Best Cash Advance Apps When You Need Emergency Money

Cash advance apps are a new option if you struggle to get by and need quick cash. While the term cash advance might scare some people, these differ from traditional credit card cash advances, which are plagued with high interest rates. They are a financial solution offering short-term cash when you need it most. 

With that in mind, increasing app choices can make it relatively easy to turn to the wrong resources. The last thing you want is to deal with high-interest fees, confusing terms, and a weird payment schedule that puts you in a more precarious financial situation than you were before. 

But which apps should you turn to for financial support? Let’s look at some of the best cash advance apps you can leverage for quick access to cash when you need a little help. 

Below is a quick summary of the top options for various situations, followed by a detailed look at each, along with advantages and drawbacks.

Best Cash Advance Apps to Use in 2024

• Best overall cash advance app: Chime
• Best for those who anticipate needing regular support: Empower
• Best choice for select employees: Payactiv
• Best for larger loan amounts: MoneyLion
• The best alternative to MoneyLion: EarnIn
• Best for overall financial support: Dave
• Best top-rated app: Varo

1. Chime

It’s important to start this list by stating that every app has specific usage requirements that allow some to use certain apps more easily. Chime requires you to have an account with them to qualify for larger cash advances, but it’s worth considering as it’s the best cash advance app out there. 

Best known as a credit builder company, this online banking app offers SpotMe, a fee-free overdraft feature. This feature allows users to borrow anywhere from $20 to $200, depending on their eligibility.

Unlike many other cash advance apps, there’s no tipping required, no upfront fees, and no hidden fees to worry about. You only have to pay them back when you get your next direct deposit through Chime. Better yet, they offer early payday features so you can get your paycheck two days faster and pay off your debt quicker.

Features: Credit/debit accounts, fee-free overdraft, early payday, credit building 

Pros

• Easy to sign up for
• No fees
• No tipping
• Instant access to cash

Cons

• Must have a Chime account
• Must qualify for larger SpotMe amounts

2. Empower

Some people need a little emergency cash on a recurring basis, and that’s okay! If you know that you need a small crutch now and again, but you’re not significantly struggling, Empower might be your best choice. 

This subscription-based cash advance app allows you to access anywhere from $10 to $250 when you need it without questions or credit checks. Your money comes through by the next day (or instantly if you’re willing to pay $1 to $8), and you don’t have to repay it until your next paycheck. It connects with any bank account, and you don’t have to tip to use it. It might be worth your while if you’re willing to pay the $8/month needed to tap into this opportunity. 

Features: Credit builder that also offers cash advances

Pros

• Low fees
• No questions or credit checks

Cons

• Does require subscription
• Instant transfers require fees

3. Payactiv

At a glance, Payactiv seems like a stellar online cash advance option, and it is. However, it comes with a significant caveat: you can only use it if your employer uses it and allows you to request a cash advance. Many companies use Payactiv, so you might already have a job with one of them.

Payactiv allows you to access your wages beforehand, with a maximum amount of $1,000. Fees only range up to $2.99 for the various disbursement methods offered through the service, and there are no additional fees or tips that you need to worry about when you use the service. If you have an employer that uses Payactiv or it’s something you think you might be able to convince them about, turn to this service when you need some extra cash. 

Features: All-in-one digital wallet, special offers and discounts, easy and early access to wages, early payday and tax refunds, and more

Pros

• Easy to use
• Low fees
• High withdrawal amounts
• Accessing wages early

Cons

• Only for employees of companies that use Payactive
• The amount available to access is dependent on your employer

4. Moneylion

Some cash advance apps tie into other banking features and financial opportunities. If you’re open to this and are looking for a new home for building credit, saving, depositing your funds, and other financial solutions, consider looking into MoneyLion. 

MoneyLion is an all-in-one financial app that offers banking, credit-building, investing opportunities, and even tax filing services. Speaking strictly to their Instacash feature, users can borrow up to $500 at a time (more if you’re a member of MoneyLion, all of which you repay by your next payday), you can tap into fee-less transfers (or you can pay up to $8.99 to get your money instantly), and there’s no credit check, no interest, or mandatory fees when you want to borrow money with MoneyLion. 

That said, there is a lot of fine print when using the service, so do your research to see if MoneyLion is suitable for you before you choose it over other apps on this list. 

Features: Host of banking and other financial features

Pros

• Larger cash advance limits
• Fee-free transfers
• No interest or credit checks

Cons

• Confusing terms that may result in greater fees
• Up to five days to get your money
• High instant transfer fees

5. Earnin

EarnIn is a top-rated app in the App Store and Google Play Store that offers a no-frills, straightforward cash advance experience for those who need to tap into fast cash now and then. 

EarnIn is an easy-to-use app that offers loan approval on the day you need it. It allows you to borrow up to $100 daily (a maximum of $750 per pay period) and gives you until your next paycheck to pay it off. There’s a $4.99 fee for express funding; tips are optional but not required. If you want to access money and are not interested in subscribing to a service, EarnIn is an excellent app. 

Features: Bonus credit monitoring option

Pros

• Large withdrawal amount
• Low fees
• Simple service

Cons

• Limited $100 withdrawal per day

6. Dave

Dave is a cash advance app with a few more fees, but they aren’t excessive enough to avoid it. Dave is a “financial friend” app that offers up to $500 if you have an ExtraCash account with Dave. This allows you to get cash quickly without any interest or late fees. You borrow money when needed and pay it back when you get your next paycheck. 

If you’re looking to take baby steps towards saving and making more money, you’ll also be pleased to learn they offer a savings account, side hustles, and even early payday to help you get your money faster. 

Features: Spending and savings accounts, side hustle opportunities, early payday features

Pros

• Get up to $500
• Added ways to make money

Cons

• You must pay a $1 subscription fee
• An additional fee of $1.99 to $13.99 to get money fast
• Optional but requested 15% tipping fee

7. Varo

Varo is one of the most well-known cash advance apps, and it’s a good one. More of an all-in-one banking app, Varo allows you to borrow up to $250 when you open an account with them. Varo Advance doesn’t require you to tip or have any subscription or overdraft fees, and you can work your way up to the highest borrowing threshold of $500 if you play your cards right. 

If you’re already looking into Varo and know that you’ll need a cash loan from time to time, take a closer look at Varo Advance to see if this feature offers the benefits you’re looking for when you need to borrow cash. 

Features: Credit and checking accounts, savings accounts, tax support

Pros

• No tipping or other fees
• Highly rated
• Solid borrowing limit

Cons

• Others report fees of up to $40
• $500 isn’t automatically available to you
• 30 days to return funds

Alternatives Worth Considering

Cash advance apps can be a great resource when you need an instant cash advance and have nowhere to turn. But they aren’t your only resource, and not all of them may be accessible in your time of need. What alternatives can you look into if you are backed into a corner and need cash?

8. Credit card cash advance

Many credit card issuers will offer cash advances as part of your credit card benefits. This can be a quick way to tap into cash for emergencies, as you already have a limit and have an established history with your credit card issuer.

That said, it’s important to note that these cash advances almost always come with exorbitant interest rates, which could cause you to dig a hole for yourself if you don’t pay the money back quickly. Review the terms and only borrow using this method if you can’t get money elsewhere and are confident you can stay on top of payments. 

9. Personal loans

If you need more money than most cash advance apps offer, consider applying for a personal loan. A personal loan will give you access to more money, but it also comes with increased interest and more stringent payment schedules. Shop around for different loans and leverage your good credit if you can. 

10. Payday loan

Another option is a traditional payday loan. These work similarly to the apps mentioned above, and you can get a payday loan online or in person. You pay a finance charge for the loan and must repay it within 14 days.

The drawback to these types of loans is the high fees they charge. When you translate the fee into an annual percentage rate, it could be 100% or higher. 

11. Loan from Friends or Family

If you have a good relationship with your family and need money, consider contacting them for a small loan. They’ll be less likely to give out predatory loans, which can help you until you can pay back your debt. 

The risk here is that your relationship will be destroyed if you fail to repay the loan. To protect both parties, complete a loan agreement that states the payment plan, interest rate, and amount borrowed.

12. Credit union payday alternative loans (Pals)

Do you bank with a credit union? If so, they typically offer payday alternative loans similar to payday loans but with a lower interest rate. These loans can help you tap into quick cash with an institution that already knows you. You might also be able to qualify for a larger loan amount.

13. Buy now, pay later

If you tend to shop online and need to purchase something you don’t have the money for, there are platforms like Klarna that allow you to make regular payments over time, often with no interest (unless you’re late, in which case interest starts and can be pretty high). Many buy now and pay later, but companies do not do a credit check or review your credit score.

As long as you use these services only for things you absolutely need and do not depend on them for every online purchase, you should be able to benefit from using them occasionally. 

14. Credit card

If you have a solid credit history and don’t need cash now, consider opening a new credit card. Many offer sign-on bonuses and 0% introductory interest rates on purchases. A new card could be an excellent alternative to fast cash loans, especially if you need to borrow more money. Plus, you can repay the loan with a 0% interest rate without digging into more debt.

Frequently Asked Questions

What is a cash advance?

A cash advance is a short-term loan that allows you to tap into money quickly when needed. Typically, cash advance loans through apps are for short-term borrowing, and the lender will require repayment from your bank account on payday. Because these are payday advance loans, they have lower borrowing limits than other loans. Every app and institution is different in how they loan money, so do your research before you choose any company to borrow money from. 

How do I spot fake cash advance apps?

Fake cash advance apps often pop up out of nowhere, are not well-known, and make promises they can’t deliver on. Only borrow from established institutions and apps, and carefully read user reviews to see if anyone else has encountered issues while using a specific app or service. Remember always to trust your gut; if it sounds too good to be true, it usually is.

What are some of the risks that come with cash advance apps?

There’s always the risk of overextending yourself financially and getting hit by late fees and other fees that make it impossible to dig yourself out of debt. Since most people use cash advances when money is tight, it’s easy to enter into predatory contracts when you’re most vulnerable. Only pursue cash advances if you know what they are, the risks, and how to navigate them.

What is the interest rate for cash advance apps?

Unlike traditional installment loans, cash advance loan apps do not charge an annual percentage rate on the borrowed amount. Instead, the cost of borrowing money is a subscription model, tipping, or fast-funding fees. Because these are short-term loans, charging you this way rather than an interest rate is more beneficial.