Apps That Loan You Money in 2021

Apps That Loan You Money
GUIDE
Ashley Dull
By: Ashley Dull
Posted: March 30, 2021
Advertiser Disclosure

Apps that loan you money are quickly becoming this generation’s version of the brick-and-mortar bank or credit union. The online convenience and ease of approval these apps provide are hard for traditional financial institutions to compete with.

And since these apps and online lending networks work with consumers with various financial histories, you may not have to worry about your credit score keeping you from the cash loan you need.

In most cases, you can go from loan application to loan approval in a matter of minutes — and from anywhere in the world. And since apps and websites never close, you don’t have to worry about being there during business hours to apply.

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Online Services That Loan You Money

Online lending networks are the ultimate loan application source because they allow you to submit a loan request to several lenders at once without incurring any damage to your credit score.

Lenders will then compete for your business, and you may receive multiple loan offers to choose from. Once you complete the loan paperwork and are approved — which typically takes an hour or less — you can receive your loan proceeds as soon as the next business day.

  • Short-term loans up to $2,500
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2,000,000 customers
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $2,500 Varies Varies

See representative example

MoneyMutual has cornered the market on finding short-term cash loan options for consumers who have bad credit. With one of the largest networks of lenders on the internet, there are options for many credit types — each with a competitive interest rate, loan term, and monthly payment.

Qualified applicants must be 18 years or older, have an active checking account, provide proof of employment, and an income of at least $800 per month. Individual lenders may have other requirements for loan approval.

CashUSA.com provides a larger installment loan option that allows you to repay your debt over time with a monthly payment that fits your budget. Each online lender that partners with the network accepts applications from consumers who have bad credit and could provide the loan you need in less than 24 hours.

To qualify, you must be at least 18 years old and a U.S. citizen or permanent resident with proof of at least $1,000 in monthly after-tax income. You must also have a checking account in your name and provide work and home phone numbers, as well as a valid email address.

BillsHappen is another lending network that can help borrowers — regardless of their credit score — find a loan of up to $5,000. These loans can be repaid within weeks or months, depending on the loan offers they receive.

If you’re offered an installment loan, you’ll repay the loan over fixed monthly payments rather than paying the full sum on your next payday.

CreditLoan.com claims that it will work to find a lender that will meet your loan needs — even if you have very bad credit. While you aren’t guaranteed a loan offer after you submit a loan request, the network has a long track and successful record of backing up its claims.

This network’s lenders will even consider your application if you have a recent bankruptcy on your credit report, but it will not accept your application if your bankruptcy case is still pending in court.

BadCreditLoans.com states on its website that it can often find loans for consumers who can’t find approval through a bank or credit union. The network provides a short loan request form that takes less than five minutes to complete and won’t harm your credit score.

Bad Credit Loans will even consider applications that show a recent bankruptcy, but make sure your case is finalized before you submit a loan request.

PersonalLoans.com makes it easy to find personal loan offers that won’t require upfront money or collateral for approval. These installment loan options also let you repay your debt with monthly payment options that won’t break your budget.

You can review your loan offer with no obligation and decide whether it’s the right loan option for you. Funds can be deposited as soon as one business day.

A cash advance — also known as a payday loan — is a super-short term loan that you should only consider as a last resort. The loans from CashAdvance.com require full repayment within 15 to 30 days and come with a very high interest rate that makes them the most expensive option on this list.

Your payday lender may not require a credit check for approval. Instead, you may qualify for a payday advance if you can provide proof of sufficient income to repay the debt quickly. As a paycheck advance loan, the payday lender will expect full repayment when you receive your next paycheck.

Cash Advance Apps That Loan You Money

You may want to consider a cash advance app if you only need a small amount of money to get you to your next payday. These apps will forward qualifying applicants as much as $500 until you receive your next paycheck.

And don’t confuse these cash advance apps with a cash advance loan. Although both have short repayment windows and offer small loan amounts, the apps below won’t charge you high interest rates for the cash loan you need.

8. Earnin

Earnin LogoThe Earnin mobile app allows you to link your checking account and electronic time sheet from work to receive quick direct deposit advances before payday.

You can choose how much you want to pay for the service — with $0 tip options available. New users start with a $100 maximum pay period advance. Over time, you can increase your limits up to $500.

9. Possible

Possible LogoThe Possible mobile application can create your account and process your loan request within a matter of minutes. Qualified applicants can immediately borrow up to $500 with repayment due on their next payday.

Possible doesn’t check FICO scores to determine eligibility. Instead, the lender examines your work history and regular pay schedule to either accept or deny loan applications.

10. Dave

Dave LogoThe Dave app has millions of mobile application downloads from consumers who want to set up an online bank account and apply for short term cash advance loans between paychecks.

With the bank account, you can receive your direct deposit paychecks up to two days faster than you would a paper check in the mail and can borrow up to $100 in cash advance loans at no extra charge.

11. Even

Even LogoAccording to Even, its members have saved more than $100 million in fees and interest associated with credit, overdrafts, and loans by accessing the app’s Instapay feature.

The feature allows employees to access their earned wages when they’re short on cash before payday. Even members can access Instapay at no additional cost, though the company may charge fees for a cash advance loan.

12. Brigit

Brigit LogoWith the Brigit mobile app, you can link a checking account that receives regular direct deposit paychecks and receive up to $250 in payday advance funds at no charge to you.

The app uses your direct deposit history to determine how much money you regularly make, which factors into how much of a loan you can receive before your next payday.

13. MoneyLion

MoneyLion LogoMoneyLion is more than a payday advance app. This all-encompassing service provides mobile banking accounts, credit builder loans, investing products, and credit score tracking to its members.

While the loans have no associated fees, you may have to pay a fee to receive your money quickly. Free processing and delivery has a 12- to 48-hour window if you’re depositing the loan proceeds into a RoarMoney account. You’ll have to wait three to five business days to receive the money in an external checking account. For $3.99, you can receive your money instantly into a RoarMoney account. Instant delivery to an external checking account or debit card costs $4.99.

14. DailyPay

DailyPay LogoDailyPay calls itself a pay-on-demand service that allows companies and employees access to services that advance payday funds at no extra charge.

You can receive your loan proceeds through your external bank account, debit card, or prepaid card. Your funds will arrive the next business day at no charge or you can pay a small fee for instant delivery.

15. PayActiv

Payactiv LogoEvery month, PayActiv gives millions of workers access to their earned wages before payday via partnerships with employers around the U.S.

This service links directly with your work time sheet and allows you to request payday advance loans that you pay back automatically with your next paycheck. The service is free to use, but your employer must partner with PayActiv for you to qualify for a loan through the cash advance app.

How Do Money Lending Apps Work?

There are two main ways to borrow money without relying on a traditional bank or credit union. The loan type you choose will depend on how much money you need to borrow and how you intend to repay the debt.

Money lending apps are mobile device applications that allow you to borrow between $50 and $500 with repayment due in full when you receive your next paycheck. In some cases, you can find apps that allow you to borrow this money without interest charges or an origination fee. Some may offer an optional tip feature that lets you choose how much you’ll pay for the service.

Screenshot of the Earnin website

Apps like Earnin allow borrowers to access their paycheck before payday.

Online lending networks allow you to borrow large sums of money — with some networks providing bad credit personal loan options of $10,000 or more. These are installment loans that require repayment over a series of monthly payments.

These loans will charge a varying interest rate that the lender sets based on its qualification standards.

Money lending apps work by linking to your existing bank account where you receive regular direct deposits. The app will research your payment history to determine how much money you typically make. That information will determine how much money you qualify for.

These apps that loan you money typically extend small loans that will require an automatic repayment agreement when your next paycheck arrives.

You can apply, and receive approval for, your loan in a matter of minutes. The amount of time it takes to receive your loan proceeds will depend on the personal loan app you work with. Some apps also provide online banking accounts that can receive your emergency loan funds faster. Others will charge you for instant delivery.

For example, MoneyLion takes three to five business days to send your money into an external checking account. For $3.99, you can receive your money instantly into the app’s RoarMoney account. Instant delivery to an external checking account or debit card costs $4.99.

With online lending networks, you can submit a loan request that each network will forward to all of its partner lenders. This means that you’re applying to several lenders at once — with no hard inquiry on your credit history or damage caused to your credit score.

These networks partner with lenders that specialize in providing loans to consumers who have bad credit. Within minutes of submitting your online loan request, you could receive multiple loan offers to choose from — with some networks providing maximum emergency loan amounts that can reach between $5,000 and $10,000.

Lenders vs Lending Networks

Once you choose a loan offer to accept, the network will transfer you to the lender’s official website where you can complete the loan paperwork and receive your loan funds at no extra charge by the next business day. Your interest rate, loan term, and monthly payment will depend on the lender and the offer you accept. Some lenders may also charge an application processing or loan origination fee.

You won’t have to pay to use an online lending network’s services. Instead, the network will collect a referral fee from the lender that closes your loan.

With online lending networks, you’ll rarely be able to borrow less than $250. With money lending apps, you’ll rarely be able to borrow more than $250. That makes it easy to decide which loan type you need.

If you need a small loan to get you to your next payday, consider a personal loan app that provides fee-free cash advance loans. If you’re looking for a larger online loan and need time to repay it, an online lending network is the better choice for you.

Can Anyone Use a Money Lending App?

Anyone with a bank account can use a money lending app, though each mobile application will require that you sign up for an account before you can apply to borrow money.

This typically means you will have to provide your name, home and email address, phone number, Social Security number, and bank account number. Your bank account information, which will also require your bank’s routing number, is used to transfer your borrowed money upon loan approval.

In some cases, such as with MoneyLion, you can create an online bank account with the lending company, which enables faster transfers of your borrowed funds.

Each mobile app will have different rules as to who qualifies for a loan. Different loans will also come with unique fees. Some loans will default to a very slow transfer of your borrowed money that may take up to five business days to arrive in your external bank or credit union account.

For a fee, you can enable instant transfers that give you immediate access to your funds.

Which is the Best App to Get an Instant Loan?

This depends on how much money you need to borrow. A money lending app will limit your loan amount to between $50 and $500 and will require immediate repayment when your next paycheck arrives.

If you need a slightly larger personal loan that gives you time to repay your loan through monthly payments, MoneyMutual provides short term loans of up to $2,500 with forgiving approval standards, a competitive interest rate, and terms that are on par with a bank loan.

  • Short-term loans up to $2,500
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2,000,000 customers
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $2,500 Varies Varies

See representative example

You can find even larger loan amounts through an online lending network such as CashUSA.com. The lenders that partner with this network provide loans of up to $10,000 with very quick approval times and payouts within one business day.

The unsecured loans offered from MoneyMutual and CashUSA don’t require collateral or upfront costs for approval. In many cases, you can repay your loan over several years.

A money lending app will provide you with a cash advance, which is meant to act as a bridge to your next payday and will require repayment in one lump sum. This loan type is useful if you only need a small amount of money to cover your expenses until payday.

For a larger emergency loan, consider an online lending network for a personal loan.

What Happens If You Don’t Pay Earnin Back?

The Earnin money lending app provides a form of cash advance. This is a secured loan that uses your next direct deposit paycheck as security in case you don’t repay your loan.

When you accept the loan, you authorize Earnin to withdraw your repayment amount on the date of your next paycheck. The bank will automatically deduct those funds from your account once your check posts.

If you do not have sufficient funds to cover the payment, Earnin has the authority to add a returned payment fee and will continue to attempt to collect the funds for up to 150 days until the debt is satisfied.

We found the following information on its terms and privacy page:

Earnin Screenshot

And, if there isn’t enough money in your account, you may also incur overdraft fees charged to your checking or savings account that increase the total amount you owe to satisfy the debt.

What Credit Score Do I Need to Get a Loan?

There are no minimum credit score requirements for a money lending app or online lending network. With that said, every lender has a unique algorithm that it uses to assess creditworthiness. While one lender may accept your application, another may reject it.

If you’re concerned about your credit score affecting your chances of getting a loan, you should consider submitting a loan request to an online lending network — such as those listed at the top of this page.

Whichever network you choose to work with will forward your loan request to each of its partner lenders, which means you’ll apply to several lenders at once. And since most of these lenders specialize in bad credit loans, you won’t have to worry about your credit score locking you out of the loan you need.

Within minutes after you submit your loan request, you could receive multiple loan offers to choose from. Each loan offer will have a unique loan term, monthly payment, and interest rate, so study each offer carefully before choosing the one for you.

Submitting a loan request to an online lending network will not place a hard inquiry on your credit report and won’t impact your credit score — which gives you the peace of mind you need when looking for an emergency loan.

What’s the Difference Between a Personal Loan and a Cash Advance?

A personal loan is also referred to as an installment loan because it allows you to repay your debt through a series of monthly payment installments. These loans have a smaller interest rate because the lender tends to earn more interest from your longer-term loan.

These loans can last from six months to more than six years. The length of your loan will depend on the lender’s requirements and the amount you borrow.

A cash advance — usually referred to as a payday loan — is a very short term loan that usually only lasts between 15 and 30 days. You’ll often find that these loans have much higher interest rates to make them worth the lender’s time and effort.

Installment vs. Payday Loans

Instead of making a series of payments, you’ll repay the entire amount of your cash advance loan in one lump sum. If your loan includes interest charges, those will be due at the same time.

Personal loans often have much larger loan amounts when compared with cash advance loans. Since a cash advance is meant to help you get to your next paycheck, you’ll likely have your borrowing power capped around $250. A personal loan, on the other hand, can extend up to and beyond $10,000 if you qualify.

Can I Get a Loan Without a Credit Check?

Many of the apps that loan you money will approve a small cash advance loan request without conducting a credit check. That’s because these cash advances are secured by your next paycheck.

Instead of a credit check, the lender will require access to your checking or savings account that receives regular direct deposit payments from your employer or benefits provider. If the lender finds that you make enough money to repay the debt, you’ll likely receive approval without a credit check.

Once your next paycheck arrives, the lender will automatically deduct the amount you owe from your bank account to satisfy the debt. This is an easy way to avoid an overdraft, but it may also put you in a jam when your next paycheck is less than you’re used to. So while a cash lending app may be convenient because it skips the credit check process, it may damage your budget.

A personal loan, on the other hand, won’t require complete repayment in a matter of weeks. Instead, you can repay the debt slowly over time. And your bad credit may not disqualify you from receiving the loan you need — but it will affect the terms of your loan.

Find the Best Apps That Loan You Money Online

You may find that apps that loan you money will make it easy to borrow small sums of money. This may work for you if you’re in a jam and need $100 to get to your next paycheck. But if you need a larger emergency loan, you’re best served finding an online lending network that can help connect you to a lender that may offer a loan of several thousand dollars.

These loans have competitive interest rates and provide monthly payment options that fit your budget. Even better, the online lending networks listed above specialize in creating bad credit loan options that can help you get the money you need — while creating a path toward improving your credit score with responsible behavior.

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