Looking for some instant money? Read the article to find some of the best loan apps in the USA in 2023.
Life is filled with unfortunate events, and anytime, it can turn itself upside down. It can be a health condition, a shortage of funds, or an emergency. Whatever it may be, you will require instant funds to get past the situation. But don’t worry; you have the best loan apps in the USA for some instant gratification.
There are many cash advance apps, and you can borrow up to 500 USD at a time. But having plenty of options is also a big deal in itself (it isn’t easy to choose one from the entire lot). So we have tried to cite some of the best loan apps in the USA for you. But before we start, let’s see,
Why should you go for a loan app in the First Place?
Let’s take a look at some of the best reasons to apply for a loan:
1. Instant Cash:
Now every time, it is not possible to call your best friend and ask for “quick cash” (that annoys them). So instead of quick dialing, you can get instant cash through a loan app. The waiting period is quite less than your conventional modes of credit as well.
2. Easy to Access:
The best part about the online loan apps in USA is that you can get past the application process in a minute. Also, you are not asked about your credit score while applying. So accessibility is a big reason to switch to a loan app.
3. Less expensive than an Overdraft Fee:
You know how expensive the overdraft fees are; they can be up to USD 35. While in the case of Loan Apps, the apps charge you pennies. But,
Are there Any Downsides?
Sadly, there are some downsides, even to the best loan apps in the USA.
1. Very Addictive:
The worst thing about cash advance apps is their easy application process. Once you start depending upon them to cover your bills, the cycle of debt might trap you.
2. The fees keep getting added up:
Even if you are getting a concession, the application fees, subscription, and tips can add up.
3. Temporary solution:
Cash advance apps give you credit to fix your temporary issues. You can’t depend on them to fill the crisis you are going through.
What are some of the Best Loan Apps in the USA 2023?
When we searched for “the best cash advance apps in the USA,” we came across a bunch of them. And seriously, it was difficult to choose a few from the entire lot. But, these 10 online loan apps in USA stood out:
Earnin tracks your work hours and location and accordingly pays you the credit amount. When you are signing in to the interface, it asks you for your bank details and your payday/salary.
The reason you are tracked is because you can withdraw money based on your work hours. And once your salary arrives, it debits the loan amount directly from your bank account.
|No fees||Less control over your bank account|
|No requirement for credit||Fewer fees = High APR (Annual Percentage Rate)|
|Money within a day or two.||100 USD per day|
The Chime app is one of the best loan apps in the USA because of its high-level security features. The Chime app provides you with a credit card, checking, and savings account through the SpotMe feature.
With the SpotMe feature, it gives you the option to borrow up to 200 USD. The app doesn’t necessarily need you to pay for a tip, but if you want to, you can.
|USD 200 without any fee for Chime members||Mandatory to have at least 200 USD in the Chime account|
|High security||Only best for overdraft protection|
|No tip (optional)||High APR|
Brigit can be a good option for you if you are looking for an app for effective budgeting. It can provide you with up to 250 USD instantly, provided you have a monthly subscription (9.99 USD a month).
Besides instant funds, you get an identity theft insurance amount of up to 1 Million USD. You also get automatic advances to prevent overdrafts and some credit builder tools. Brigit also helps you to find gigs.
|No credit required||Cash Advance only for premium members|
|Insurance and budgeting tools||250 USD max withdrawal|
|Finding Gigs.||The instant deposit option isn’t available.|
MoneyLion is one of those online loan apps in USA that provides you with the following:
- Mobile banking and investment accounts.
- Credit-builder loans
- Cash Advance up to 250 USD or more, according to your eligibility.
- Tips to improve your credit score.
The app has an “Insta Cash” Facility to help you borrow a loan amount only if you have a checking amount.
|Larger credit amount (for qualified members)||Requires bank access|
|Banking and Investment Accounts||Only customers can get larger amounts|
|No credit check required||Insta Cash requires a checking amount.|
Since we are discussing the best loan apps in the USA in 2023, we can’t miss Dave. Dave helps you borrow money and debits the amount on your next payday. You can get a cash advance of up to 250 USD to prevent overdraft fees.
But, you must have an Extra Cash account to be eligible to receive a loan. This app also provides you with a “Side Hustle” to find some jobs and make more money.
|Protection for overdraft charges||Monthly subscription fees (USD 1)|
|Option for a savings account||Slow funding speed ( you can increase it by paying some money)|
|Helps you find work||Less transparency|
6. Cash App:
Cash App lets you borrow money through its borrowing services of up to 200 USD. But you need to be qualified by the App’s interface to get a loan amount. In case you are not eligible for the loan, you will not find the “borrow” button in the banking tab of the app.
Besides this, the app lets you invest in stocks and crypto for as little as a dollar.
|Free optional debit card for Cash App users||Not everyone can borrow|
|Cash before your payday||High deposits to qualify for a loan|
|Scope to invest||Charge on ATM withdrawals (unless you set up direct deposit)|
Current isn’t actually a money lending app but rather a fintech company. It allows you to borrow up to 200 USD with no extra fees. It provides you overdraft protection in case you overdraw from your Current account.
If you receive a minimum of 500 USD, the overdraft limit starts at 25 USD and can go up to 200 USD.
|Overdraft protection||Must have a Current Account|
|No extra fees||Requires direct deposits|
|Checking and Savings Pod||Protection up to 200 USD|
The best part about Empower is that you get cash advances in an instant. It is faster than most of the online loan apps in USA. It takes you a day to get the borrowed amount. You can shorten it to 15 minutes by paying an express fee.
The app uses AI to save money by navigating funds according to your set goals.
|Budgeting tools and bank accounts||Less control over your account|
|Fast funding time||Smaller Advances|
|Automatic savings feature||Doesn’t notify during the debit|
If we are making a list of 10 of the best loan apps in the USA, we can’t miss Klover. Klover provides you with a total of 200 USD as advance– 100 on bank account eligibility and 100 on points program. To gather points, you have to upload receipts, take quizzes, and watch videos to get points.
|No necessary charges.||Slow funding speed.|
|No overdrawing of the user’s account.||Low advance limit.|
|100 USD on bank account eligibility.||Lack of privacy.|
10. Solo Funds:
This cash advance app is quite unique. It lets you withdraw money through a peer-to-peer feature. You can send a loan request, and lenders have the option to choose borrowers.
It takes up to three days to inform the user whether or not the loan request is accepted.
|High advance limit (up to 575 USD).||Advance Requests might be rejected.|
|Option to choose the repayment date.||No option to budget.|
|Does not overdraw accounts.||It takes 3 days for approval.|
A Summary of all the Best Loan apps in the USA
|Loan Apps||Advance Amount||Best for|
|EARNIN’||100 USD per day||Large Advances|
|CHIME||200 USD||Overdraft Protection|
|MONEYLION||250 or more||Big credit amount|
|CASH APP||200 USD||Investment options|
|CURRENT||200 USD||Checking and Savings Pod|
|EMPOWER||10–250 USD||Fast Cash|
|KLOVER||200 USD||Cash from points|
|SOLO FUNDS||575 USD||Peer-to-peer advances|
When you are looking for some instant cash and have nowhere to go, online loan apps in USA can come to your rescue. Whichever option you choose, make sure the app offers what you want.