Did you know that the average American’s credit score is 695? That’s pretty good! But what about when you want to make an unexpected purchase and you’re short on cash? Where do you turn?
For most, that means a trip to the bank or to a store where you can take out a payday loan. But did you know that there are actually apps for this? Yep—you can get one of the best payday loans right from your smartphone.
We’ve scoured the app stores to bring you our list of the best apps for payday loans, so read on and choose the one that works best for your needs.
Best Apps For Payday Loans
What’s the fastest way to get money and go broke all at once? A payday loan. But now there are great alternatives to getting quick cash, and they’re only a few taps away on your phone. We found 13 apps that loan you money now. Here are some of the best payday loan alternatives.
Expand
By Miranda Marquit
August 16, 2021 at 7:59 am EDT
Editor’s Note
You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author’s alone. This content has not been provided by, reviewed, approved or endorsed by any advertiser, unless otherwise noted below.
Sometimes you need cash fast. I know there have been times when I’ve needed quick cash to cover an unexpected expense or get me to the next pay day.
We often think of payday loans as the place to turn to for quick cash. However, that’s not always the best option. In fact, payday loans have extremely high-interest rates, and it’s easy to get trapped in a cycle of crushing debt.
What if you could access money quickly without the pain of those loans? Thanks to innovative technology, you can. Here are 13 apps for cash loans that serve as payday loan alternatives.
Deal of the Day: Chase is now offering a $225 cash bonus when opening a Total Checking® Account. No minimum deposit and all deposits are FDIC insured up to the $250,000 per depositor maximum. Open an account today!
Best Cash Advance and Borrow Money Apps
Here are the best borrow money and paycheck cash advance apps you can use right now:
- Wealthfront Cash Account
Wealthfront is one of the best robo-advisors out there. However, Wealthfront also offers banking products, including a cash account. One of the great features of this account is that you can set up direct deposit and get your money a little earlier.
For example, you can get your money up to two days earlier than normal, depending on your payroll provider. If you’re struggling to pay a bill on time, getting that money faster can make a huge difference down the road.
Plus, Wealthfront now gives you the ability to move money from your Cash account right into the market – within minutes. So if you’re getting paid early, you can immediately invest it if you don’t need that money for something else. In fact, once you get a handle on not needing a short-term loan, you can set up an automatic investment right from your Cash account after you get paid. This way, everything is automated for you, and you never forget to invest.
Visit Wealthfront or Read our full Wealthfront review.
- Chime
While it’s not exactly the same as getting a payday advance, Chime does offer you immediate access to your money. You can use Chime for saving and checking products, as well as avoid fees.
With traditional banks, you often have to wait up to two days after your pay is deposited to actually access the money. However, with Chime, you get access to your money immediately. That means you don’t have to wait on the bank, and that can help you smooth your cash flow.
Read our full Chime review.
Chime SpotMe® Disclosure – Eligibility requirements and overdraft limits apply.
Chime Disclosure – Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
1Chime cannot guarantee when files are sent by the IRS and funds can be made available.
^Early access to direct deposit funds depends on payer
Chime APY Disclosure – 1The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest. 2The average national savings account interest rate of 0.06% is determined by FDIC as of November 1, 2021 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more.
- Empower
Empower offers Cash Advances of up to $250^ with no interest or late fees to pay.
When you sign up for an Empower Card, you can use it to get up to 10% cashback* on debit purchases at qualifying merchants or get free unlimited access to over 37,000 ATMs across the country. Plus, if you deposit your paycheck to the Empower Card, you’ll also get your paycheck up to two days early.*
For people who need the flexibility to get quick cash advances, you can also get advances up to $250. There are no late fees, interest payments, or credit checks for the advance. When you get your next paycheck, Empower will deduct the amount it advanced to you to balance your account.
Empower is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC.
For more information, read our full Empower review.
- Axos Bank Direct Deposit Express
When you have the Essential Checking account from Axos Bank, it comes with a feature called Direct Deposit Express. With Direct Deposit Express, you can access your money up to two days early when your paycheck is deposited.
In addition to allowing you access to your own money, you also don’t have to worry about monthly maintenance fees or minimum balance requirements. Plus, there’s no overdraft on this account, so you don’t have to worry about those fees.
Read our full Axos review.
- Earnin
The idea behind Earnin is that you should be able to access your pay whenever you’ve done the work. You give Earnin information about where you work and connect your bank account. When you’re at work, Earnin keeps track of your hours so you can cash out when you need to.
Once you get your actual paycheck, Earnin deducts the money you’ve already taken from the paycheck. The best part about Earnin? It doesn’t have to cost you anything. The app doesn’t charge fees or interest. You can choose to add a tip to help support the company, but there are no fees required.
Read our full Earnin review.
- DailyPay
Rather than marketing to consumers, DailyPay starts with marketing to employers. However, the app works similarly to Earnin. Employees build a balance with each hour they work. They can then tap into that balance before payday if they need access to cash.
DailyPay puts the money into the bank, and then, on payday, the amount already cashed out is taken from the paycheck. DailyPay charges a fee to transfer money from your hours-worked balance into your bank, though. However, it’s a low $1.25 per transfer.
- PayActiv
In addition to accessing earned wages before payday, PayActiv users also get help with financial counseling. The app has a platform designed to be more than a payday loan alternative, even allowing users to pay their bills and get prescription discounts.
PayActiv even has a debit card attached to the account so you can access your money quickly and easily – with fraud protection. There’s no charge if users set up direct deposit to the card, or users can opt to pay a $1/ per day fee when using the service.
- FlexWage
Like the other payday loan alternatives mentioned, FlexWage works to help employees access their earned wages on demand. Part of the reason these apps for cash loans are gaining popularity is that they reduce employee financial stress. Plus, employers don’t have to worry about the administration hassles that come with payroll advances.
FlexWage also offers reloadable payroll debit cards for employees who usually get paper checks. This can be helpful for workers who are unbanked and can’t accept direct deposits. There are some fees, including $5 for on-demand wage transfer, and using the debit card can result in fees, but overall it’s much less costly than payday loans.
- MoneyLion
If you’re looking for an interesting alternative to regular banking and fast cash, MoneyLion is something new. It’s a membership banking relationship that allows you access to financial services like a bank without some of the hassles.
MoneyLion offers cash back rewards, no-fee checking services, managed investing, and more. You can also get what they call a Credit Builder loan at 5.99% APR. It’s a quick $1000 available for those with poor credit. MoneyLion also offers 0% APR Instacash up to $250 ahead of payday.
You can get a free account, which includes the Instacash advance, or a PLUS account. It costs $29 per month, but you get a dollar added to your investment account each day when you log into the app, so it more than makes up for it.
- Dave
Just like your friend Dave, who’s always good to spot you a little extra cash, this payday loan alternative can give you a little extra money ahead of payday.
Dave is an app that helps you plan your expenses. The app will analyze your spending, identify bills, and let you know when you have upcoming costs. Alerts let you know that your upcoming bill could mean an overdraft. On top of that, you can get a 0% APR advance of up to $75 until payday–no credit check required. Dave puts the money in your account and then deducts it when you get paid.
It does cost $1 a month for a Dave membership, but if you can avoid overdraft fees and payday loan interest rates, it might be worth it for you.
Related: Dave vs Earnin vs Moneylion
- Rainy Day Lending
Rainy Day isn’t a lender, and it doesn’t offer wage advances. Instead, this app for cash loans offers you the chance to find a personal loan quickly. All credit types are accepted, and it’s possible to have money deposited directly into your account the next business day.
APRs vary according to the loan that you’re matched up with. However, in many cases, you’re still going to come out ahead when you consider the cost of insufficient fund fees, overdraft charges, and payday loan interest rates.
Got credit card debt? Get out quickly with one of our recommended 0% APR balance transfer credit cards
- LoanSolo
Similar to Rainy Day Lending, LoanSolo connects you with lenders willing to work with you. It’s possible to get cash fast, directly into your bank account, without a lot of hassle or expense.
LoanSolo offers up to $1,000 for payday cash advances and up to $3,000 for personal loans. The APRs are variable based on the lender and your credit factors. However, if you need to bridge a gap or get ahead, it can still be cheaper than paying the super-high charges associated with payday lending.
- PockBox
PockBox is another online app that connects you with short-term lenders that offer up to $2,500 in fast cash. You fill out the forms, and in a few minutes, you’re matched with a lender willing to put cash in your account by the next business day.
Again, APRs vary according to your credit situation and the lender, but you’re still probably going to pay less through PockBox than you would with an online or offline payday lender.
Get Quick Cash Other Ways
No matter which cash apps you use as a payday loan alternative, remember you’ll have to repay the amount you borrow. If you want to get quick cash in other ways, consider the following:
Ask friends or family – If you just need a spot of cash to hold you over, friends or family might be willing to help you out–and it won’t usually cost you anything. Just make sure you repay them and use this method sparingly.
Sharing economy – Driving for Uber or Lyft can mean a way to earn cash quickly. You can instantly transfer earnings to your bank account for a small fee. Do a little extra driving to get the cash and avoid the need to repay a loan.
Sell something – Using a local Facebook sales group or apps like Let Go and 5miles, you can get rid of something you don’t need and get cash fast.
Related: Best Small Personal Loans
Find the Best Personal Loan for You
Watch Out for Scams and Loan Sharks
Unfortunately, there are unscrupulous folks out there who will take advantage of people when faced with desperate circumstances. While there are legitimate ways to get money, you need to watch out for scams that promise you fast cash when times are tough. Some of the scams popping up in the wake of the COVID-19 pandemic are designed to prey on those hurting financially due to the novel coronavirus.
Some of the things to be on the watch for include:
Phishing emails – Some phishing emails claim that your bank information is wrong and you need to update it to get your stimulus payment. You click on a link that takes you to a fraudulent website, enter your information, and then you end up giving away your information.
Loans based on your stimulus – There are loan sharks popping up, claiming to offer you a loan based on your stimulus. These predatory lenders may offer you loans based on a faulty calculation of what you’ll receive. On top of that, the interest rates might be sky-high. When you do get your economic benefit payment, you could very well find yourself sending it all to the loan shark.
Pay for help getting benefits – Some folks are promising to help you get benefits, such as the Paycheck Protection Program (PPP) or unemployment in your state at a faster rate. You pay a small fee and then get help with your paperwork. These scams won’t help you get your money faster, and you could be out of the fee you pay.
Advances on various programs – Similar to programs that offer loans based on your stimulus, these advances promise fast cash based on what you might get through the PPP or some other type of aid. You pay an exorbitant interest rate on these cash advances. Even worse, what happens if you end up not qualifying for the program and still have to repay the advance?
Right now, many scammers and loan sharks are using the coronavirus as a tactic to get you to divulge information. They’ll use using student loan repayment, confusion over the implementation of government relief programs, and even claiming that you can get access to information about local coronavirus cases by paying a small fee. Anything that offers you something related to COVID-19 for a fee, or promises faster cash, is probably suspect.
How Payday Advance Apps Work
The idea behind payday advance apps is you’re receiving your paycheck early. The app determines how much you should have earned during your current pay period. For example, you might have worked several days, but your payday is still a few days away. Rather than waiting for your paycheck to get all the money at once, a payday advance app might front you between $100 and $500.
Once your payday comes, the money is repaid to the app. In general, these apps don’t charge interest, even though the advance might be considered a loan. However, you might need to pay a small fee or be asked to leave a tip.
To use a payday advance app, you usually have to connect your bank account. The app will use data in your account, including your normal income amounts and when you get paid, to determine how much of an advance you’re eligible for.
Some payday advance apps work through your employer. So, instead of giving you a small loan, you can actually receive a payroll advance through the app, and the money is deducted from your checking account on the next payday.
Finally, some apps charge membership fees and allow you to get a small advance and take as long as you want to repay the amount. However, until you repay the amount borrowed, you won’t be able to get more money.
Access to fast cash: Once youre approved, you have access to fast cash. Plus, since the app is connected to your bank account, you can usually get the money added to your account instantly.
Most apps don’t charge interest: With a payday loan you could end up paying what amounts to a 400% APR. Many cash advance apps charge a small fee rather than interest, and it can even be cheaper than using a credit card cash advance.
Once approved, you can keep using the app: While you have to go through an approval process, once you go through it, you can keep using the payday advance feature. This is different from a loan, which requires you to reapply each time you need more money.
Need approval: Before you can use one of these apps, you need to get approval and connect your bank account. Depending on the app, you might also need to go through your employer. Some apps work with employers for payroll advances.
Amounts are usually small: In many cases, you’ll only be able to get $100, $250, or $500 instantly. While these amounts can be useful to cover small, short-term issues, they wont take care of bigger emergencies.
You could get caught in a cycle: Another issue is that its fairly easy to get caught in a cycle of remaining behind. It can become too easy to get advances and end up constantly using money you dont have quite yet. Carefully consider your situation if you begin using payday advance apps regularly.
FAQs
How long will it take to get the cash?
Many cash advance apps can get the money into your account almost immediately. However, if you’re using an app or account that offers early direct deposit, you might still need to wait a few days to get your money.
What do I need to qualify for a cash advance on a loan app?
For the most part, you need to show that you receive a steady income. In some cases, the app figures this out by connecting to your bank account and analyzing your transactions, including deposits. Those without a steady income probably won’t be able to get approval for a cash advance app.
What fees are charged for a payday advance?
The fee charged for using a payday advance app depends on the app in question. Some apps charge a flat fee for each usage. Other apps charge a monthly fee. There are also apps that are free to use, but you can leave a tip if you wish. Pay attention to the free apps since some set an automatic tip level. You can change the tip — bringing it to zero — but you usually have to take that extra step.
Can a pay advance improve or hurt my credit?
In general, because most pay advance apps aren’t offering traditional loans, you won’t see a credit score improvement. Most pay advance apps don’t report to the credit bureaus, so it won’t impact your results. However, if you don’t repay the amount you get and the advance app sends you to collections, that could show up on your credit report and hurt your credit score.
Are there any pay advance apps I can use if I don’t get paid through direct deposit?
Most pay advance apps require you to have a checking account and accept direct deposit. However, FlexWage is an exception. You can get a reloadable payroll debit card through FlexWage and use that to get a payroll advance. However, additional fees are associated with this arrangement, so be aware of the cost.
25 loan instant app
We bring to you the most accurate list of the top 9 best loan apps in Nigeria with which you can get access to instant credit for personal or business use. Yes, you can get these loans on your smartphone, either on Android or iOS devices.
Why would anyone need a quick loan in the first place? Struggling with finances and paying bills has become even more difficult, as many Nigerians have lost all or part of their income, especially during this global pandemic.
Don’t panic if you don’t have an emergency fund and are having trouble making ends meet; you’re not alone in your financial dilemma.
Though government economic impact payments may be helpful, you can also explore other ways to borrow money and get instant online loans to be repaid in a short period of time.
In one of our previous postings on how to borrow money online in Nigeria, we detailed the six procedures that would allow you to acquire funds using any of the lending applications in Nigeria that will be mentioned soon.
One of the first and most important steps is to access quick online loan platforms including any of the best loan apps in Nigeria that offer instant loans immediately after application, even without any collateral and when unemployed.
First, you’ll have to have a smart device (phone, tablet, etc.) to access the loan apps I’ll give in this list. Interestingly, there will be no large documents. You only need your smartphone to get your cash.
Top 9 Best Loan Apps In Nigeria For Online Lending
Here is a list of ten mobile loan apps popular in Nigeria.
Rank Best loan apps In Nigeria Ratings
1 Carbon Loan App (Pay Later) 4.5
2 FairMoney 4.5
3 Palm Credit 4.5
4 Branch 4.5
5 KwikMoney (Migo) 4.0
6 Quick Check 4.0
7 Aella Credit 4.0
8 Kiakia Loans 4.0
9 Creditville 4.0
Quick Disclaimer: Note that we’re not any of the loan apps listed here, Many have claimed that sokoloan, okash, kash kash, and some others are fake loan apps. The information provided is for information purposes only and is a personal opinion based on what we’ve tried with the app
**Latest NEWS: Federal Competition and Consumer Protection Commission FCCPC’s raid on Soko Loan and its other sister-apps, Fast Money, Go Cash, Okash, Kash Kash, Speedy Choice and Easy Moni, has led to a fine of N10 million for an alleged data breach.
- Carbon Loan App
Loan apps in Nigeria – Carbon loan app
Carbon formally called PayLater is the first on the list of best loan apps in Nigeria.
It is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.
With just an Android device and basic requirements, you can apply for a Paylater loan 24 hours a day, 7 days a week with a quick application process that lets you know your status within minutes.
Carbon app currently offer two loan packages:
Pay later (loans available to all) and Pay later plus (loans for salary earners).
Pay later platform also allows you to make payments for recharge cards, bills including your NEPA bill and other services.
Like any instant online loan, you do not need any sort of documentation or collateral to apply and get approved, except an android phone to download and use the app, and a means of identification. With these, you are set to go.
Download Carbon Loan App and get up to #100,000 instantly!
You can get the carbon app from the play store or visit their official website to know more about Carbon (PayLater).
- Fair Money App
Loan apps in Nigeria – Fair Money
Due to their excellent service, the Fair Money app is ranked second among the top best loan apps in Nigeria.
To complete a quick and simple application process, simply download the app from the Google Play Store, receive your funds (without collateral), and pay back within 15 days or one month.
You should be aware that there will be certain terms and restrictions associated to the loan, so make sure you read them before applying.
Fair Money’s app, in addition to providing loans, also allows users to recharge their phones and pay their expenses.
- Palm Credit App
Palm credit app
Another app for loans in Nigeria is the Palm credit app. Palm credit is basically an android app that provides loans to users of the app.
It is very easy and quick. Palm credit loan is limited to individuals that are 18 years and above, and the loan amount is within the range of #2,000 to #100,000
With just a few steps then you have everything in your control to get the loan you want.
All you need to do is download the Palm Credit App on Google Play store, fill in your details, you can sign up using your phone number or your Facebook account, and you will be able to complete the registration in a few minutes.
Also, Plamcredit gives reward offers for referring people to Palm Credit. Isn’t that amazing?
Register to get up to #100,000 loan from Palm Credit
- Branch Loan App
Branch app
The Branch app is the third app on my list of the best loan apps in Nigeria. Borrowing money via a Branch App is simple and may be completed in as little as 10 minutes.
Branch, like the other loan apps described above, does not demand any type of collateral in order to obtain loans. To get a loan, all you need is your phone number or Facebook account, as well as your bank verification number and account information.
The Branch loan app allows you to borrow money for as little as #1,000 and as much as #200, 000 at reasonable interest rates.
To receive your loans, download the Branch App from the Google Play Store and fill in your personal and banking information.
On the dashboard, you will notice a loan offer; you must use this first in order to receive higher loan offers.
- Kwikmoney (Migo)
Kwikmoney Migo App
Kwikmoney is also among mobile loan apps in Nigeria. It bridges the gap between you and your needs by making loans readily available.
The only thing you need is your Smartphone and your SIM registered to your bank account.
Here are two methods to get a kwikmoney loan
Method 1
Dial *561# on your mobile phone.
Select ‘Loans” and then “Request Loan”
Select the loan amount you require
Enter your bank details and within seconds your account will be credited
Method 2
Visit https://kwikmoney.com
Input your phone number in the text box
You will receive a verification code on your mobile phone, input the code in the text box provided
Click “Check Loan Offer” from the menu displayed
Select the loan amount you require from the list of offers displayed
Enter your bank details and within seconds your account will be credited.
All loans are payable within 14 days.
- Quick Check
Quick Check Cash Loan for Nigerians
Quick Check is a modern lending platform that can never be left out on my list of loan apps for Nigerians, either for individual or small businesses.
According to the platform, users can access quick loans of up to #30,000 without any collateral for a duration of either 15 or 30 days.
The more loans you take and repay on time, the higher your credit score and you gain access to even higher amounts! It’s definitely one of the best loan apps in Nigeria
Don’t forget to download Quick check app on play store
- AellaCredit
Aella credit loans
Next on my list of loan apps in Nigeria is Aella credit. It offers loans from #1,500 up to #90,000 with zero late fees, unlike other loan companies.
They have a monthly interest rate in the range of 4% – 29% with a loan tenure of 30–60 days.
How to Apply for Aella credit Loan in Nigeria:
Download the Aella Credit app from Play store, fill in your details, you will take a selfie and set your pin, with this you are good to go.
If you pay up your loan offer on time without being late, you will be granted access to a higher loan when next you are applying for a loan.
Related: Top 10 best betting apps in Nigeria
- Kia Kia Loans
kikia-loan-apps-in-Nigeria
Kia kia in Yoruba language means quick and fast. Kia Kia is one of the best loan Apps in Nigeria because it is faster and easier.
One of Nigeria’s pioneer digital lenders and also the leading peer-to-peer marketplace, KiaKia offers secured and unsecured loans and also participates in well-structured profit-sharing business transactions.
They focus their efforts mostly on Micro, Small, and Medium Enterprises with huge growth potentials, with no access to credit from traditional financial institutions.
- Credit Ville
Credit ville online loan apps in Nigeria
Credit Ville is an online moneylender that provides Payroll based consumer loans to eligible individuals through their employer.
The amount borrowed is then deducted from their monthly salary.
Credit Ville can provide an urgent or emergency loan quickly in your account after meeting the necessary conditions and documentation.
You can get loan offers between #100,000 or more at Credit Ville for up to 18 months without collateral to be able to meet their financial needs. Just visit their site for more details.
Fake Loan Apps In Nigeria
Did you know that there are a series of fake loan apps in Nigeria today? You should know that being terrible does not preclude you from obtaining a loan from them; rather, the manner in which they operate is the true issue, and you should avoid them if you value your dignity and peace of mind.
The indicators of a poor loan are listed below:
A higher rate of interest
Shorter loan terms, such as (7-14 days)
Bad lenders will charge a different service fee and interest rate.
They treat their consumers as though they are garbage.
When you default for even a few hours, they send hateful messages to all of your contacts.
Even before the loan is due to expire, you can launch a fight.
Before approving a loan, they charge for card verification.
Some won’t give you a loan but will refer you to other apps and charge you a fee for their services.
There have been a huge number of complaints on social media about these loan organizations operating in bad faith. Sokoloan, 9credit, Kash Kash, etc. are just a few. So, stay clear of them and download any of the best loan apps listed in this post.
Best Loan Apps In Nigeria (summary)
Here’s a quick recap of the 9 most reliable loan apps in Nigeria:
Carbon Loan App
Fair Money App
Palm Credit App
Branch Loan App
Kwikmoney App
Quick Check
Aella Credit
KiaKia Loan
Credit Ville
Life isn’t about living without a problem, Life is about solving problems. If only you have a hammer you tend to see every problem as a nail.
Disclaimer: Please make sure you read and understand the terms and conditions before applying for any of these loans.
Conclusion
Let us know your thoughts in the comment section below.
Check out other publications to gain access to more digital resources if you are just starting out with Flux Resource.
Also contact us today to optimize your business(s)/Brand(s) for Search Engines