There are many reasons why an individual might require a Payday Loan at some point in their life. Maybe something happened, the car broke, medical bills or simply an unexpected event took place.
Whatever the reasons might be, it is important to keep in mind that there are multiple payday loan app available in the market and that getting access to fast models of borrowing has never been as easy as it is today.
In this article, we will review the most important and the best loan app providers available in 2019. Please note that these might not be the largest in the business, but they are some of the firms with the best reputation and track record. Black swan events can seriously put any individual in a complicated position, it is important to always act calm and to review all available options before making a final decision. Don’t forget that at the end of the day these are still loans and they will have repercussions in your life just like any other borrowing vehicle.
Top 7 Payday Loan Apps in 2019
1. Earnin App | Workers with hourly wages
Earnin’s payday loan app has become one if not the most famous app offering payday loans in the market. The main reason for this is that the firm allows individuals who are paid by the hour to book the hours worked and get their money paid in advancements when needed.
This is a great option for individuals who are living paycheck to paycheck and that can not wait till the end of the month to get paid. Even though the limit for advance loans is only $500 a month, millions of Americans have appreciated the service from this app during its time operating.
Another important aspect of the app is the fact that instead of being charged a regular fee or a commission, the company allows individuals to tip for their service. Leaving the amount to be paid to their own personal judgment.
While the entire market has taken a very minimalistic approach to their applications, not all of the firms have actually reached the level needed for it to work. Earnin has to be one of the few that truly mastered the simply layout without making the entire platform look and operate cheaply.
Just like most of the other names from this list Earnin allow for full integration of your bank accounts and the app. This will help you manage everything you have and what you owe directly within one single application. It is one of the main reasons why individuals who are not interested in payday loans take advantage of the app.
App | Additional Information
2. Brigit Loan App | Best for Fast Funding
This firm is not your traditional Payday Loan provider, instead, it is the perfect example of a great idea beautifully executed. Instead of simply having to deal with a firm whose only intention is to charge you obscene fees and interest rates, Brigit has proven to be a name that will take care of you and your finances.
The entire offering of products circles around their smartphone app, not only it is a minimalistic and well-developed platform. But it is also one of the very best options available in the market for individuals that need fast cash in amounts of up to $250. Another point where this firm excels is at execution, to put it into perspective requesting a loan might get your funds in your bank account in less than four hours. One might say that walking out of a branch or office with cash in hand can be faster but definitely not more convenient and safer.
Another point where Brigit truly destroys their competitors is the fact that it tracks your spending and also your income. This permits individuals to forecast the balance they will have in their bank account at the end of the month, allowing you on a high level to prognosticate the requirement of cash. In those scenarios, you might even program for money to be transferred automatically once the forecast is showing a negative balance before the end of the month or before your next paycheck.
App | Additional Information
3. PayActiv Loan App | Best for high advancements
This is another interesting firm that is taking the Payday market into the next level. Not only you will be able to access funds in a practical and also fast manner, but you will be able to request upto 50% of your paycheck in advancements.
While other firms offer a relatively similar model, receiving such a high amount of your check is simply unheard in the market. From an App perspective, PayActive is a great option for anyone who is also interested in managing their finances closely. In order to offer a more attractive service and to differentiate themselves, the firm has developed its own budgeting tools that will help you gain control of your finances and to improve your spending habits.
More than just providing access to fast cash, the firm has become known for focusing on the dignity of their customers. Life is already too complicated to get more mixed up by dealing with an institution that does not have your best interest in mind. To prove the commitment to their clients the firm offers a fully automatic counseling product within their app, the idea behind it is to help to improve the financial literacy of their users.
It might not be the best looking app form this list but it certainly deserves its place because of their platform and their service.
App | Additional Information
4. Dave Loan App |Best Option for Small Amounts
Dave is probably one of the overall best apps available in the market in 2019, and the reason for this is the value you are receiving for its price. Instead of simply charging a fixed or variable interest rate for any loan, the firm only charges a monthly fee of $1 for the subscription process. The reason why they can do so is that the firm calculates the max loan based on your current income and it does not allow you to be carrying forward debt.
If you ever find yourself in the necessity of a small loan, this might be your best option today and especially if you don’t have the most transparent credit score. The firm will allow for loans up to $75 to be processed without requiring a credit check.
Place note that the only requirement asked by the firm is to connect a checkings account with the app, this is in order to ensure that they will be able to take back their money once your paycheck lands every month.
Continuing with great service, the firm offers the ability to receive the funds in any state in less than 8 hours of time. This might not be as fast as other apps from this list but once you consider that you are not paying for small loans it is definitely worth waiting.
Please take into consideration that just like Brigit does, Dave offers full integration between your bank accounts and their budgeting tool. This allows for total control of your finances and also to forecast and predict when you might be in danger of not having enough money to finish the month or simply to afford something important like paying your utilities or your insurance.
App | Additional Information
5. Money Lion Loan App| Best Payday Membership
Money Lion is another membership app that offers other things than just payday loans. This is probably the most diverse name from this list since you can even go for traditional personal loans and even some credit cards that offer up to 12% cashback.
From an app perspective, the firm allows for cash advancements of up to $250 in literally no time. The reason why it is so fast is that the company offer their own checkings and savings accounts. This allows employers to pay or deposit your paycheck directly with Money Lion. In other words, whenever you request an advancement the firm will simply credit the funds directly into your account, this will allow for almost immediate access to the funds.
Take into consideration that Money Lion offers an app that is definitely at the level of some of the ones offered by most traditional financial institutions. Don’t forget that you can easily request your money to be deposited here in order to take advantage of the benefits of the firm, and still send your money to your regular bank account each month.
Not every individual feel comfortable having savings and checkings account with relatively new firms. There is a risk associated with it, but once you see all the benefits and also the backing of the firm, it becomes more appealing.
Something worth mentioning is the fact that you can request a personal loan of up to $500 automatically from the app. Even though you will be charged an interest rate for borrowing in a period of 12 months, it is still one of the cheapest options in the market. Having to pay less than 6% for individuals with high risk is absolutely nothing when compared to the rest of the market.
App | Additional Information
It is always great to see firms turning their business model into something that can actually help and improve peoples lives. It is not a secret that many firms used to take advantage of individuals that were at risk, or simply in a bad financial situation. It should be comforting to know that regulation has made the sector more transparent also accessible for a considerably large portion of the country.
The reasons to get a payday loan might be infinite, and it is ok. You are definitely not the only individual in a situation like this, and you won’t be the last one. As long as you do your due diligence at the moment of choosing one provider over the other, you will be eliminating a considerable portion of the risk.
Just like with any other type of product, the market is full of fair players and from time to time sharks trying to take advantage. I can understand that money might be scarce or simply tight, but this is not one of those moments where you can just take the cheapest option. It is highly recommended to filter anything that looks too good to be true. When it comes to lending no one is going let their profit go for you.
The five names form this list are some of the very best mobile loan app options available in 2019. If you are in need of requesting a payday loan I actively recommend reviewing these names before looking anywhere else.
Is a credit card, personal loan or student loan safe? The answer in most cases will always be yes, but it is important to understand that one of the key tangents will be the provider. Choosing a provider for your student loan will be like buying the wrong type of car, you know you need to make sure everything is working and that it is not just another lemon.
Take into account that due to the utilization of apps the entire market has become more transparent and desired. This is another reason why we can actively talk about payday loans without even thinking about the vestiges and the bad reputation of the past.
Most firms will cover their lending with collateral or by talking directly to your employer in order to secure their payment. This is one of the main reasons why individuals with a pretty damaged credit score can still enjoy the benefits from their services.
Take into consideration that most firms will calculate any APR or variable fee based on your credit score. So even though you might be eligible, it does not mean you won’t be penalized with a more expensive cost.
While most apps still call this type of borrowing a loan, in reality, it is mot simpler than that. Since the paycheck will act as collateral and the amount given can not surpass the earned amount, it can also be considered as a paycheck advance. Due to this most institutions will often charge you a fixed amount that can range anywhere between $1,25 to $30 per transaction.
If you are truly interested in getting a full payday high-risk loan, note that you will have to pay a considerably expensive disbursement fee and also a high-interest rate on the money. As mentioned before, this should be your last resort in terms of borrowing.
Once the account has been created and activated the overall process is very straightforward. Due to the fact that most firms use algorithms and artificial intelligence for their management, a request can be approved in a matter of seconds or simply minutes.
The use of apps has improved the reliability of the process and also the security of them. Instead of walking out of pawnshop with your loan, you can request the funds to be deposited directly into your bank account like with a traditional loan. Until now it was pretty unheard to see institutions offering immediate cash into your bank account.
Both positively and Negatively. Just like with a traditional loan or a credit card, if you don’t take proper care of your borrowings it will have a bad impact on your credit score. Most firms offer communication to the credit bureaus, this will also ensure a positive reflection into your score.
If your credit score has suffered in the past, this might be a good option to start rebuilding it. Individuals should be aware that a bad credit score does not mean it has to be that way for life, there are many things that could be done to improve one’s score.
There are many options but the main problem will be your credit score. In most scenarios individuals with a relatively good credit score will not require access to this type of loans since they can get cheaper borrowing directly from more traditional institutions. Take into consideration that secured loans might also be a great option to borrow money disregarding your credit score but it will require to have collateral available.