Updated
Fact Checked
Eric McWhinnie
Many people have an occasional need to access part of their paycheck early. If you try to get a cash advance on short notice, your options are few and expensive. Storefront payday loans promise to help you bridge the financial gap between today and your next payday, but their APRs are so high, they typically make your personal finance problems even worse.
The good news -- several payday advance apps can help you borrow money and stay prepared for your next shortfall. The best part is that a payday advance app can provide you with a cash advance for free or at a low cost.
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How to get a free cash advance with 7 free and low-cost apps
1. Boro
Features
You can access a $200 payday advance at an APR that depends on your credit score. Repayment must be complete in 12 months. You don't need to have a direct deposit set up or a job. But you will be responsible for monthly payments.
Cost
Membership is free. Interest rates are based on your creditworthiness. If you repay your loan within one month, it is interest free.
Who can use it
Boro is for college students. You must be at least 18 years old and enrolled in a U.S. college or university. Recent grads can also qualify. Boro loans (called BoroCash) are only available in about half the country. You'll need to check the website to see if loans are available in your state.
Other features you should know about
Money is typically deposited in your account within one to two business days. Repaying your loan will help you build credit. Payments are automatically deducted from your linked checking account.
2. Brigit
Features
Get a free cash advance for up to $250. No credit check is required. The first time you take a cash advance it will be automatically deducted from your next paycheck, or you can request a due date extension one time. As you use the app, you will qualify for more payment due date extensions (up to three).
Cost
Brigit is free but not instant. For a same-day cash advance, you need the premium membership for $9.99 per month (plus pay a $0.99 fee for each express transfer). Otherwise, you'll receive your deposit within two to three business days. With the premium membership, Brigit automatically funds your checking account to avoid potential overdrafts, and allows more time for loan repayment, among other benefits.
Who can use it
You must have an active bank account with a recurring direct deposit to qualify for Brigit Instant Cash.
There is no minimum credit score requirement, and using Brigit does not affect your credit. However, Brigit may limit or deny services if:
- Your bank account is new (opened in the last 60 days).
- You have a history of overdrafting your account.
- You have not received at least three direct deposits from your primary source of income.
Other details you should know about
Brigit provides free financial health updates, plus information about extra income earning opportunities.
3. Chime
Features
If you have direct deposit, Chime releases your pay the same day your employer deposits it. Most banks hold the funds for one to three business days. This isn't quite an emergency loan, but it does speed up access to the money you've already earned.
Cost
Free. There is no monthly maintenance fee, no overdraft fees, and no fee to use the 38,000 ATMs in its network. However, you'll pay a $2.50 fee if you use an out-of-network ATM or withdraw money from a bank or credit union using your Chime card (otherwise known as an over-the-counter withdrawal).
Who can use it
Anyone can apply for membership at Chime. You'll need to provide your Social Security number, cellphone number, and address. You might have to provide a copy of your ID. Chime says opening an account will not affect your credit score. Certain features, like the free overdraft protection, require a minimum direct deposit amount each month.
Other details you should know about
- Chime is an app that partners with an FDIC-insured bank to help you manage your money.
- Chime offers a credit-builder secured credit card with no credit check required. The card has no annual fee, no maintenance fee, and does not charge interest (because the account is pre-funded by you like a prepaid debit card).
- Automatic savings is streamlined at Chime. Like most banks, Chime allows you to set aside a portion of each paycheck. Chime also allows you to round up each debit card purchase and put that spare change into your savings account.
- The overdraft protection is limited to $20 initially but increases to up to $200 for members with positive account history.
4. Dave
Features
You can get a cash advance of up to $500. No credit check required. You agree to a settlement date (usually your next payday) before Dave advances the money.
Cost
A Dave membership is $1 per month. There is no minimum balance requirement for a Dave checking account. Tips are accepted, but optional.
Who can use it
Anyone can join Dave. You'll need to provide identifying information and connect your bank account. You may be asked for proof of your address or a copy of your ID.
Other details you should know about
Dave offers a free rent reporting service to help you build credit and information about how to earn more money. Also, you can access your account via 32,000 fee-free ATMs.
5. Earnin
Features
Get cash advances of up to $100 per day and $750 per pay period. No credit check required. The repayment date is your next payday unless you request a different due date at least two business days prior to that date.
Cost
Free but Earnin accepts tips of up to $14 per $100 cash out transaction. Tips are optional but Earnin says they financially support the app.
Who can use it
Anyone with a job, a bank account, and direct deposit. You'll need to set up your Earnin account first by downloading the app, entering your information, and connecting your bank account.
Other details you should know about
Earnin is an app that partners with an FDIC-insured bank to help you manage your money. Earnin offers other features besides the cash advance product, including a savings tool, financial insights, and a low balance alert. If enabled, the low balance tool will automatically transfer a $100 cash advance to your bank account when your balance falls below that amount (to help you avoid overdrafts).
6. Empower
Features
You can get an instant cash advance of up to $250 any time during your pay cycle. No credit check is required.
Cost
Empower membership is $8 per month after a free 14-day trial period. Instant cash advances require an Empower checking account; if you want the money to be transferred to an external bank account, you might need to pay a $3 fee and it won't hit your account the same day you request it.
Who can use it
To be eligible for the free cash advance, you need to have an established account with Empower and minimum direct deposits. To join, Empower will need your address, phone number, and social security number. You may have to provide a copy of your ID and proof of your current address.
Other details you should know about
- Empower is an app that partners with an FDIC-insured bank to help you manage your money.
- You can take advantage of an automatic savings plan that sets aside small amounts of money every week.
- You'll get free access to 37,000 ATMs.
- If you have direct deposit, Empower generally releases the money to you on the same day your employer deposits it. At many other banks this takes one to three business days.
- You can earn up to 10% cash back on debit card purchases.
- Set your own spending limit to help you manage your money.
7. MoneyLion
Features
You can get a free cash advance for up to $500. No credit check is required. If you start using Credit Builder Plus, you can access up to $700, while RoarMoney accountholders can access up to $1,000.
Cost
Free, but cash advances take anywhere from one to five business days, depending on what type of checking account you have linked. If you want the money instantly, you'll need to pay a fee that ranges from $0.49 to $5.99 for transfers to RoarMoney accounts and $1.99 to $8.99 for external accounts (fee depends on disbursement amount).
Who can use it
You'll need to already have linked your checking account and verified your identity to be eligible for the free cash advance. Your cash advance limit will depend on how high and consistent your direct deposits are. Limits start at $10 or more. Also, your checking account should be established (at least two months old) and active (regularly used).
Other details you should know about
- Credit Builder Plus is a low-interest credit builder loan that helps you establish 12 months of payment history so that you can build credit and save money. The loan amount can be up to $1,000 but you won't get access to all of those funds immediately. You'll get a portion, and the rest is held in a reserve account and released as you make payments. The program fee is $19.99 per month, and interest is charged on the loan.
- Members who open a RoarMoney checking account can earn cash back on debit card purchases. The cash back is automatically invested in a managed portfolio account where you can access it or let it grow.
Need a checking account? Check out The Ascent's roundup of the best checking accounts and pick the one that's best for you.
Emergency loans
If you have a need for cash right now and you haven't set up one of these apps yet, you may still have options. If you have a credit card, you might qualify for a credit card cash advance. Members of some credit unions can get a low-cost payday alternative loan (PAL). Homeowners and renters can even qualify for a Small Business Association (SBA) disaster loan under certain circumstances. Check out our post on emergency loans to learn more.
If what you want is a consistently earlier payday, here are a few apps besides Chime that help you get your direct deposit faster (but might not offer payday loans or cash advances):
- Axos Bank
- Go2Bank
- SoFi Money
- Varo (Varo also offers free cash advances of up to $20 to qualifying members, and bigger cash advances for a fee.)
- Wealthfront Cash Account
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FAQs
-
Many cash advance apps will lend you money ahead of your payday without checking your credit. Some are free, while others will charge a low monthly subscription fee.
-
Many of the apps discussed above can give you instant cash advances if you meet the qualifications to sign up. However, you'll likely have to pay a fee to receive your cash advance instantly, whereas normal deliveries -- which can take three to five business days -- are typically low-cost or free.
Our Personal Finance Experts
Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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