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 they are so expensive, they typically make your personal finance problems even worse.
You can set up a payday advance app now and be prepared for your next shortfall. The best part is that a payday advance app can provide you with a cash advance for free or for a low cost.
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7 free and low-cost cash advance apps
1. Boro
Features
You can access a loan for up to $2,000 at an interest rate 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
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. With this option, 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 1-3 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 fee if you overdraft your account, and no fee to use the 38,000 ATMs in its network.
Who can use it
Anyone can apply for membership at Chime. You'll need to provide your social security number, cell phone 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.
- You'll earn more with Chime's high yield savings than you will at most banks.
- 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 $200 when Dave notifies you that you are at risk of overdrafting. No credit check required. If you have direct deposit, Dave releases the money to you as soon as your employer transfers it.
Cost
A Dave membership is $1 per month. There is no minimum balance requirement for a Dave checking account. Qualified members can pay an additional fee to get up to $100 of cash above the regular limit. 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 $500 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 1-3 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 $250. No credit check is required. If you switch your direct deposits to a MoneyLion account (called RoarMoney) or take a MoneyLion credit builder loan, you can eventually access up to $300.
Cost
Free, but cash advances take anywhere from 12 hours to 5 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 of $3.99 to $4.99 for each cash advance.
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 $25. 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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About the Author
Kimberly is a personal finance writer/editor, consumer credit expert, and financial literacy advocate. She has lots of degrees and personal experience that make her really good at helping people separate the good from the bad in financial products and habits. She likes to roller skate. Tweet her @rotterwrites.
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