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Top Loan Apps Like Moneylion and Dave: Your Ultimate Guide

Apps like moneylion are highly favored for securing loans, offering a straightforward and rapid deposit process to users’ accounts.

Techestudio Editors 7 months ago 0 14

Cash advance applications enjoy widespread popularity worldwide, with particular prominence in the United States and the United Kingdom. People in these regions have embraced payday loan apps on their mobile devices.

Apps like moneylion are highly favored for securing loans, offering a straightforward and rapid deposit process to users’ accounts.

Many individuals are successfully alleviating their financial concerns through apps such as Moneylion and Dave, which provide swift and immediate payday deposits without the need for extensive paperwork.

What are Other Apps like MoneyLion?

MoneyLion is an all-in-one mobile personal finance and lending application that simplifies borrowing, saving, investing, and earning.

MoneyLion offers cash advances of up to $250 to help cover your financial needs.

It’s particularly suitable for gig workers and individuals who need to meet immediate expenses or bridge the gap until their next income arrives.

Characteristics of MoneyLion-like Loan Apps:

  • money available up to two days ahead of time.
  • Credit builder loans, potentially up to $1,000.
  • Interest-free cash advances.
  • Round-up purchases to invest in Bitcoin daily.
  • Additional features like Instacash advances, auto-invest accounts, Roarmoney accounts, and more.

Are there any alternative apps like moneylion? 

Here’s a list of other cash advance apps like moneylion:

Dave: offers up to $500 in cash advances.

Brigit: Up to a $250 cash advance is available.

Earnin: Allows cash advances of up to $750.

Chime SpotMe: Offers cash advances of up to $200.

Branch: You can get up to 50% of your pay in cash advances.

Klover: Provides cash advances of up to $200.

Albert: Offers cash advances of up to $250.

Avant: Allows cash advances of up to $35,000.

Empower: Provides cash advances of up to $250.

Even: Offers up to 50% of your pay in cash advances.

PockBox – PayDay Cash Advance: Offers loans of up to $2500.

Zofi Cash: Extends loans up to 50% of your monthly net income

Payactiv: you can access up to 50% of your earned wages every pay period.

Chime (A MoneyLion-like Cash Advance App)

Offers fee-free overdrafts, up to $200.

Chime, a prominent fintech firm, offers free mobile banking services via web and mobile apps, with a focus on comprehensive financial assistance.

Key advantages:

No concealed monthly fees.

Early access to funds.

Opportunity to build credit without overdraft limitations.

Quick and fee-free transfers to loved ones.

Dave (Banking and Cash Advance App)

Instantly access up to $500.

Dave, a human-centered banking solution, delivers rapid cash advances for a brighter financial future. Its mobile app empowers users, with over 5 million like-minded individuals, to improve their financial well-being.

Key Advantages:

Receive small advances in advance for bill payments and more.

Enhance your cash advance options with an improved credit history.

Enjoy the benefits of no monthly fees or signup charges.

BRIGIT

It offers instant cash advances through Instant Cash for a monthly fee of $9.99.

While the advance amount may not be the highest, it comes with flexible repayment options.

Brigit does not conduct credit checks or charge interest.

Here are the key features of Brigit:

Flexible Repayment Date: You can choose your own repayment date or request an extension.

Auto-Advance Feature: Brigit offers an auto-advance feature to prevent overdrafts.

No Credit Check or Interest: Brigit does not perform credit checks, and there are no interest charges.

Subscription Requirement: Brigit requires a subscription for access.

High Subscription Fee: The monthly subscription fee is $9.99.

Loan Amount: You can get cash advances of up to $250.

Processing Time: Cash advances are processed within 1-3 business days, or within 20 minutes for a fee.

Repayment Date: You have the flexibility to select your repayment date, including the option to pay earlier or extend the repayment period

Brigit Requirements:

To qualify for Brigit, you need to meet the following requirements:

Maintain a current checking account for a minimum of half a year.

Maintain a balance greater than $0 in your account.

Get three installments in a row from the same supplier.

Other Features:

Brigit offers an auto-advance feature to cover you when you’re close to overdrawing.

The Earn Extra feature provides opportunities to boost your income when needed.

Top Choice for Minimal Fees: Earnin

Here’s why Earnin is a great choice: With Earnin, you can access cash advances of up to $500 per pay period without incurring any interest or fees while you wait for your next paycheck. Earnin also provides low-balance alerts and offers the option to automatically transfer up to $100 of your earnings when your linked bank account balance is low, helping you avoid costly overdraft fees.

Earnin is unique in that it doesn’t charge any fees, although you can voluntarily leave a tip when making a payment. Additionally, Earnin doesn’t require a credit check, but you do need a reliable income, direct deposit to a checking account, and a fixed work location to use the app.

Ideal Tools for Digital Banking: Branch

Here’s why Branch excels in the realm of digital banking tools: With Branch’s cash advance feature, you can access up to 50% of your earned wages before your next paycheck, provided you work for a participating company. Employees receive a Branch debit card, a no-fee checking account, and a digital wallet, all of which can be used to pay bills or make purchases.

Branch stands out by not conducting credit checks or charging interest on its services. Furthermore, there are no fees associated with cash advances deposited to your Branch digital wallet. You also have the option of making instant transfers to your Branch debit card for a small fee or transferring funds from your Branch digital wallet to an external bank account free of charge.

In addition to these features, the app provides valuable budgeting tools. These tools assist you in tracking spending patterns, remind you of upcoming bill due dates, issue low-balance alerts, and offer insights to help you effectively manage your cash flow.

Payactiv – Best for Diverse Fund Delivery Options

Why Payactiv stands out: If your employer is part of Payactiv’s earned wage access program, you can access up to 50% of your earned wages every pay period. You have multiple options to receive the money, including transferring it to your bank account, debit card, prepaid card, payroll card, or a Payactiv Visa® Card. Alternatively, you can collect your earnings at a Walmart Money Center. The app also lets you handle bills, order an Uber, or shop on Amazon, all within the app.

When using direct deposit to your Payactiv card, there’s no fee for early wage access. Most other transfer types incur a $1 fee per instance, capped at $5 per pay period. For Walmart cash pickups and instant deposits to non-Payactiv cards, there’s a $1.99 processing fee. Additionally, the app offers savings tools, prescription discounts, and financial counseling services. For an in-depth look, read our full Payactiv review.

Even – Best for Financial Management

Why Even is the top choice: Eligible employees can receive up to 50% of their earned wages in advance through Even, without interest or fees. You can have the funds deposited into your bank account or pick them up at a Walmart Money Center, with the possibility of a fee for expedited access. Even excels at helping you stay on top of your finances by tracking your monthly expenses and providing a daily spending snapshot that ensures you have enough left to cover your bills.

Even’s app enables you to establish savings goals and automate regular transfers of a percentage of each paycheck into a savings account. For qualified members, Even offers the ability to monitor your work schedule and make automatic updates after each shift, providing real-time insights into your financial situation.

ALBERT- A Dual-Function Financial App

Albert’s unique feature, Albert Instant, offers a 2-in-1 solution without interest or late fees. You can take a cash advance up to 3 times per pay period, and if you need the money instantly, you can expedite the process through Albert Cash for a small fee. The app also provides budgeting and financial improvement tools, making it a comprehensive financial management tool.

Cash Advance and Overdraft Spotting: Albert provides both cash advance and overdraft spotting services.

Optional Debit Card: You can opt for Albert’s debit card.

No Interest or Credit Checks: There are no interest charges or credit checks.

Longer Standard Delivery Time: The standard delivery time for cash advances is 2-3 days.

Standard $250 Maximum Cash Advance: The maximum cash advance amount is $250.

Loan Amount: You can access up to $250 of cash advance or overdraft spotting.

Processing Time: Instant processing for spotting, 2-3 days for cash advances.

Repayment Date: Repayment is due on your next paycheck.

Albert Requirements:

To qualify for Albert Instant, you need to meet the following criteria:

Maintain a bank account with no negative balance for at least 2 months.

Receive consistent income from the same employer for at least 2 months.

Have your income deposited into your linked bank account.

Receive your recent paycheck on time and be able to access it a day after your payday.

Other Features:

Albert Cash, Albert’s debit card feature, offers free instant delivery for your cash advance and the ability to access your paycheck two days early.

PockBox – PayDay Cash Advance

Offers loans of up to $2500.

PockBox connects users with lenders quickly, helping them access loans online. While they’re not direct lenders, they facilitate connections with lending institutions. The process starts by selecting your desired loan amount.

Key Advantages:

Swift loan approval, ranging from $100 to $2500.

User-friendly and straightforward cash advance process.

Full transparency with no hidden fees.

Klover – Instant Cash Advance App like MoneyLion

Provides cash advances, with amounts going up to $115.

Klover operates similarly to other cash advance apps and serves as a suitable alternative to platforms like Moneylion and Dave. It offers financial freedom tools to alleviate financial worries and allows you to monitor your spending habits with dynamic financial tools.

Features:

Immediate and efficient money lending services.

The opportunity to win money through daily ticket spins.

Streamlined and minimal paperwork for cash advance approval.

Zofi Cash – Digital Financial Platform

Extends loans up to 50% of your monthly net income.

Zofi Cash is a fully digital financial platform designed to provide stress-free cash advances to employees facing financial emergencies. Whether you have bills to pay, anticipated travel expenses, or other urgent financial needs, Zofi Cash offers a solution to bridge the gap until payday.

Key Benefits:

A seamless, digital lending experience.

Rapid and dependable financial lending services.

Instant transfers with no waiting period.

When to Steer Clear of MoneyLion-Like Apps

While there’s no strict rule against using apps like MoneyLion, it’s wise to exercise caution if you struggle with overspending or making sound financial decisions.

Our Selection Process for These Loan Apps

We carefully evaluated more than a dozen money lending apps, considering various factors like eligibility criteria, fee arrangements, interest rates, loan limits, and the time it takes to secure funds. Additionally, we conducted in-depth research to assess the advantages offered by these apps, including the availability of financial education resources and overdraft protection.

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