Sometimes, you might find yourself in a bit of trouble financially and need to raise some quick cash to help you out of the pickle you’re in. Thankfully, there are cash advance apps that can help you get money quickly and easily, giving you the peace of mind that you’ll be able to cover your expenses until your next paycheck arrives. Here are five of the best cash advance apps available today.
What Is a Cash Advance App?
A cash advance is a loan you get at a bank or other financial institution to help pay your bills. You apply for them just like you would any other loan, and they can come with interest rates and terms that are just as strict and difficult as a credit card. But unlike credit cards, you don’t have to worry about paying back a cash advance on time; it doesn’t accrue interest until after it’s been repaid. This means that if you need some extra money fast but don’t want to take out another loan or charge more on your credit card, getting a cash advance might be an option for you.
Here are five apps that allow you to borrow money using your future profits, along with other less expensive choices.
This app is a little different from most of its peers as it’s focused on person-to-person payments. It’s also unique in that there are no transaction fees for payments under $10, making it an attractive option for people looking to send small amounts of money. Venmo is super easy to use. Just snap a photo of your debit card, and you’re ready to go.
Sign up for Paypal and you’ll be eligible for cash advances in two ways: Getting a loan from PayPal Credit and having money instantly deposited into your account, or withdrawing funds using your credit card. The second option requires an excellent credit score. The first, however, requires very little other than proof of a steady income. If approved, you can get your cash advance in one day. Instant is not too strong a term—PayPal will have you signed, sealed, and delivered within 24 hours after submitting your application. No muss, no fuss.
3. Square Cash
With Square Cash, you can make instant transfers from your bank account to a recipient’s. If you’re familiar with Square and its credit card processing services, you can probably imagine how easy it is for friends and family to send money in minutes using a smartphone app. As long as both parties have an active Square account (and are willing to link them), people can send money anywhere in the United States or Canada, too. Receiving payments through Square Cash is just as simple. Users link their bank accounts when signing up for an account and then wait for payments from others.
4. Google Wallet
Google Wallet is a mobile app that lets you pay with your phone. If you have an Android smartphone, you can use it to make purchases in-store or online (fees apply). Google Wallet also doubles as a virtual wallet that can be used for other transactions (such as sending money via email). As with other services, you must deposit money into your account before using it. The process works in reverse as well; if you receive money through Google Wallet, it’s deposited directly into your bank account. Over time, deposits may take up a bit of space on your phone’s memory, so plan accordingly.
5. Bluebird by American Express
It’s a prepaid debit card you can use anywhere. American Express offers a small cash advance with no annual or monthly fees, making it ideal for those who want only occasional access to their cash. This card features some of our favorite features: no activation fee, no point-of-sale charges, and zero liability if it’s lost or stolen.
Things you should know while using these Apps
The most important thing is to pay off your loan on time and in full. But if you do need to take out a loan and don’t want it to affect your credit score, make sure you check with your lender first. Some companies report information to major credit bureaus while others don’t. So it’s best to ask before taking out any loans. Also, keep in mind that not all lenders report their loans at all three major bureaus (Equifax, Experian, and TransUnion). This means that if one of these lenders reports information but another does not, it may still appear as though no loans exist on your credit report even though you do have debt. If you’re having trouble paying back your loan, contact your lender immediately. They might offer flexible repayment options such as a longer repayment period or lower payments. It never hurts to ask!
In today’s economy, having extra cash is crucial. In an environment where many people are underemployed or face layoffs, these apps can help people in need of a few hundred dollars here and there. They also can provide a great way for someone who’s made some money on side gigs like TaskRabbit, Etsy, or Uber-driving to supplement their income and make ends meet.