Need to Borrow $500 Instantly? The Best Cash Advance Apps and Other Options to Consider

Need $500 fast? Cash advance apps offer one of the quickest and most accessible ways to get instant funds, with no credit check or interest as long as you repay by your next payday. Popular apps like Earnin, MoneyLion, and Dave let you borrow small amounts based on your income, often transferring funds within minutes for a small fee.

In this guide, we’ll highlight the best cash advance apps and compare their costs, benefits, and drawbacks. You’ll also find tips to avoid fees, manage repayments, and explore alternatives if you’re in a tight spot.

4 cash advance apps when you need $500 now

If you’re in a pinch and need $500 now, you’ve got options. Cash advance apps are a quick solution and are accessible to most people. 

Unlike credit cards or personal loans, which require a credit check and may not be available to those with a poor or no credit history, cash advance options do not require a credit check, and can typically fund instantly with a fee. 

Most cash advance apps don’t charge interest on your $500 borrowed as long as you repay it by your next payday.

Here, we’ve ranked six cash advance app options, from most to least recommended, to detail the costs, benefits, and any potential drawbacks of using each to borrow $500.

EarnIn

Best Overall

5.0 _/5

Get Cash

Why we picked it

EarnIn offers up to $150 per day and $750 on payday based on your earned income. There are no fees, but an instant transfer will cost you between $1.99 and $4.99, which is still some of the lowest fees charged for instant funding among the apps we’ve reviewed. 

Standard funding takes 1-2 business days.

• Low instant transfer rates
• No credit check
• No interest
• Overdraft protection and credit monitoring for added value

• Daily borrowing limit of $100–$150
• Requires connection to your bank account
• Eligibility depends on deposit history
• Minimum earnings of $320 per pay period required

MoneyLion

Best for Building Eligibility

4.5 _/5

Get Cash

Why we picked it

MoneyLion’s Instacash feature offers up to $500 of interest-free cash for last-minute bills. Mobile banking customers can increase their limit to $1000 by setting up a qualifying recurring direct deposit. There are no fees. Standard funding takes 1-5 business days, and an instant transfer will cost you between $1.99 and $8.99, depending on the amount. 

• Offers financial tools like mobile banking, credit cards, and loans
• No credit check
• Interest-free cash advances
• High borrowing limits for mobile banking users

• Borrowing limits tied to account activity
• Incentivizes referrals for higher limits
• Standard funding times can be lengthy
• Instant transfer fees increase with higher amounts

Dave

Best Early Payment Benefit

4.6 _/5

Get Cash

Why we picked it

Dave provides up to a $500 cash advance with no late fees, credit checks or interest. The mobile app also offers options like a checking and savings account. Instant transfer fees range from $3 to $25, and cash advances require setting up an ExtraCash account.

Tip

The Federal Trade Commission (FTC) filed a complaint against Dave for allegedly using misleading marketing to deceive customers. Dave promptly addressed the concerns, but it’s still important to know.

• No interest or credit check
• High borrowing limit compared to competitors
• Additional tools like checking and savings accounts
• User-friendly mobile app

• FTC complaint raises concerns about transparency
• Relatively high instant transfer fees
• Requires setting up an ExtraCash account
• Standard funding takes 1 – 3 business days

Current

Best for Multiple Advances

4.2 _/5

Get Cash

Why we picked it

Current is a mobile banking app that offers up to $500 cash advances for account holders with direct deposit. There are no credit checks required, and standard funding takes 1-3 business days. Current offers flexible repayment terms, but its instant transfer fees are undisclosed. 

• All-in-one mobile banking app
• No credit check required
• Flexible repayment terms
• Offers up to $500 cash advances

• Limited transparency on fees
• Must have direct deposit to qualify
• Lacks advanced financial tools like savings accounts
• Instant funding costs are unclear

Can you get $500 now for free?

Yes, cash advance apps like Earnin and MoneyLion offer interest free and no-fee cash advances. Instant transfer options include a small fee, but if you are willing to wait 1-5 business days for standard delivery, then these options are virtually free. 

If you are open to exploring other options, then consider borrowing from friends or family. This option is often interest free and free of charge. Just be sure to establish clear repayment terms to avoid any misunderstandings. 

Promotional credit credits offering 0% APR are also a free way to borrow $500 instantly. As long as the balance is paid off before the promotion ends, you can make new purchases interest-free. 

What are the risks of borrowing $500 instantly?

Borrowing $500 is convenient, but what are the risks involved? Most cash advance apps automatically withdraw your repayment from your following paycheck. This reduction in your income can result in dependency since you now need extra funds to cover your expenses and what you’ve borrowed. 

You also risk overdrafting your bank account. If you don’t have the funds to repay when the payment is due, then you could incur overdraft fees from your bank and a late fee from the cash advance app. This would put a big strain on your finances. 

Build an emergency fund to avoid having to borrow $500 in the future. Review expenses to reduce or remove non-essential expenses and redirect those funds to a savings account. If there is no wiggle room, consider taking on a side job, looking for a higher-paying job, or asking for a raise.

Alternatives to cash advance apps for borrowing $500 instantly

If cash advance apps aren’t appealing to you but you still find yourself in need of borrowing $500 instantly, then here are some alternatives that offer speed and flexibility:

Option	Rates (APR)	Fees?	Credit check?
Paycheck advance	0% APR	Yes (subscription fees and instant transfer fees)	No
Buy now pay later	0% APR	Yes (late fees)	Soft credit check
Credit card advance	25% APR	Yes (cash advance fees)	Yes
Payday loan*	Up to 300% APR	Yes (origination fees and late fees)	No

Personal line of credit

Borrow money when you need it with a personal line of credit. Banks and credit unions can extend a line of credit with a set limit within a few days of applying. You’ll only be charged interest on what you borrow, and these rates are typically lower than what you’d find with a payday loan.

Payday alternative loan 

A payday alternative loan (PAL) is exactly what the name suggests: a low-cost alternative to a payday loan. These loans offer lower interest rates and better terms than payday loans and are available through certain credit unions. PALs are a more structured option, but approval and funding can take a few days longer. 

Personal loans

Personal loans offer fixed amounts of cash at fixed interest rates. Approval and funding can take up to 5 business days. You’ll get access to larger amounts of money at lower interest, but you’ll be subjected to a credit check, and you may need to provide proof of income. 

0% APR credit card

A 0% APR credit card lets you borrow cash interest free during a promotional period. This option requires good credit, and it may take more than a few days to receive your card in the mail. However, as long as you repay the debt before the promotional period expires, the funds are virtually no fee. 

Friend and family loan

A loan from a friend or family member can give you quick access to funds interest free. This can be an instant and cost effective solution depending on your relationship with the family member. It’s important to set up your repayment terms before accepting the funds to avoid conflicts.  

Based on the timing of the purpose of the funds, I recommend considering an appropriate savings plan or alternative option before borrowing the $500, such as seeking assistance from a trusted family member or friend. I would also consider using a credit card, provided that the interest rate and fees are favorable.

FAQ

Is there a “cooling-off” period for cash advance apps?

Generally, cash advance apps do not offer a formal “cooling-off” period the way other financial products (e.g., loans or credit cards) do. Once you request an advance, the funds can be transferred immediately, and there is no option to cancel or delay the transaction. However, the terms may vary between apps, so it’s always best to check the app’s terms of service for specific policies.

What are the consequences of not repaying a cash advance app on time?

If you fail to repay a cash advance on time, the app may attempt to withdraw the funds from your linked bank account. If you don’t have sufficient funds, you could face overdraft fees from your bank, in addition to any fees the app may charge for late payments. 

Some apps may limit or block access to future advances until the balance is repaid. It’s important to review the app’s terms for details on the specific late repayment policies.

Can cash advance apps affect my credit score?

Most cash advance apps don’t report to credit bureaus, so missing a payment won’t directly affect your credit score. However, some apps might share data with third-party partners or perform soft credit checks, which don’t affect your score but are visible on your report. 

If a bank account associated with an app goes into overdraft due to failed repayments, this could harm your credit if it leads to further financial issues.