Life is unpredictable. And unfortunately, many of the unexpected events that happen are expensive. For instance, your car might break down; you might fall ill, or worse, lose your job. If you are suddenly having a hard time making ends meet, take heart; you are not alone.
More than 32% of Americans stick to a strict budget, and 56% save less than $100. 50% of Americans have nothing in their savings account. So when tragedy strikes, they are hard hit. But even if you have a budget and stick to it, a short term loan can save the day. Fortunately, payday and budget apps like Dave are readily available today than a decade ago.
Aside from bailing you out in tough financial times, Dave App is designed to alert you when your bank balance is below your set critical minimum. The App allows you to take cash advances of up to $100 payable on your next paycheck. If you are not sure that Dave App is ideal for you, below is a list of alternative apps that might be of help.
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Apply for a Payday Loan Now! | Best Payday Lender 2020
Apply for a Payday Loan Now! | Best Payday Lender 2020
How We Rank the Apps Like Dave App
The industry is full of payday loan apps. And with lots of choices comes confusion. But before we list the budgeting and payday apps we think are worth your time, below is a criterion we used to rank the apps.
- Loan cost – given the convenience of the loans, they are more expensive than traditional bank loans. We consider the interest rate and the APR. And it should be within the set limits.
- Application process – loan application should be easy while processing and loan disbursement shouldn’t take longer than a business day
- Flexibility – Generally, repayment rules are stricter in the payday loan industry. But we look for companies that are lenient and aren’t quick to report you to credit bureaus.
- Customer security and safety – your details should remain private. Include two-step verification.
- Loan options
- Loan limit – though you might never take a large loan, it feels great to have the option
Top 10 Apps Like Dave App
1. Viva Loans – Top Loan Broker
Unlike traditional lending platforms, you might have come across; Viva Loans is a matching platform; it connects borrowers to direct lenders operating in the UK. The company is registered as Payday Ventures Limited in Wales and England, and it holds a license from the FCA.
As a brokerage firm, Viva Loans give borrowers flexibility direct lenders cannot afford. And because of their vast lender database, they offer loan amounts between £200 and £2,000 with loan terms ranging between 3-12 months. This is a huge plus because traditional payday lenders offer small loans payable on your next payday, usually in two weeks or a month.
Moreover, owing to the multiple lenders it connects you to, you have the luxury of getting the best lender through a single loan application. Speaking of application, Viva Loans can only provide estimates of installment amounts and loan costs. The definite figures are available once you find a suitable lender.
The loan costs vary between 35.9% APR and 1,304% APR. And in case you are late in repaying the loan, the maximum lateness fee payable is £15.
- Numerous options
- High loan limits
- Flexible loan repayment terms
- The loan costs vary
- Information is shared with lenders on the database. This exposes you to security risks
- It has no store locations
2. FundsJoy – Best High Loan Limit Lender
This is an online lender that offers high loan limits of up to £5,000. The application process is completed online and can be done in a couple of minutes. The company takes pride in processing loans fast. The emergency funds hit your account on the same day or the following business day.
What’s more intriguing is that you do not need stellar credit reports to qualify for the loans. FundsJoy simply reviews your loan affordability through your employment, income, and expenditure stats. Depending on the loan and affordability, the loan costs vary between 4.99% and 1,386%.
- High loan limits – up to £5,000
- Fast loan disbursement
- No credit score check
- There’s no guarantee of qualifying for the maximum loan limits
- Low APRs are offered to individuals with high income
3. Loan Solo - The Best On-Phone Application
Like Viva Loans, Loan Solo is a broker loan service. It’s in the business of connecting borrowers with payday lenders during emergencies. Over the years, it has worked on improving its service. It leveraged technology to offer the best loan experience possible.
The loan application is completed online or over the phone (whichever is more convenient for you). Since it’s a broker firm, it can connect you to the best bad credit lender. You can borrow a maximum of £1,000 payable on your next payday.
The amount you qualify for depends on your loan affordability. The loan cost also depends on the same factors.
- It provides borrowers access to a range of lenders
- You can apply over the phone
- The loan limit is £1,000
- High lateness fees
- The low-interest rates are available to borrowers with high loan affordability
4. Extra Lend – Provides the Best Borrower Security
Extra Lend, like most payday lenders, offers bad credit loans. And unlike many lenders serving borrowers in this capacity, it offers high loan limits of up to £5,000. What’s even better, the company has a long loan repayment period to accommodate the high loans. You’ll repay the loan without pressure and the risk of defaulting or missing a deadline.
In this day and age, online privacy is crucial. Though you are safe behind closed doors, you need to know you are safe on the online streets as well. Therefore, Extra Lend pays extra attention to client privacy and security on the platform. They use new internet security technology to keep things under wraps.
As for the loan application, the process is simple and straightforward. It starts by filling personal details and employment details. After submission, you await a response determining acceptance or rejection of the loan. If approved, the loan is deposited on the same day or the next business day.
- It sends your details to multiple lenders
- The application process is easy
- It has a high loan limit
- High APR rates
- No guarantee for high loan limits
5. CashNetUSA – Best for Installment Loans and Line of Credit
CashNetUSA was launched in 2004. It is a payday lender that focuses on bailing people out in emergencies. In the years it has been in the industry, it has served more than 3 million people. And aside from payday loans, they also offer a line of credit and installment loans.
CashNetUSA offers loans between £100 and £3,000 depending on the type of loan you want and where you live. With varied loans, payday loan costs vary as well between 86.9% and 1,140%. You and repay the loan within two weeks or six months, depending on the loan amount. On the other hand, the line of credit loans have APRs between 24% and 299%. CashNetUSA also charges between 15 and 25% in transaction fees. Lastly, if you want an installment loan, it will cost you between 187.3% and 388.9%.
Unfortunately, unlike most payday loans, CashNetUSA requires you to have a credit score above 300. With that said, the application process is simple and only takes a few minutes. The loans are processed fast and can be in your account on the same day.
If you get stuck in the loan application, you can reach support on [email protected], on the phone or live chat. The customer support team is available from Mondays to Saturdays. On the weekdays, it operates between 7 am to 10 pm and on Saturdays between 8 am and 5 pm CT.
- The application process is fast
- It allows credit scores as low as 300
- You don’t need collateral
- It doesn’t service all US states
- The interest rates vary greatly
- There is an origination fee
6. Earnin – Lightning Fast Cash Advances
This App operates just like Dave App. It doesn’t come with membership fees, and you can borrow a maximum of $100 a day or $500 in a pay period. The loan amount available depends on the hours worked.
If you qualify for the Lightning Speed program, you might get a cash advance in a few minutes. If not, the money will be in your account on the next business day. It also features a Balance Shield program, which helps in protecting you from overdraft fees.
Note: Overdraft fees are common with payday loans. However, they increase the cost of the loan.
- No fees or tipping obligation
- With the Lighting Speed Program, you have instant access to funds
- You avoid overdraft fees
- You should have a regular job
- The advance is limited to the hours you have completed at work
- You need to upload a work schedule and turn on location on your device
7. Brigit – Flexible loan repayment
The App hit the market in 2017. The App helps you access money when you are running low on funds and about to overdraw. But despite being new, Brigit Loan Apps crosses the t’s and dots the I’s courtesy of the financial experts from Deutsche Ban, Amazon, Two Sigma, Expedia, Credit Suisse and others running the show behind the curtains.
Like the Dave App, the goal of the Brigit Loan App is to empower individuals and help them get their financial footing by addressing some weaknesses in traditional banking. Currently, it has over 250,000 users, is available across the USA, and offers cash advances of up to $250.
As for loan repayment, Brigit is flexible and allows you to extend the due date. Even better, you are under no obligation to tip. What’s in it for them? Well, instead of charging interest, Birgit Loan App charges a membership fee. Once this is paid, you have access to all loan options available for free.
- Analyses your spending habits and helps avoid overdrafts
- It doesn’t charge loan interest
- No lateness repayment fees
- You can reach customer support through email only
- It doesn’t allow joint accounts
- The monthly membership fee applies whether you take a loan or not
8. MoneyLion App – Best Free (0% APR) Cash Advance Loan
MoneyLion is the brainchild of MoneyLion Inc., a direct lending company that has been in existence since 2013. It has its base in New York and serves users in all parts of the US. And yes, MoneyLion App offers 0% APR cash advances to its users. The goal is to make cash more approachable, which they have achieved.
Through the App, you can get Instacash capped at $250 a month. Though they don’t check your credit score, the loan amount you are eligible for depends on the direct deposit you make into the MoneyLion account. The App is simple, and the borrowing process is easy. The money reflects in your account immediately and is due on your next paycheck.
But with the 0% APR, how does MoneyLion stay afloat? The App earns money from other loan options including;
- MoneyLion Plus Personal Loans – you can borrow funds ranging between $1000 and $35,000 payable within a month to 36 months. The loan takes three days to finalize.
- Credit Builder Plus Loans – this is a simple $75-$500 loan designed to build your credit score. The loan comes with a 5.99% rate and is only available under Plus membership. As you make payments, MoneyLion updates your repayments with credit bureaus to improve your credit score.
Note: with the Plus membership, you might incur a $19.99 monthly membership fee.
- Instant funding
- No fees for Instacash
- No credit check
- You need to create a checking account with the company
- Some services are not available in all countries
9. LendUp – Best for Borrowers with Bad Credit
LendUp is a direct lender that targets borrowers with poor and bad credit. You can borrow between $100 and $250. Although this is not the best we have seen, on the bright side, it infers that LendUp is a responsible lender.
But once you successfully repay the first loan, you can apply for higher loans. They call this the LendUp Ladder. You can also use these loans to improve your credit score provided you repay the loan on time. The higher the loan, the more time you have to repay. The ladder includes;
- Silver – maximum loan of $250 payable in 30 days
- Gold – you can take an installment loan
- Platinum – the added benefit of allowing LendUp to report your repayment history to credit bureaus
- Prime – similar to Gold and Platinum but with the benefit of lower APR
The loans cost between 237% and 1016.79%. Since they are payday loans, they are convenient and accessible in emergencies but also expensive. Other fees include origination fees. The funds reflect in 15 minutes or the same day.
- Offers poor/bad credit loans
- Responsible lender
- No early repayment fees
- High APRS fees
- Available in selected states
10. Check into Cash – Access Cash from Store Locations
Check into Cash was founded in 1993, and it has its headquarters in Tennessee. Initially, it focused on cashing checks but has since rolled out other financing products, including installment loans and Payday loans.
Like LendUp, Check into Cash is also great for borrowers with bad credit. You can borrow between $100 and $4,000, and the loan term and APR depend on the size of the loan. Speaking of cost, the APR is 390%, cheaper than most payday lenders, but significantly expensive than most traditional loans.
You can apply for the loans online or through a store location. But regardless of which option you take, you’ll have the money in one business day.
- Offers a bad credit loan
- You can choose between installment and payday loans
- Avails online and store applications
- It is missing in some states
- The loans are expensive
How do Apps like Dave Apps Help You Save on Overdraft Costs?
Bank overdrafts are convenient in that they allow you to spend more money than you have in your account. There are two kinds of bank overdrafts:
- Authorized overdrafts – here you have a written agreement with the bank regarding the amount you can borrow as an overdraft
- Unauthorized overdrafts – this is an unexpected cost. The bank tends to charge more for this cost.
Though overdrafts are convenient, they are expensive. You incur a cost of about 20% a month on the money borrowed. And though this rate is cheaper than what payday loans offer, finance apps like Dave App, MoneyLion and other listed here are a better option. Their loans are free, and the memberships are cheaper in comparison to overdraft and payday loan fees.
Moreover, the apps monitor your spending and send you alerts when you get critically close to your set low limit. These alerts give you a wake-up call and slow down your spending.
Dave App is not the only App that can save the day when you are faced with a financial emergency or when you need to develop better budgeting and spending habits. Many of the apps listed above can provide you with money to last you to the next paycheck and offer educational resources and skills to learn money management skills.
To qualify for most of these, you need to get direct deposits and also have regular working hours.
Apply for a Payday Loan Now! | Best Payday Lender 2020
Apply for a Payday Loan Now! | Best Payday Lender 2020
Glossary of Loan Terms
A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.
Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.
A Cash Advance is a short-term loan that has steep interest rates and fees.
Collateral is when you put up an item against your loan such as your house or car. These can be reposessed if you miss payments.
A Credit Limit is the highest amont of credit a lender will lend to the borrower.
Your Credit Rating is how likely you are to fulfil your loan payments and how risky you are as a borrower.
If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.
The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money.
Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.
If you miss a payment the lender will charge you for being late, this is known as a late fee.
The Principle amount the borrower owes the lender, not including any interest or fees.
This is the Interest Rate used by banks for borrowers with good credit scores.
A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.
An Unsecured Personal Loan is when you have a loan based soley on your creditworthliness without using collateral.
A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.
Having an AAA Credit Rating is the highest rating you can have.
A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.
An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.
If you obtain a Federal Student Loan to pay your way through College ten you loan is held with the U.S. Department of Education.
Financial Aid is funding available to post-secondary education students in America.
A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.
Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.
LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for
Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthyl payment, usually with a lower interest rate.
Can an advance pay improve my credit score?
With most lending apps, it is not possible. And for the few that it is possible, you will have to incur an extra cost for the company to report your repayments to the credit bureaus. If you are interested in building your credit score, you should consider using the MoneyLion App.
Is it mandatory that I have a good credit score to qualify for loans on these apps?
No, it is not. Many of the apps listed above do not check your credit score. Provided they can prove you can afford the cash advance; they are good to go.
I do not get direct deposits. Can I still apply?
Though there are options you can explore, you stand better chances if you have a direct deposit. You should consult with the HR departments to check if they are partnered with any cash advance apps. If they are not, you should probably suggest that they do because there are high chances your colleagues will benefit from the partnership as well.
Is there a difference between loans from Dave Apps and other Payday loans?
There is a difference. With cash advance loans from apps like Dave Apps, the cash advances are low, but you do not pay interest or fees. Moreover, the loan is fulfilled in hours. On the other hand, with payday loans, you will incur high-interest rates and hidden fees. Payday loans also take slightly longer to deliver the cash. But on the bright side, the loan limit is high.
Is there a guarantee I will get the maximum loan amount?
Each of the above loan providers has a maximum loan they can extend to borrowers. However, not everyone is eligible for it. The companies consider loan affordability and, in some instances, your credit score before they approve the loan request.
How can I apply for the cash advance?
Depending on the company you are using, you can apply through your employer, online, or visit a physical store. Regardless of the option you choose, the terms of the loan should be the same.
What is an origination fee?
This is an upfront fee that some lenders charge for loan processing. You can think of it as compensation for giving the loan. These fees are provided as a percentage and vary from lender to lender.