Apps That Let You Borrow Money Instantly

When you need money to tide you over until the next payday, borrowing money from a loan app is one solution. Although not ideal for regular use since fees can quickly add up, they can provide instant cash to cover emergencies.

If you decide to use a loan app, comparing the costs of several lending platforms can help you find an option that fits your budget. We’ll cover some of the best apps, all of which provide instant cash advances.

App	Max. funding	Ratings*
EarnIn	$750	4.7/5 (281.1K)
Empower	$300	4.8/5 (182.3K)
Brigit	$250	4.8/5 (298.4K)
Current	$500	4.8/5 (153.7K)
MoneyLion	$500	4.7/5 (129.2K)
Dave	$500	Not available

6 cash advance apps for borrowing money

The apps below allow you to borrow money instantly. Here’s a breakdown showing how they stack up against each other regarding funding amounts, speed, and fees.

EarnIn

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Best cash advance flexibility

• Up to $100/day and up to $750/pay period¹
• No interest, membership fees, or credit checks²
• Over 17 million downloads
• Get your money in minutes with optional Lighting Speed transfers³

EarnIn is a fintech company that offers the largest cash advance amount on our list. You can borrow up to $750 each pay period. That said, the maximum amount you can borrow fluctuates based on various factors, like your spending behavior, repayment history, and paycheck amount.

• Amounts: Up to $100 per day, $750 per pay period
• Repayment: EarnIn withdraws the money you borrowed from its app on your next payday.
• Funding time without fee: 1 to 3 days
• Fastest funding available/fee: Instant, $1.99 to $4.99
• Other fees: None

What’s the overall cost?

If you wait one to three days for the cash advance, there are no added costs, and your early payment is free.

If you choose to receive the funds instantly, you’ll be charged a one-time fee of $1.99 to $4.99. The Annual Percentage Rate (APR) for an advance of $100 with the smallest fee would be 51.98%, while the highest fee would have a 130.14% APR.

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Empower

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Best for trialing an all-in-one personal finance tool

• No fees or interest for cash advance
• 14-day free trial, followed by an $8 monthly subscription
• Access to credit monitoring and automatic savings tool

Empower cash advances come with no late fees and interest. You’ll gain access to other perks, such as credit monitoring and an automatic savings tool. This tool helps you stockpile cash to build self-sufficiency and reduce your dependency on future advances. The standard funding time takes a day.

• Amounts: $10 to $300
• Repayment: Withdrawn from your bank account a date Empower predicts is your next pay date
• Funding time without fee: As little as 1 day
• Fastest funding available/fee: Instant, $1 to $8
• Other fees: $8 monthly membership fee

What’s the overall cost? 

If you wait for the cash advance to process outside an instant delivery cycle, you will not be charged during the 14-day free trial. After the first 14 days, however, there is a $8 monthly membership fee.

If you elect to receive a $100 cash advance instantly, you’ll be charged a fee of $1 to $8. The APR with the smallest fee would be 26.07%, while the highest fee would be 208.56% APR.

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Brigit

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Best for choosing your repayment date

• Borrow up to $250
• Funding is available in 1 to 3 days, on average
• You must pay a membership fee

Brigit is an app that can help you manage your finances with various budgeting tools and financial wellness tips. You get access to those features for free but must pay a monthly membership fee for cash advances up to $250 and other benefits like credit monitoring and credit-builder loans.

• Amounts: Up to $250
• Repayment: Withdrawn from your account on a specified due date or a date you choose if you extend it
• Funding time without fee: 1 to 3 days
• Fastest funding available/fee: Instant, $0.99
• Other fees: $9.99 monthly membership fee

What’s the overall cost?

Brigit requires users to have a paid subscription before they can receive a cash advance. A standard $100 advance would include a $9.99 subscription as the only added cost for an APR of 260.60%.

If you need an instant advance, this would cost an additional $0.99 and increase your APR to 286.45%.

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Current

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Best for multiple advances in a single pay period

• Get a cash advance of up to $500
• Advances within three business days for free
• Qualify without a credit check

Current is a financial technology company offering a cash advance of up to $500. You can avoid fees and interest charges if you receive the funds within three business days instead of instantly. Current also lets you advance as much as you qualify for as often as needed.

• Amounts: $50 to $500
• Repayment: Automatic repayment is scheduled on your next payday
• Funding time without fee: 1 to 3 business days
• Fastest funding available/fee: Instant, fees not disclosed
• Other fees: None

What’s the overall cost?

We couldn’t calculate Current’s overall cost as the fees were not available on its website. However, our research suggests that its costs should be similar to those of other companies we’ve listed.

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MoneyLion

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Best mobile app

• Instacash® cash advances up to $500
• No interest or mandatory fees
• No credit check to qualify

MoneyLion’s cash advance product is called Instacash. It allows customers with qualifying recurring direct deposits to receive a cash advance of up to $500 in minutes with a fee or one to five business days for no fee.

If you become a RoarMoney^SM customer and set up your qualifying recurring direct deposits to your account, you can increase your cash advance limit up to $1,000. MoneyLion offers other options to temporarily boost your limit through actions within its app or with peer support.

• Amounts: Up to $500 (up to $1,000 with RoarMoney)
• Repayment: Authorized payments are automated directly through its app
• Funding time without fee: 1 to 5 business days for standard delivery
• Fastest funding available/fee: Within minutes with optional Turbo, $1.99 to $8.99
• Other fees: None

What’s the overall cost?

There are no fees for standard delivery of one to five business days.

If you choose the optional Turbo delivery to receive funds within minutes, you’ll be charged a one-time fee of $1.99 to $8.99, depending on your disbursement amount and account. Each disbursement is capped at $100.

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Dave

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Best for larger cash advances

• Borrow up to $500
• An account and $1 monthly subscription fee is required
• Reports repayment to the three major credit bureaus

You can borrow up to $500 through the Dave app. To qualify, you must open an Extra Cash advance account and pay a $1 monthly subscription fee. Depending on your loan amount, it costs up to $13.99 for instant transfers.

Dave could be a good solution for customers who want to build positive credit history, as it reports payments to the three major credit agencies.

• Amounts: Up to $500
• Repayment: Withdrawn from your account on your next payday or the closest Friday to when you borrowed money
• Funding time without fee: 2 to 3 days
• Fastest funding available/fee: Instant, $1.99 to $13.99
• Other fees: $1 a month membership fee

What’s the overall cost?

A membership is required to receive a cash advance, so you’ll be charged $1 per month at minimum. A standard advance can be received in two to three business days with no added fees beyond that.

If you choose to receive the funds instantly, you’ll be charged a one-time fee of $1.99 to $13.99. The APR for an advance of $100, with the smallest fee, would be 51.98%, while the highest fee would be 364.60% APR.

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How do loan apps for instant money work?

You typically download a cash-advance app from the Google Play or Apple Store and connect your checking account. The account you link generally needs to have recurring direct deposits.

Afterward, you can request to borrow a lump sum of money for a short period in exchange for a fee, usually until your next paycheck arrives. The company then withdraws the money from your linked bank account when it’s due. 

Pros and cons of apps that let you borrow money

Before you use a loan app, it’s important to weigh the pros against the cons.

Pros

• Fast access to cash

  Loan apps can provide immediate access to funds. Though some charge a fee for expedited funding, it can be beneficial if you need money for an emergency expense.

• No credit check

  Many loan apps don’t require a credit check for approval, meaning your credit score won’t be affected.

• Convenience

  You can apply from anywhere worldwide as long as you have an Internet connection.

Cons

• Fees

  Fees can add up quickly, especially if you use apps often to borrow money.

• Not a long-term solution

  Using cash advance apps too much can lead to a cycle of debt.

• Short repayment terms

  Loan apps provide less flexible repayment terms than other financial products like personal loans.

When considering an instant-money app, it’s also important to evaluate why you’re in the situation in the first place so you can avoid it in the future.

Ask the expert

Eric Kirste

CFP®

Having frequent cash draws from short-term borrowing sources implies a bigger need to do cash flow funding. Are you spending too much? Are there ways to manage spending? Or, are there other concerns or items that need to be addressed in your overall cash flow?

Alternatives to consider

If you don’t think borrowing cash from a loan app is the right move for you, consider the following alternatives:

• Personal loan
• 0% APR credit card
• Loan from family or friends

Personal loan

A personal loan from a bank, credit union, or online lender may be a better option if you need to borrow a large amount and spread payments over a longer timeframe. Loan amounts vary by lender but generally range from as low as $1,000 to as high as $100,000 or more.

0% APR credit card

If you have a good credit score, you might qualify for a card with a 0% APR offer that allows you to avoid interest during a specific period. But remember that once the promotion ends, the card’s standard rate will kick in, and you’ll have to pay interest on any remaining balance.

Family and friends loan

Though asking a family member or friend to borrow money can be difficult, they may be willing to give you more favorable terms than a traditional lender or loan app. If you find someone willing to lend you money, repay it as promised to avoid causing a possible rift in your relationship.

Ask the expert

Eric Kirste

CFP®

The borrowing apps may be easy, but they are an expensive source of very short term funding. It would be more cost effective to work with a bank or if you’re borrowing a smaller amount, looking into a 0% credit card option. Any option should be reviewed with alternatives based on cost and the length of time you need the funds for.

FAQ

Are instant money apps like payday loans?

Instant money apps are technically not payday loans since the same laws do not regulate them. However, similar to payday loans, some apps charge high fees, which may translate into sky-high APRs.

Is a direct deposit required for cash advance apps?

Some cash advance apps like Bridget and MoneyLion require direct deposits, while others don’t.

How secure are these instant money-borrowing apps?

Reputable loan apps generally have security measures to protect your personal and banking information. For example, when you connect your bank account to MoneyLion, the transaction is handled by Plaid, a fintech company that uses encryption tools to secure digital transactions.

What happens if you can’t repay on time?

Cash advance apps may automatically withdraw money from your bank account when payment is due. Your bank may charge you an overdraft fee if you don’t have enough cash in your account to repay the loan amount.

Do these apps affect your credit score?

The answer depends on the loan app. Earnin doesn’t require a credit check and doesn’t report payments to the three major credit agencies: Equifax, Experian, and TransUnion. However, Dave reports payments: on-time payments can help build your score, while missed payments can hurt it.

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¹ Subject to your available earnings, Daily Max and Pay Period Max. EarnIn services may not be available in all states. Restrictions and/or third party fees may apply, for more information please visit http://EarnIn.com/TOS.

²EarnIn does not charge membership fees for use of its services and/or interest on Cash Outs. Restrictions and/or third party fees may apply. For more info visit http://EarnIn.com/TOS

³Fees and restrictions apply to use Lightning Speed. Lightning Speed may not be available at all times. Transfer may take up to thirty minutes, actual transfer speeds will depend on your bank. Some of our services require payment of the Lightning Speed fee upfront, see Cash Out User Agreement for details. Subject to your available earnings, Daily Max and Pay Period Max. EarnIn services may not be available in all states. Restrictions and/or third party fees may apply, for more information please visit http://EarnIn.com/TOS