


“With any of these options, it’s important to know what you are getting into before moving forward,” says Jason Noble, a certified financial planner and financial advisor with Prime Capital Investment Advisors in Charleston, SC.

Consider the app’s fees, cash advance maximum, any interest charged, and other perks the service may feature-like overdraft protection or early access to your full paycheck. There are many cash advance apps to choose from, so make sure to compare your options before choosing which one to utilize. 6 cash advance apps to borrow against your next paycheck Some tools require one-time transfer fees or subscription fees. The exact cost of cash advance apps varies. “That’s money that stays in your pockets.” “You can pay bills on time, and you can avoid overdraft fees,” says Ram Palaniappan, CEO of Earnin, one of the cash advance apps outlined below. They can also be helpful for consumers facing potential penalties when their checking account funds are low. “They can provide users with quick access to cash when they need it, without the need to visit a bank or other lender.” “One of the main advantages of cash advance apps is their convenience and speed,” Lokenauth says. “These apps are designed to provide users with access to small amounts of money on a short-term basis, typically until the user’s next payday,” says Andrew Lokenauth, a finance professor at the University of San Francisco and founder of Fluent in Finance.Ĭash advance apps can come in handy for consumers dealing with unexpected costs (like car repairs, for example) or those who need cash fast.
