You Can’t Borrow Money From Venmo—Here Are the Cash Advance Apps to Use Instead

Venmo is a peer-to-peer payment app that you can use to send money quickly. It’s useful when splitting a restaurant bill with friends, buying something from Facebook Marketplace, or paying your roommates for your share of the electric bill. However, you can’t borrow money from Venmo like you can with other fintech apps. 

Venmo doesn’t have a borrow feature like CashApp does, and it doesn’t offer cash advances like the EarnIn app.

Venmo does offer a credit card, which is technically borrowing money until your bill is due, but you can only get approved if you have good credit. Below, we share some alternatives to Venmo to consider if you need to borrow money quickly.

Does Venmo offer loans?

No, Venmo does not offer loans. It does not provide cash advances either. Venmo is a peer-to-peer transfer app, which means its primary purpose is to allow customers to quickly and easily send money to each other. 

Venmo offers a credit card, but you must meet certain qualifications to get it, like having good credit and being a Venmo customer for at least 30 days. If you need money faster than that, consider using a cash advance app.

I personally like using Venmo for the convenience of paying vendors, friends, and family, especially when I don’t have cash on hand, which is becoming more common these days for most individuals.
That said, it can also make it easier to overspend or make impulsive purchases, so it’s important to stay mindful and avoid putting yourself in a tight spot when it’s time to pay bills or cover essentials. I also caution against potential fraud; Venmo has had instances of fraudulent activity, and recovering lost funds isn’t always guaranteed. 

Erin Kinkade , CFP®, ChFC®

4 cash advance apps to use instead of Venmo

A cash advance app can help in an emergency, especially if you only need to borrow a small amount, but it’s best not to make a habit of using them. These apps can have high fees and subscription costs that translate into high APRs, even if the app doesn’t officially charge interest on an advance.

For a one-time need, using a cash advance app can be a good solution, but it can create a cycle of dependence if you aren’t careful. If it’s your only option, here are four reputable cash advance apps we recommend. See our full rundown of the top-rated apps here.

EarnIn

Best Overall

4.9 _/5

Get Cash

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Why it’s a good option

If you want to borrow $500 or more quickly, one of the top-rated cash advance apps is EarnIn. You can only borrow up to $150 per day and up to $750 per pay period. Plus, first-time users who qualify can get a $100 cash advance without any fees. 

Funding	Up to $750
Funding time	1 – 3 days; instant
Fees	1.99 to $4.99 fast funding fee
Notes	Only pay fees with EarnIn if you want to receive cash within minutes. If you can wait one to two business days, no fee applies. EarnIn will automatically deduct repayment from your bank account on payday.

Dave

Best Early Payment Benefit

4.7 _/5

Get Cash

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Why it’s a good option

If you only need to borrow a small amount, like $100, Dave could be a good fit for you. This cash advance app lets users borrow up to $500, but only if they’re vetted. Fees depend on how soon you want to access cash. Like other apps, you can pay a small fee to get money instantly. You’ll also pay a $1 monthly subscription fee.

Funding	Up to $500
Funding time	2 – 3 days; instant
Fees	$3 to $25; $1 monthly subscription fee
Notes	New uses typically have borrowing limits capped at $160 or less. Dave also has a unique feature where it connects customers to gig opportunities and offers an account where users can save for specific goals.

MoneyLion

Best for Building Eligibility

4.4 _/5

Get Cash

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Why it’s a good option

MoneyLion is a financial company that offers users up to $500 in cash advances. You can get up to $1,000 if you have a RoarMoney checking account. No fee applies to get a cash advance if you don’t mind waiting a few days. However, if you want cash instantly, you’ll owe a fee.

Funding	Up to $750; up to $1,000 with RoarMoney account
Funding time	1 – 5 days; instant
Fees	$0.49 to $8.99
Notes	MoneyLion offers other services with the intent of helping customers gain access to credit and other financial products that might not otherwise be available.

Current

Best for Multiple Advances

4.1 _/5

Get Cash

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Why it’s a good option

Current is an app that offers several financial products, including a checking account, a secured credit card, a high-yield savings account, crypto investing, and a paycheck advance service. You can access up to $750 of your paycheck early and without fees if you don’t mind waiting three days for a deposit. If you need cash right away, you’ll pay a fee.

Funding	Up to $500
Funding time	1 – 3 days; instant
Fees	Undisclosed
Notes	The official Paycheck Advance terms and conditions state that customers will see their fee if they select instant access. However, it doesn’t list a fee range. Because of the lack of transparency when it comes to fees, you might consider the aforementioned apps first.

Cash advance apps can serve a purpose when you’re in a pinch and don’t have immediate access to savings. However, they should be used sparingly. It’s better to prioritize building a solid cash reserve to avoid unnecessary fees and reduce your vulnerability to scams.  

Erin Kinkade , CFP®, ChFC®

Alternative ways to prepare for an emergency

Unexpected expenses happen to everyone. In a pinch, and if you can’t borrow money from friends and family, cash advance apps can help. However, cash advance apps should only be used as a last resort when other options are unavailable. If you want to prepare for an emergency in the future, so you have cash when you need it most, here are our tips:

• Automate savings: Setting up an automatic transfer from your checking to your savings account each time you get a paycheck can help you build an emergency fund.
• Save for specific goals: Knowing what you’re saving for can give you a sense of purpose when building an emergency fund. For example, having a car maintenance account and a medical emergency will make you less likely to withdraw money for unnecessary expenses.
• Refill as needed: Part of having an emergency fund is refilling it as needed. So if you need to withdraw from your savings, take the time to refill it, even if it means taking on an extra job or sell items around your house.