Loan apps can be an invaluable resource when unexpected expenses arise and your finances don’t allow for covering them; however, these loans tend to come with costly fees and could damage your credit score in the process.
Albert is an excellent loan app that lets you borrow up to $250 until payday without needing to submit to a credit check or wait three days for standard three-day funding. Plus, it links directly with your bank account!
Albert is a fintech app that offers banking, savings, budgeting, investing and financial advice services as well as interest-free cash advances of up to $250 and early paycheck access. Sutton Bank provides account services which are FDIC insured community banks.
Simplified Financial provides you with a way to assemble all of your accounts and automate spending and saving plans, identify subscriptions to cancel or reduce monthly expenses and flag any overdraft charges, late charges or credit card interest charges that arise.
Albert offers two monthly services. Genius begins at $6 per month and provides access to human financial experts that you can call or text for any assistance with any queries, while Albert Instant offers fee-free cash advances upon meeting certain criteria such as direct deposit in your connected bank account and income verification.
Empower is different from other loan apps in that it offers a comprehensive financial management platform with tools for budgeting, saving, and investing. By linking to your bank accounts and analyzing spending patterns as well as cash flow to determine whether and when a loan advance may be approved – as well as its amount.
The app also offers a low monthly savings account fee, roundup features for everyday purchases and the opportunity to invest any excess funds into a retirement account. Banking services provided through Plaid are guaranteed up to $250,000 by nbkc bank (member of FDIC), using Plaid to verify account information. It may even help build your credit score over time with responsible use and may charge overdraft fees on linked bank accounts – however these features incur an annual subscription fee and overdraft fees may incur as well.
3. SoLo Funds
SoLo Funds is a social lending app designed to assist people in meeting short-term cash flow issues without resorting to predatory payday loans or credit cards. The founders themselves had experienced firsthand how challenging financial stability can be and they sought out to develop a solution that could assist others.
SoLo stands out from other loan apps by not charging interest on its loans; rather, borrowers can choose to tip their lenders as a return for their assistance – an effective way to capitalize on investment returns while avoiding payday loan traps.
SoLo is designed for borrowers who wish to quickly access funds in an emergency by linking their bank account and debit card directly into the app, then deposit funds and request loans from lenders within two business days. Once approved by a lender, funds should typically arrive via direct deposit within 24 hours.
Dave stands out among cash advance apps by emphasizing helping users establish healthy financial lives. This app features savings accounts, gig jobs and a Side Hustle feature to assist users with finding additional sources of income; free checking accounts with no fees or ATM withdrawal limits are also provided – although the inflexible repayment process and limited advance amounts may prove frustrating to some users.
The app collects money owed from users’ direct deposit paycheck, or they can choose to repay what they owe over 24 months for just $1 monthly fee. Credit bureaus report payments made throughout the year which helps boost a person’s score; and users can even opt for express delivery, which gets their cash advance in as little as three days!
Brigit is an app that offers paycheck advances and other features to help manage your money, such as an overdraft fee avoidance feature.
Hamel Kothari and Zuben Matthews, the co-founders of Brigit, say they developed their app in order to assist individuals in meeting expenses despite income fluctuations, without resorting to payday loans that can become debt traps.
Brigit Plus analyzes your banking history to determine if and how much of a paycheck advance you qualify for, along with balance alerts and tailored financial tools. Monthly fees of $9.99 cover this service, which also offers overdraft protection at an additional fee.