a digital payment service that can also act like a bank, allowing you to get a debit card, invest in the stock market, and even borrow money.
Cash App offers small loans through its “Cash App Borrow” feature. The option isn’t available in every state, and only regular Cash App users will qualify. But for anyone who can access Cash App Borrow, it’s a great way to make ends meet.
It’s super easy to check if you have access to Cash App Borrow. Just head to the Cash App home screen and see if the “Borrow” option appears. You can also check the “Banking” page, where the “Borrow” option could also show up. If you don’t see it in either of those places, then Cash App Borrow isn’t currently an option for you.
But if the “Borrow” option does appear, you’re just a few taps away from getting money sent instantly to your Cash App account. You’ll have 4 weeks to pay back the loan, and you’ll pay a flat 5% fee.
Pretty reasonable, right?
Find out more with this Cash App Borrow guide.
4 – Dave
Best For: Cash advances
Loan Amount: Up to $500
How Quickly You Can Get Money: 5 minutes
Fees: $1.99 – $13.99
Dave is a banking platform with a generous lending feature.
It offers four main products:
- Spending Account. This is basically a checking account, and it comes with a debit card.
- Side Hustle. You can use the Dave app to find lucrative earning opportunities.
- Goals Account. This is a savings account that earns 4.00%* annual percentage yield (APY). (*rate valid at the time of this publication)
- ExtraCash. This is Dave’s lending product, giving you a cash advance of up to $500.
It’s that ExtraCash feature that makes Dave such a fantastic borrow money app.
One great thing about Dave is that you don’t have to set up direct deposit or establish a relationship with the platform before getting your money. You can set up an account and get your advance just a few minutes later.
Here’s the 4-step process:
- Sign up for Dave. Download the app on iOS or Android, then create an account.
- Request an advance. You could be offered as much as $500, but the available amount will vary. Most customers can receive at least $160.
- Transfer the money. This is where the fee comes in. You can send the money to your Dave Spending Account for $1.99 – $9.99, or to an external checking account for $2.99 – $13.99 (fees vary based on the amount you’re approved to borrow).
- Pay back the loan. You’ll agree to a settlement date, likely the day of your next paycheck. And there’s no fee for late repayments!
Source: Dave
5 – Albert
Best For: General financial health
Loan Amount: $10 – $250
How Quickly You Can Get Money: Instantly
Fees: None (but you need a subscription to Albert Genius, which costs $14.99 per month)
Albert is an all-in-one personal finance app designed to help with banking, saving, and investing. While it doesn’t offer traditional loans, the “Albert Instant” feature allows you to overdraw your account by up to $250 without paying a fee.
Keep in mind that to access Albert Instant, you need to subscribe to Albert Genius, which is a paid service offering advanced analytics and financial advice. This service costs $14.99 per month.
But here’s some good news: When you first sign up for Albert, you’ll get a 1-month Albert Genius trial for free. That gives you a chance to check out the available features (including Albert Instant, the fee-free overdraft service) and decide whether it’s worth paying for a subscription.
When you access Albert Instant, you’ll see how much money you can overdraw without being penalized. The lowest possible limit is $10, but you could be offered as much as $250.
Once you’ve been given your overdraft limit, you can tap the available funds through a transfer, ATM withdrawal, or debit card purchases.
6 – Cleo
Best For: Free cash advances
Loan Amount: $20 – $250
How Quickly You Can Get Money: Same day (with a fee) or 3-4 days (free)
Fees: None ($3.99 for same-day advances)
Cleo is a personal finance app powered by artificial intelligence (AI). Unlike some other platforms, Cleo relies largely on a chat-based model – so you literally type messages to a computer that helps you with your finances.
And a cash advance is one of the services that this robot adviser can provide!
Getting a cash advance from Cleo is a super simple process when you follow these steps:
- Download the Cleo app and connect it to your bank account.
- Type “cash advance” into the chat to see if you’re qualified to receive funds.
- Provide some basic details (name, address, etc.)
- Choose whether you want to receive your money today (for $3.99) or in 3-4 days (for free). You’ll also have to pick a repayment date.
Easy, right? And that convenience is what makes Cleo a top borrow money app!
7 – SoFi
Best For: Personal loans
Loan Amount: $5,000 – $100,000
How Quickly You Can Get Money: Same day (usually)
Fees: None – but you’ll pay interest (8.99% APR – 26.31% APR)
SoFi isn’t just a borrow money app. It’s also a real-deal digital bank, insured by the Federal Deposit Insurance Corporation (FDIC) and everything.
When you borrow money from SoFi, you don’t get a cash advance or permission to overdraw a checking account. You get a genuine personal loan! And you should also be able to borrow a lot more money – up to $100,000 in some cases.
That’s enough money to really get your finances in order!
Despite being an official bank, SoFi makes the borrowing process quick and easy – just like the other apps on the list. You can check your loan options within a minute, and 82% of applicants receive their funds the same day.
So with SoFi, you get both the large loan amounts of a personal loan and the convenience of a borrow money app. How’s that for an appealing option?
There are no fees with SoFi personal loans, but you will have to pay interest. Rates range from 8.99% – 26.31% annual percentage yield (APR).
Looking to save on interest? There are also two discounts available:
- A 0.25% interest rate discount if you set up a SoFi bank account and receive $1,000 or more in monthly direct deposits
- A 0.25% interest rate discount if you set up autopay for loan repayments (which is probably a good idea anyway!)
Commonly Asked Questions About Borrow Money Apps
Best Loan Apps?
Here are some of the best apps for getting a loan:
Instant Cash Advance App?
The Dave app can give you a cash advance in less than 5 minutes. You’ll have to pay a fee, but it’s not too expensive – sometimes costing as little as $1.99. And most users can borrow at least $160.
App That Lets You Borrow Money?
These apps all let you borrow money:
How to Borrow Money From Cash App?
You can use the “Cash App Borrow” feature to borrow up to $200. It’s not available to all Cash App users, but you can look for the “Borrow” option on the home screen or the “Banking” page within the app. Check out this complete Cash App Borrow guide to learn more.
Cash Advance Apps?
Here are the best apps to get a cash advance:
You can also use fee-free overdrafts from Chime, Current, or Albert – or get a personal loan from SoFi. Be sure to also read this post on how you can get free money now.
Payday Loan Apps?
These apps all offer alternatives to traditional payday loans:
What App Lets Me Borrow Money?
One popular borrow money app is Cash App. Cash App has a “Cash App Borrow” feature that lets some people borrow up to $200 – but not all users are eligible. The Dave banking app also has a cash advance feature called ExtraCash, and most users are eligible to borrow at least $160.
Where Can I Borrow $50 Instantly?
You can borrow $50 instantly from the Dave app. Most users qualify for a cash advance of $160 or more, and applying is super easy. Just download the Dave app, create an account, and request an advance. But be prepared – there will be a fee between $1.99 – $13.99.
What App Will Spot Me $100 Dollars Instantly?
Chime has a “SpotMe” feature that lets you overdraw your checking account by up to $200 without paying a fee. And then there’s Dave, a banking app offering cash advances up to $500. With either option, you can access the money in less than 5 minutes.
