Currently, several financing platforms are working in the US. Some of them lend money to people in need. They also do it with the help of their applications. Different policies and rules are applied in doing so. Some apps may be difficult to use for people. They might also have difficult requirements.
So, in this article, we are going to discuss some top money borrowing apps in the US. They are easy to use and have very straightforward guidelines. Let’s get into them.
Top Money Borrowing Apps in the US:
The details of these top apps are given below:
EarnIn:
EarnIn is one of the most unique money borrowing apps. That is because its functionality is very unorthodox. It doesn’t actually directly lend you money. Instead, it focuses on the wages you earn each month. It acts as an alternative to traditional payday loans. That is because it acts fast and doesn’t require any type of fee.
The main functionality of this app is interesting to understand. So, when you earn money, you can’t withdraw it before your payday. What EarnIn does is that it allows you to get a certain portion of your wage before the payday arrives. So, when you are actually paid by your company, the app takes the money that you loaned.
- You can get around $100 per day. The total limit for a period is $750.
- You are required a regular paycheck from a trusted employer.
- You also have to link a bank account to the app.
- The loans are approved after analyzing your bank details.
Dave:
If you are in need of a quick loan that is interest-free, the Dave app is the ideal destination for you. That is because it offers a smooth way of borrowing money without the worry of repaying it with interest. It’s perfect for people who are facing unexpected expenses. They can get a loan of around $500 with this application.
However, this amount isn’t definite. That is because your income and payment history have a lot to do with it. You also need to purchase a subscription for $1/month which is a very low fee. If you feel generous, you can leave a tip for the app for appreciation. It’s not compulsory.
- You need a consistent record of around $1,000 in monthly deposits for the past two months.
- It also needs you to link your bank account with it.
- The app will analyze your bank account before approving the loan.
Brigit:
Brigit is famous for offering tools and features that help in financial goal management. However, it also provides loans to the users who need it. It is a good choice for people who need a low amount of cash. The app can help you get around $250 as a loan. It calls it the “Instant Cash” advance.
There are no fees related to the advance you take from it. However, you need to purchase a subscription to use this application. The app is itself free to download. Yet, its working model is based on premium service.
- You can apply for an advance without the requirement of a regular paycheck.
- Your bank account is required to be connected and analyzed by the application.
MoneyLion:
MoneyLion is one of those money-borrowing apps that also help you manage and invest your income. However, a large portion of its users are interested in the cash advance feature it offers. This platform has a simple yet authentic way of lending money to the people. The amount of money you can get is around $250.
There are two different options available for you when it comes to the fee related to this app. There is a one-time fee that you can pay to get the loan whenever you require. Otherwise, you can use the second option. It is about waiting for around 2 to 5 business days for a free advance.
- You can get your paycheck 2 days earlier than your actual payday.
- Your eligibility will be analyzed by the application management authorities.
Chime:
Chime is an interesting application when it comes to borrowing money. That is because of its unique functionality. It works perfectly for people who get paid by direct deposits. They can access their money two days before getting paid. It is a useful loan for paying bills and unexpected expenses at times.
There is a certain feature of this app called SpotMe. It is useful when your account is running low on balance. That is because the app then will repay some portion of the loan by itself. However, this amount entirely depends on your bank details and payment histories.
- It also offers loans for improving your credit score history.
- Remember that this app does not offer cash advances.
- There are no monthly fees related to using the Chime account.
Conclusion:
In conclusion, there are hundreds of money borrowing apps functioning in the United States. Most of them have complicated requirements and procedures. Borrowing money for them can be really difficult. However, there are some very decent apps you can use to get quick loans/advances. Their requirements aren’t very difficult and you can get a decent amount of money as a loan. We have discussed the top ones in the information given above.
Frequently Asked Questions (FAQs):
Are using money borrowing apps legal?
Absolutely. Using these apps is completely legal. However, you should avoid offering any false data to them.
Which is the best app among them?
It depends on your requirements. In general, the app that lends money quickly and doesn’t have a fee is the best.
What happens if I fail to repay my loans?
The consequences are different for each application. In general, you may face penalty fees. Your credit score and history can also get damaged.
