FloatMe Cash Advance App 2024 Review: Small Advances, High Fees

3.4 _/5

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Cash Advance

• No interest
• Fast funding
• In-app forecasting

• False advertising
• Small cash advances
• Subscription and instant advance fees

Speed of advance	1 to 3 days for standard Floats; 30 minutes to a few hours for instant Floats
Fees	$3.99 monthly cost; $3 to $7 per instant Float

Not all cash advance apps are created equal.

The FloatMe cash advance app allows for small monthly floats with no interest, fast funding, and in-app forecasting—but the very restrictive amount limits combined with a monthly subscription may encourage bad financial habits.

So what is FloatMe, how do cash advances work in the app, and how does FloatMe stack up against other cash advance apps? We’ll explore these questions, some pros and cons, and some basic how-tos in our full review below.

What is FloatMe?

FloatMe is a cash advance app that lets you get up to $100 in cash when you need it most.

You’ll agree on a repayment date, typically right after your next payday, and FloatMe will automatically debit your bank account (or run your debit card) on that date to repay your loan, or “Float.”

FloatMe is a monthly subscription product. As of October 2024, it costs $3.99 a month to keep your FloatMe account active. Floats are free and take one to three days to hit your bank account (so plan ahead!), but you can also get an instant float for a fee between $3 and $7, depending on the size of the Float. 

Instant Floats aren’t truly instant, either. They take anywhere from 30 minutes to a few hours to hit your account.

Term	Details
Advance amounts	Up to $100, though new members are typically capped at $20 to start
Interest rate	N/A
Monthly cost	$3.99 a month
Fees	$3 to $7 for instant Floats
Repayment time	Users select the repayment date, but you’ll need to repay shortly after your next paycheck
Funding time with a fee	1 to 3 business days
Funding time without a fee	30 minutes to a few hours

Who’s eligible for a FloatMe cash advance?

Not everyone is eligible to get a FloatMe cash advance. To qualify for an account, you’ll need to meet the following criteria:

• Location: FloatMe is available in most U.S. states; Connecticut, Maryland, the District of Columbia, and U.S. territories are the exceptions. You also need a valid U.S. address (or military address).
• Documentation: Valid U.S. Social Security number (or tax ID number) required.
• Employment: Because FloatMe requires a regular paycheck from an employer, you must have a full- or part-time job. FloatMe cannot give cash advances to self-employed individuals or independent contractors.
• Income: FloatMe can only lend you money if they know you’ll be able to repay them. Thus, FloatMe needs to see that you receive consistent direct deposits from an employer of at least $150 per pay period.
• Financial institution: For FloatMe to work, you need to connect a bank account to receive Floats and repay Floats (you can also repay with a debit card). However, FloatMe does not connect with every financial institution. If you don’t see your bank or credit union in the app when signing up, you won’t be eligible.

What about your credit score? FloatMe is not a credit-based product, and there’s no credit check to apply. As long as you meet the employment and direct deposit requirements, your credit score doesn’t matter.

How does FloatMe work compared to other cash advance apps?

Before downloading FloatMe, see how it compares to other cash advance apps to borrow money instantly, including Current, Earnin, Dave, and MoneyLion.

The TL;DR version: FloatMe is the only cash advance app among these to charge a monthly fee, and it has the lowest max advance amounts.

Cash advance apps	Max advance amount	Monthly cost
FloatMe	Up to $100 per pay period	$3.99
Current (Paycheck Advance)	Up to $500 per pay period	None
Earnin (Cash Out)	Up to $750 per paid period	None, but you can tip for the service
Dave (ExtraCash)	Up to $500 per pay period	None, but you can tip for the service
MoneyLion (InstaCash)	Up to $500 per pay period ($1,000 for RoarMoney customers)	None, but you can tip for the service

Pros and cons of FloatMe’s cash advance app

FloatMe has several advantages when you’re in a tight spot, but there are lots of drawbacks to consider when deciding between FloatMe and other cash advance apps (or when choosing between a personal loan and cash advance).

Pros

• No interest

  FloatMe cash advances don’t charge any interest, and you get to pick the repayment date.

• Fast funding

  You can get money in as little as 30 minutes (though you’ll pay a fee for fast funding). Otherwise, money comes in one to three business days.

• In-app forecasting

  FloatMe has a Financial Forecast feature that helps you estimate how much money you’ll have in your bank account ahead of your next payday, based on past expenses. This can help you predict when you might need a Float so you can request one in advance.

Cons

• False advertising

  FloatMe recently got in trouble with the Federal Trade Commission (FTC) for the way it advertised its services, including promising higher FloatMe amounts than were realistic and hiding certain fees.

• Small cash advances

  At most, you can get $100 floated to you when you need it—and according to the FTC, most members are stuck at a $20 limit, even after paying for several years. Certain credit-building apps, like Chime and Current, let you overdraft more than $100 fee-free, and other cash advance apps have higher limits.

• Subscription and instant advance fees

  FloatMe may not charge interest for cash advances, but you’ve got to pay $3.99 every month for the service. That’s $47.88 a year. Plus, if you need money asap, you could fall into a bad habit of regularly paying a fee ($3 to $7, depending on the size of the Float) for an instant Float.

How to get a FloatMe cash advance

Ready to get a cash advance from FloatMe? Here’s how it works:

1. Download the app and create an account. FloatMe is entirely app-based, so you can’t get it in a web browser. Once you download it, create your account and connect your financial institution.
2. Request a Float. The app will let you know when you can request a Float—and for how much. If you plan, you can request a Float far enough in advance so that you don’t need to pay a fee for an instant Float.
3. Use the cash. Once the money is in your bank account, you can spend it for whatever you need. It could be an emergency expense you didn’t see coming or simply some extra cash to get you to your next payday.
4. Repay the Float. This one can be totally automated if you prefer. When you request the Float, you’ll select a repayment date, and FloatMe will automatically run your debit card or perform an ACH withdrawal from your bank account to pay off your loan on that date. You can also manually repay your Float early if you’d prefer.

A note on repayments: FloatMe will try to alert you if you don’t have sufficient funds (and typically recommends scheduling repayments immediately after payday so you’re sure you’ll have the money). If your first payment doesn’t go through, FloatMe will try twice more. Failure to repay could result in your account being closed and sent to collections.

FloatMe is also not responsible for any overdraft fees or non-sufficient funds fees with your financial institution if you don’t have enough money in your account to cover the repayment.

Is FloatMe legit?

FloatMe is a legitimate cash advance product, but it has come under federal scrutiny for false advertising and hidden fees. Original advertisements made it sound like every new customer could get Floats of $50—and for free. That wasn’t the case.

Following a $3 million fine by the FTC, FloatMe softened its advertising, but even still, the app promises “up to $50” for new customers, which contradicts the FTC’s findings that most members, even those who’ve been paying for years, get approved for no more than $20 a Float—which isn’t much help, especially when you’re paying $3.99 a month for the service.

Reading customers’ FloatMe reviews can help you decide if FloatMe is a legit app for your needs. Here’s how FloatMe fares on major review sites.

Source	Rating (out of 5 stars)	Number of reviews
Better Business Bureau	3.11	36
Trustpilot	2.1	20
Google Play	4.4	48.4K
Apple App Store	4.7	79.3K

How to delete FloatMe account

If you tried out FloatMe and don’t feel the benefits outweigh the monthly fee, you’ll want to cancel your subscription before deleting the account. This is important: Simply deleting the account does not cancel your membership, and you’ll continue to be charged monthly.

You can cancel the membership in the app by tapping “Membership” and then scrolling down to the “Cancel membership” button at the bottom of the screen. Wait for an email confirming the cancellation. Only then should you delete the app.

Alternatively, you can fill out this online form to cancel your account. Again, you should receive an email confirming the cancellation.

One of the chief complaints in the FTC case against FloatMe is that customers struggled to cancel their membership and stop getting charged. Watch your bank statement closely to ensure you aren’t charged after ending the service.

FAQ

What are the best apps like FloatMe?

You have several solid alternatives if you’re looking for apps similar to FloatMe that offer small cash advances to help you manage your finances between paychecks. EarnIn allows you to access your earned wages before payday without fees or interest based on the hours you’ve worked. Dave is another popular app that provides cash advances up to $500, along with budgeting tools and automatic savings. Brigit offers up to $250 in cash advances, financial health tools, and alerts to help avoid overdrafts. These apps provide similar services to FloatMe, with slight differences in features and maximum advance amounts.

Does FloatMe work with Cash App?

No, FloatMe does not work with Cash App. FloatMe requires you to link a traditional bank account for it to track your deposits and spending patterns, which enables the app to offer cash advances. Cash App does not provide the necessary banking services to be compatible with FloatMe’s platform.

Does FloatMe work with Chime?

Yes, FloatMe works with Chime. You can link your Chime account to FloatMe to access its cash advance services. FloatMe is compatible with Chime, allowing users to get advances and manage their finances within the app. This makes it a solid option for Chime users looking for quick access to small amounts of cash before their next paycheck.

How we rated FloatMe

Since 2023, LendEDU has evaluated personal finance apps to help readers find the best cash advance solutions. Our latest analysis reviewed 180 data points from 9 apps and financial institutions, with 20 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Product	Our rating
FloatMe app	3.4/5