8 Money Advance Apps to Cover You Until Your Payday in 2023

Money advances, simply put, are borrowed cash from a line of credit. Every cent taken out is treated as debt, needing repayment with accrued interest. However, some innovative finance apps have changed the way this works, allowing you to access money without traditional fees.

Instead of providing traditional cash advances, these apps generally require you to set up regular direct deposits from your employer, which helps to ensure that you have a reliable source of income. The feature operates on the principle of give-and-take. In other words, you'll be eligible for larger money advances the more regular and sizeable your direct deposits.

In this comprehensive guide, we walk through the best money advance apps in the U.S. in 2024, such as Brigit, Current, and Dave. We break down each app, the advantages, and how they can help you the next time you need money in advance of payday.

The 8 Best Money Advance Apps in the US in 2024

The money advance apps that we cover in this guide partner with FDIC Member banks in order to keep your balances insured and safe. Most of them also waive interest fees, unlike traditional lenders and credit card issuers.

Instead, many of these apps require you to set up regular direct deposits to the checking account associated with the app. Some charge subscriptions or instant transfer fees to cover their costs. Others request optional tips for their service.

Now let's have a look at the 8 best money advance apps (all available on Android or iPhone) in 2024:

Dave ExtraCash™

Dave members can use the ExtraCash™ service to get $500 transferred 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. The one thing to consider is that Dave charges a small $1 monthly membership.

• Advance 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: Flexible settlement date set in-app
• Membership fee: $1 per month

You should have at least three regular deposits to be eligible. You can enhance your eligibility when you link your bank and have a 60-day account history of positive balances. A consistent income history and responsible spending habits will also improve your profile. You can increase your advances by having a total monthly deposit of $1,000 or more. However, Dave does not require a credit check.

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.

Dave's express fee for sending the ExtraCash™ to the Spending account ranges from $1.99 to $9.99, depending on the size of your advance. You can also send the money 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

Brigit Instant Cash

Brigit's Instant Cash feature offers a $250 advance for qualifying Plus members. Brigit offers a free plan, which comes with financial planning tools to monitor spending and a marketplace for opportunities to earn extra income. Only Plus members can access Brigit's Instant Cash, fee-free overdrafts, and credit builder. If you often find yourself losing money to overdraft fees from your main bank, Brigit may be the right app for you.

• Advance 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

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 a money advance.

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. You'll need an SSN or ITIN number to qualify. 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

Cash App Borrow

Cash App features their "Borrow" service which allows eligible customers to access up to $200 when needed. 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:

• Advance amount: Between $20 to $200
• Processing time: Immediate
• Repayment deadline: Within 4 weeks
• Membership fee: None

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 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

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 borrow up to $250. While borrowing $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.

• Advance amount: Between $20 - $250
• Processing time: Immediate
• Repayment date: Select your own date, within 15 to 30 days.
• Membership fee: None

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 advance exceeding $20. It also has a feature to get you paid up to two days earlier.

Unique compared to other money advance 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

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:

• Advance amount: Between $25 to $200
• Processing time: Immediate
• Repayment date: Within 60 days.
• Membership fee: None

Beyond its borrowing feature, Current boasts saving pods with competitive APY rates, a credit builder card, and the opportunity 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

Albert Instant

Albert is another app that provides access to money advances of up to $250. To qualify, 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 money advance apps, Albert's "Instant" feature doesn't impose interest or late fees. You're allowed up to three Instant loans during each pay period, with the total capped at $250.

• Advance amount: Up to $250
• Processing time: 2-3 days, or instant loans for a small fee
• Repayment date: Your next payday
• Membership fee: None (Genius plan is $8 per month)

Albert offers an optional premium membership known as "Genius," 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

EarnIn Cash Out

EarnIn has their "Cash Out" feature, which 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. To access this feature, you must verify your income and employment. If you have a consistent source of income, EarnIn can help you spread out access to your paycheck throughout the whole month.

• Advance 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

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 advance of up to $300 per day from an ATM using the card.

EarnIn also offers a credit monitoring feature at no cost. Notably, 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.

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

Revolut Early Salary

Revolut doesn't offer a loan feature, but does have the "Early Salary" feature. If your salary is connected by direct deposit into your Revolut account, you'll be eligible to receive your funds up to two days earlier than traditional banks.

• Early salary: Don't wait on your conventional bank
• Processing time: 2 days early
• Fees: No fees
• Membership fee: None

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 advance 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

Pros and Cons of Using Money Advance Apps

Although immediate money advances can help when you have urgent bills to cover before payday, they do carry certain limitations and drawbacks:

Pros of Money Advance Apps:

• Assist in covering unforeseen expenses before next paycheck;
• Typically do not involve interest rate fees;
• Often incorporate budgeting tools that let you get paid early;
• Provide alerts when account balances are running low;
• Offer flexibility in repayment dates;
• Aid in building habits to prevent the accumulation of credit card debt.

Cons of Money Advance Apps:

• Limited to smaller amounts, unlike personal loans;
• Some have monthly membership fees;
• Additional charges for instant transfers;
• As they aren't classified as loans, repaying them does not contribute to an increase in credit scores;
• Failure to repay the money advance may result in account closure;
• Eligibility criteria include salary and a history of direct deposits.

Alternatives to Money Advance Apps

Money advance apps are typically designed for immediate financial needs before your next paycheck or to prevent overdraft fees. However, for borrowing larger amounts of money, there are lending alternatives that may be more suitable:

Credit Cards

Credit cards provide a line of credit, and failing to repay the borrowed amount each month incurs costs, indicated by the Annual Percentage Rate (APR). This APR represents the actual yearly expense of borrowing the money.

For instance, with a credit card featuring a 30% APR, borrowing $1,000 without repayment over a year would result in a $300 fee. Credit cards offer additional benefits like cash back rewards, airline point programs, and fraud protection, making them a viable option if used responsibly, and they can also contribute to improving your credit score.

Personal Loans

Similar to credit cards, personal loans utilize APR to assess the cost of borrowing. Unlike credit cards, personal loans are often earmarked for specific purposes.

Financial institutions such as banks, credit unions, and online platforms can provide personal loans for purposes like weddings, vacations, medical bills, emergencies, home improvements, and more. The loan amount and its APR are likely to vary based on your creditworthiness, as indicated by your credit score, at the time of loan issuance.

In Summary: Top 8 Money Advance Apps in 2024

Here are our recommendations for the best money advance apps in 2024:

1. Dave ExtraCash™ — Offers large money advance of $500
2. Brigit Instant Cash — Open to US residents w/o social security number
3. Cash App Borrow — Also one of the largest peer-to-peer pay networks
4. Varo Advance — Not just a fintech platform, but a duly-licensed bank
5. Current Overdrive — Tech saavy app with spending rewards debit card
6. Albert Instant — Standard payday advance app open to US residents
7. EarnIn Cash Out — Highest advance of $750, with repayment flexibility
8. Revolut Early Salary — App with most diverse & international features