9 Best Payday Loan Apps to Get Cash Before Your Paycheck

Approach payday loan lenders cautiously since they are known for charging very high interest rates (higher than most credit cards!). In this article, we'll take a deep dive into payday loan app alternatives, like Brigit and Dave, to ease your cash flow without burdensome charges or interest.

To give you a comprehensive comparison, we analyze factors like loan size, fees, repayment deadlines, transfer times, company reputation, and eligibility requirements.

What You Need to Know About Payday Loan Apps

A payday loan is a type of short-term, high-interest loan that is typically due to be repaid on or before your next payday. Payday loans tend to range from $500 to $5,000+, and are often used if you need quick access to cash for unexpected expenses or emergencies.

It's important to treat these loans with attention because they are real forms of debt that are issued by lenders. Some payday loans start at 39% APR, but the Consumer Financial Protection Bureau (CFPB) found that typical two-week loans come with an APR of up to 400%. In contrast, the average APR on credit cards across the country in 2023 was just above 22%.

How Do Payday Loans Work?

Here's how a payday loan typically works:

1. Application: Fill out a loan application with your identification info and proof of income. Sometimes, lenders require post-dated checks as collateral.
2. Approval: Lenders typically approve payday loans quickly. If you have a bad credit score, the lender may ask for more details about your finances.
3. Funds Disbursed: If approved, you'll receive the loan amount in cash, through a check, or directly deposited into your bank account.
4. Repayment: You must repay the loan in full, along with the high interest rate payments, on your next payday. Some lenders may allow you to extend the repayment period, but this often incurs additional fees and will incur more interest payments.

As a type of short-term debt with very high interest rates, payday loans are among the most expensive forms of borrowing. We at Monito, along with many consumer protection agencies and financial experts, recommend against using payday loans.

In addition to the high interest rates, some payday loan lenders have been known for predatory lending practices. This may include adjustable interest rates, unfavorable terms and conditions, lack of transparency, and more. For these reasons, we generally recommend alternatives, such as credit cards to build credit, personal loans from traditional financial institutions and local credit unions, or instant cash advance apps.

Cash Advance Apps and How They Work

If you need to cover an unexpected expense before payday, there are several kinds of money advance apps on the market that offer you financial assistance. Most apps fund their cash advance services by charging subscription fees, instant transfer charges, or optional tipping features. Some apps help you to accumulate savings, which act as collateral for secure loans. Others let you take out large overdrafts without typical overdraft fees.

In essence, these apps operate on a give-and-take basis, encouraging financial responsibility in exchange for increased borrowing allowances. To access their cash advances, you will be required to set up regular direct deposits from your employer. The more consistent and substantial your direct deposits and savings, the greater your eligibility for higher cash advances.

What Are the 9 Best Payday Loan App Alternatives in 2023?

All of the apps reviewed in this guide partner with FDIC Member banks in order to keep your balances insured and safe. Let's have a look at the top 9 alternatives to payday loan apps (all available on Android or iPhone) and how they can help you get a cushion of cash when you need it:

1 — Dave ExtraCash™

Dave members can use the ExtraCash™ service to get up to $500 transferred to your account, free of interest charges or late fees. Dave offers one of the largest cash advance amounts in the industry. 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. One great caveat is that 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, 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. Brigit charges no late fees and, unlike Dave, it does not ask for tips.

Only Plus members can access Brigit's Instant Cash feature, fee-free overdrafts, and credit builder. Brigit does offer a free plan, but it only comes with financial planning tools to monitor spending and a marketplace for opportunities to earn a side income.

• 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. It's also very highly recommended by customers, with a 4.7+ rating with 401k reviews on the App Store and Google Play.

Overall, we recommend Brigit despite the high membership fee because they charge no hidden late fees or interest fees, and it offers credit builder secured-loans that can improve your credit history.

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, which you can turn in for cash back. 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 advance apps that work with Cash App or visit the Cash App website
FDIC-insured parter: Sutton Bank, Member FDIC

5 — Varo Advance

Varo has 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

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. While we think Varo's fees for Varo Advance are a little high, it offers a highly-rated credit builder card and a checking account without a monthly maintenance fee.

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 over the month — 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 paycheck 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 (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 on this list, however, EarnIn does not offer features like savings, rewards, roundups, or cash back. Ultimately, EarnIn is best if you simply 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 transfer for $4.99
• 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 generally 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 the fees for the loans up front, 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 Personal Loans

Revolut offers personal loans between €1,000 and €35,000 to customers in Poland, Lithuania, Ireland, Romania, and Spain. The APR starts at 5.99% and you will be subject to credit check. However, we like that Revolut provides transparent loans with no application fees, early repayment fees, or settlement fees. You’ll know exactly what you owe up front, and from month-to-month.

Revolut Early Salary

For customers outside of Poland, Lithuania, Ireland, Romania, and Spain, Revolut has 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. Its a 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: Up 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 Payday Loan Apps and Apps That Advance You Money

Traditional instant payday loans range from $500 to $5,000 and can cost a lot in high interest fees. In our guide today, we explored less expensive alternatives that advance cash for you. These innovative apps are primarily used to get small amounts of money, typically from $250 to $500, for when you need to cover unexpected expenses before payday.

However, there are still other potentially cost-effective solutions depending on your situation:

• 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 Payday Loan App Alternatives in 2024

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

1. Dave ExtraCash™ — Offers large, accessible advance of $500
2. Brigit Instant Cash — App offers 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