9 Best Instant Loan Apps That Let You Borrow Money

Traditional methods of borrowing money, such as personal loans from banks or credit lines on credit cards, are no longer the only options available if you need a quick financial cushion. Thanks to the growing number of fintech companies, instant loan apps are growing to help provide you with immediate financial relief without the burden of accruing interest on debt.

Among the many instant loan apps, a few stand out in the crowd. Brigit, Dave, and Current are popular choices thanks to their user-friendly interfaces to borrow money quickly after signing up on your smartphone.

In this guide, we explore their features, fee structures, and overall user experiences, to help you find the best instant loan app for your financial needs. Let's get started!

Will Apps Really Let You Borrow Money Immediately?

Apps like Brigit and Dave do indeed offer immediate borrowing options. These apps typically work by letting you access a portion of your paycheck before payday or provide flexible overdraft protection on your checking account. However, one requirement for eligibility will likely include setting up recurring direct deposits through your employer.

Pros of Instant Loan Apps

Rather than waking up to dreaded overdraft fees, money borrowing apps allow you to borrow against your future income, with the borrowed amount being automatically deducted from your next deposited paycheck. It's a method that's fast, reliable, and, importantly, interest-free:

• Instant Borrowing: Many apps have instant transfer services to obtain funds on the same day.
• User-Friendly: Easy application process in the smartphone app that integrates with your main bank account.
• Comparison Shop: It's easy to compare the apps with the best lending options and lowest fees.
• No Overdrafts: Most of these apps have features that eliminate the risk of incurring overdraft fees.

Cons of Instant Loan Apps

• Membership Fees: Some apps may charge monthly fees, which can turn into another subscription fee for you to keep track of.
• Limited Loan Amounts: The amount you can borrow through these apps will often not meet larger financial needs.
• Dependency Risk: Relying on these apps for regular borrowing may create a cycle of dependency.

Understanding the Fees

While these apps do not charge interest, they're not entirely without cost. It's good to be aware of common cost structures that some apps operate under:

• Monthly membership fee at sign up;
• Fees for expedited instant money transfers;
• Optional tips to cover costs.

Flexibility and Convenience for Short-Term Use

Rather than financing large purchases over an extended period, instant loan apps are geared toward providing you with a short-term financial safety net for covering those unexpected expenses or end-of-the-month shortages. Many apps even offer the flexibility of choosing your repayment dates.

Building Credit with Loan Apps

Beyond providing instant loans, some applications also offer 'credit builder' programs. These programs will let you take out secured loans, helping you create a stronger credit history without the stress of repaying principle with interest.

We recommend these features as excellent opportunities to not only manage temporary financial hurdles but also strengthen your long-term financial health.

9 Best Apps That Let You Borrow Money in 2024

Now, let's have a look at the top 9 apps that lend you money (all available on Android or iPhone) and how they can help spot you when you need to cover your expenses. All of the apps in this guide partner with FDIC Member banks in order to keep your balances insured and safe:

1 — Dave ExtraCash™

Dave members can use the ExtraCash™ service to get up to $500 transferred immediately to your account, also free of interest charges or late fees. You can spend the money on anything you need, from gas to groceries to rent. However small, Dave does charge a $1 monthly membership.

• Loan amount: Up to $500 per pay period
• Processing time: 2-3 banking days. Instant feature expedites the process for $0.99-$3.99
• Repayment date: Your next payday
• Membership fee: $1 per month
• Fees: No late or interest fees

Dave looks at multiple factors to determine eligibility, making it one of the most accessible options. You should have at least three regular deposits to be eligible. You can enhance your eligibility when you link your bank, have a 60-day account history of positive balances, or have a total monthly deposit of $1,000 or more. A consistent income history and responsible spending habits will also improve your profile.

Like other apps on this list, Dave offers a function to get paid up to two days earlier than your traditional bank if you set up a qualifying direct deposit. Like Chime® and Brigit, you'll access a large portfolio of businesses that offer gig work for you to earn a side hustle, making it another great reason to have as your personal finance side kick.

Dave's express fee for sending cash advances to the Spending account ranges from $1.99 to $9.99, depending on the size of your advance. You can also send the cash advance to an external debit card within 1 hour. These card transfer fees cost a little more, ranging from $2.99 to $13.99.

More info: read our Dave comparison guide or visit the Dave website
FDIC-insured parter: Evolve Bank & Trust, Member FDIC

2 — Brigit Instant Cash

Brigit's Instant Cash feature offers a $250 cash advance for qualifying Plus members. No credit check is required, and Brigit charges no late fees and does not ask for tips. It's also very highly recommended by customers, with a 4.7+ rating with 401k reviews on the App Store and Google Play. We recommend Brigit despite the high membership fee because they charge no hidden late fees or interest fees, and it comes with a credit builder that can improve your credit history.

Only Plus members can access Brigit's Instant Cash feature, fee-free overdrafts, and credit builder. Brigit offers a free plan that comes with financial planning tools to monitor spending and a marketplace for opportunities to earn a side income. If you often find yourself losing money to overdraft fees from your main bank, Brigit is an good option to consider.

• Loan amount: Up to $250
• Processing time: 2-3 banking days. Instant feature expedites the process for $0.99-$3.99
• Repayment date: Flexible due date that aligns with income schedule
• Membership fee: $9.99 per month for Plus
• Fees: No late or interest fees

Brigit works by integrating with your primary bank accounts. As long as it can confirm that your account has been active for at least 60 days, has a balance above $0, and has 3 recurring deposits from the same source, you may be approved for an instant loan.

One great aspect about Brigit is that it is open to US residents, not just US citizens. If you are an immigrant with US residency, Brigit may the most accessible option on this list. Like Chime® and Dave, you'll get access to a catalog of side gigs that you can choose from to get some extra income.

More info: read our Brigit comparison guide or visit the Brigit website
FDIC-insured parter: Coastal Community Bank, Member FDIC

3 — Current Overdrive

Current offers the Overdrive™ feature, granting access to up to $200 without incurring overdraft fees. To be eligible, you must receive $500 or more in qualifying deposits into your current account within the past 30 days. While this loan is lower than others, Current is a great option because it charges no recurring membership fees.

• Loan amount: Between $25 to $200
• Processing time: Immediate
• Repayment date: Within 60 days.
• Membership fee: None
• Fees: No late or interest fees

Beyond its borrowing feature, Current boasts saving pods with competitive APY rates, a credit builder card, and a direct deposit feature to receive your salary up to two days earlier.

Current offers a points program for spending at participating merchants, and it doesn't impose any monthly fees. Additionally, Current presents a robust network of 40,000 fee-free ATMs and the convenience of depositing paper checks.

More info: read our in-depth Current review or visit the Current website
FDIC-insured parter: Choice Financial Group, Member FDIC

4 — Cash App Borrow

Cash App features their "Borrow" service which allows eligible customers to access up to $200 when needed. This is a real personal loan, unlike some other apps on this list that only offer fee-free overdraft facilities. Cash App charges a flat 5% fee for the loan, with a 1.25% finance charge per week if the loan is not paid back before the 4-week deadline.

Note that this feature might not be accessible to all customers as it is currently available only to eligible users in specific states. If you can't see the Borrow button in your Cash App menu, then you are probably not eligible for a loan. However, you can reach Cash App support at +1 850-318-8959 or +1 800-969-1940 to inquire about your status.

• Loan amount: Between $20 to $200
• Processing time: Immediate
• Repayment deadline: Within 4 weeks
• Membership fee: None
• Fees: 5% fixed fee + 1.25% interest fee

In addition to its borrowing feature, Cash App has a direct deposit service that enables you to receive your earnings from your employer up to two days before the official payday. Cash App stands out for its investing platform and its exceptional feature of providing free international transfers to Cash App users in both the United States and the United Kingdom. As one of the largest peer-to-peer payment networks in the country, Cash App is one of the most reliable and convenient way to send money to friends.

More info: read our guide about Cash App or visit the Cash App website
FDIC-insured parter: Sutton Bank, Member FDIC

5 — Varo Advance

Varo introduces the "Advance" feature, accessible to those with a minimum of $1,000 in qualifying direct deposits to their Varo Bank Account. Varo's Advance feature allows you to advance up to $250. While using $20 is fee-free, Varo does charge flat fees for borrowing anything above that. The fees go up from $4 to $15, depending on the size of the advance.

• Loan amount: Between $20 - $250
• Processing time: Immediate
• Repayment date: Select your own date, within 15 to 30 days.
• Membership fee: None
• Fees: $4 to $15 depending on size of loan

In addition to its borrowing feature, Varo offers a credit builder card and a checking account without a monthly maintenance fee. While no interest fee is charged, a fixed fee of between 6% to 8% will accompany every cash advance exceeding $20. It also has a feature to get you paid up to two days earlier.

Unique compared to other money borrowing apps on this list, Varo is a duly-licensed bank in the United States and a Member FDIC.

More info: visit the Varo website
FDIC-insured parter: Varo Bank, NA, Member FDIC

6 — EarnIn Cash Out

Instead of getting one lump-sum at the end of each month, the EarnIn app lets you track your salary pile up each day — and gives you the option to cash that amount out throughout the month. Their "Cash Out" feature allows you to access up to $750 per month of your pay early (eligibility based on your hourly wage), with a daily limit of $100. EarnIn has the highest eligibility requirements on this list but also offers the largest borrow amount.

• Loan amount: Up to $750 per pay period
• Processing time: 1-2 banking days. "Lightning Speed" feature expedites the process for $0.99-$3.99
• Repayment date: Your next payday
• Membership fee: None
• Fees: No late or interest fees

Instead of transferring funds to your main bank, you can also use their EarnIn Card, a Visa contactless card. This card enables immediate access to your earnings, allowing you to spend up to $1,500 per day. You can also take a no-fee cash advance of (up to $300 per day from an ATM using the card).

EarnIn also offers a credit monitoring feature at no cost. This service doesn't involve hard or soft credit pulls, ensuring that your credit score won't be affected. Unlike some others, EarnIn does not offer features like savings, rewards, roundups, or cash back. Ultimately, EarnIn is the best app on this list if you want to free up your monthly paycheck into daily cash flow.

More info: read our EarnIn comparison guide or visit the EarnIn website
FDIC-insured parter: Evolve Bank & Trust, Member FDIC

7 — Albert Instant

Albert is another app that provides access to cash advances of up to $250, to Genius members only. To qualify as a member, establish a direct deposit setup and offer evidence of steady income for at least the past 60 days from the same employer. Similar to the other payday advance apps, Albert's "Instant" feature doesn't impose interest or late fees. You're allowed up to three cash advances during each pay period, with the total capped at $250.

• Loan amount: Up to $250
• Processing time: 2-3 days, or instant loans for a small fee
• Repayment date: Your next payday
• Membership fee: $8 per month
• Fees: No late or interest fees

The potential drawback of Albert is the Genius membership, which costs $96 per year. This subscription unlocks additional features, including investment options. In our opinion, Albert's additional features do not greatly differ from those you'd find in Chime®, Revolut, or Dave. It's also worth noting that when you create an account with Albert, you will be automatically enrolled in the Genius free trial, which must be canceled after 30 days if you do not want to pay the full year's membership fee.

More info: visit the Albert website
FDIC-insured parter: Sutton Bank, Member FDIC

8 — Possible Finance Payday Loan Alternative

Possible Finance provides real loans through their smartphone app, but we don't recommend them because of their lack of transparency. Possible Finance lets customers to borrow up to $500 ($250 in California) with the added flexibility of paying over time in four installments, but charges around 10% to 25% interest on their loans, depending on the state that you're in. We had to dig through their website to find those fees.

• Loan amount: Up to $500
• Processing time: Instant, up to 5 days
• Repayment date: 4 weeks, set in the app
• Membership fee: None
• Fees: 10% to 25% interest fees

The advantage of Possible Finance as that it distributes the borrowed money to you instantly (although it can take up to 5 days in some cases), and it charges no fee for the instant transfers. The app charges up front fees for the loans, but does not charge late fees. It also reports your activity to credit bureaus as you build a credit history. If you want to get the Possible Credit Card instead, then that comes at either an $8 or $16 monthly membership fee.

More info: visit the Empower website
FDIC-insured parter: nbkc bank, Member FDIC

9 — Revolut Early Salary

Revolut doesn't offer a loan feature, but does have the "Early Salary" feature, which lets you receive your funds up to two days earlier than traditional banks if your salary is connected by direct deposit to your Revolut account. This kind of feature is the most hassle free way to free up at least 2 days of cash flow when you are in a bind before payday.

• Early salary: Don't wait on bank processing times
• Processing time: Uo to 2 days early
• Membership fee: None
• Fees: No fees

Revolut extends its appeal with features that allow you to manage and block unwanted subscriptions, access secure savings vaults with attractive APY rates, earn rewards from participating merchants, and enjoy travel perks as a paid member.

Unlike other money borrowing apps on this list, Revolut offers a multi-currency account supporting 28 foreign currencies for exchanging up to $1,000 per month without any fees. In addition to cheap international money transfer capabilities, Revolut provides access to a fee-free network of 55,000 ATMs, budgeting features, and more.

More info: read our in-depth Revolut review or visit the Revolut website
FDIC-insured parter: Metropolitan Commercial Bank, Member FDIC

Alternatives to Apps That Loan You Money

Instant loan apps are primarily used for quickly obtaining small amounts of money, typically ranging from $250 to $500, for when you need it before payday. However, we've included a short list of alternatives that can offer more diverse and potentially cost-effective solutions for various scenaris:

• Get Paid Early: Fintech apps can help you get paid up to two days early from your employer. See our list of recommendations of apps to get paid early.
• Credit Unions: Some credit unions (and local community banks) offer small, short-term loans with lower interest rates compared to traditional banks or online lenders.
• Peer-to-Peer Lending: Platforms like Prosper or LendingClub connect borrowers with individual lenders, potentially offering lower interest rates than traditional lenders.
• Side Hustles: Explore gig economy platforms for quick ways to earn extra income to cover immediate financial needs.
• Buy Now Pay Later: Some debit cards and money apps give you the option to pay for purchases in installments over time.
• Nonprofit Organizations: Rather than offer financial support, nonprofit organizations volunteer their time and energy to offer specialized assistance, which may fit your situation.
• Sell Unused Items: You can consider selling items you no longer need to generate quick cash through online platforms or local sales.
• Part-Time Work: Take up part-time work temporarily to supplement your income and meet financial obligations.

In Summary: Top 9 Apps That Let You Borrow Money Instantly in 2024

Here are our recommendations for the best instant loan apps in 2024:

1. Dave ExtraCash™ — Offers large, accessible advance of $500
2. Brigit Instant Cash — App comes with optional credit builder loans
3. Current Overdrive — Tech saavy app with spending rewards debit card
4. Cash App Borrow — No monthly fees, but charges interest
5. Varo Advance — Duly-licensed neobank, but charges fixed fees
6. EarnIn Cash Out — Highest advance of up to $750
7. Albert Instant — Standard payday advance app open to US residents
8. Possible Finance — Charges high interest on very small loans
9. Revolut Early Salary — App with most diverse & international features