Luis Diaz Morales Loan apps for Iphone – 5 Apps for iPhone for Payday Loans & Cash Advances
Living paycheck-to-paycheck? It’s an issue affecting more than 70% of US workers. Experts recommend raising your income and cutting your expenditure. Though these are long-term strategies.
There are times when you’ll need quick cash. It’s often when an emergency pops up, such as a hospital bill, car repair bill, parking tickets, etc.
On your device — at this instance — you can download lending apps. Why is this significant? Well, these apps give you access to small-dollar advances quickly and conveniently. So ditch the complications of borrowing from friends or family. Let bank overdraft charges become a distant memory! And let’s see the apps at your disposal:
1. SoLo Funds 
| Loan amount | Up to $1,000 |
| Type | Peer-to-peer lending |
| Fees | Set your own terms |
| Platforms | iOS |
Ever encountered peer-to-peer lending? The philosophy is “loans by the people for the people.” When you download the SoLo Funds app, you can become a lender or borrower. This loan iphone app is free, and it’s currently averaging a 3.8-star rating with over 3.4K reviewers.
How Does It Work?
As the borrower, you start by signing up. You go through the typical process of linking your bank account — so you can receive funds. The SoLo app will ask for your SSN and government-issued ID to verify your identity.
After getting set up, you create a loan request. You may ask to borrow up to $1,000. On your first application, ask for small amounts for a higher chance to get approved.
How Much Do You Pay in Fees?
The borrower sets the “Lenders Tip.” It’s the amount of cash you’ll pay the lender for granting you the loan. For instance, for a $100 loan, you can provide a $6 tip. SoLo also requires borrowers to state the purpose of the funds. This info is also visible to lenders.
You can borrow:
- to prevent an overdraft;
- for emergency car repairs;
- for recurring expenses;
- etc.
You also specify the loan term, which is under 30 days. Once you create your loan, it shows up on Solo’s marketplace. Lenders on the platform view your request and decide if you’re a good fit for them.
Pros of SoLo Funds
- You can borrow or earn cash by lending out loans.
- With a good repayment history, you can build up your SoLo score. The higher the score, the easier it is to find loans.
- It might be cheaper than a payday loan.
- Some loans come with 0% fees when the lender wants to help out the borrower.
- Zero transaction fees.
- Lenders can make counter-offers.
- Determine what you pay for a loan.
App Screenshots
2. Dave
| Loan amount | Up to $100 |
| Type | Overdraft protection & pay cash advance |
| Fees | $1 per month membership & $4.99 expedient fee |
| Platforms | iOS & Android |
What Is It?
Dave, in the true sense, is not a payday loan service. They offer overdraft protection. But you get to access up to $100 before your next paycheck. It will cost you $1 per month to use this cash iphone app.
How Popular Is Dave?
Close to 4 million users utilize Dave. Currently, it’s the 13th app in Finance. It has a 4.8-star rating with over 207K reviews.
How Does This App Work?
Start by signing up, which will entail creating a username & password and linking your bank account. The app will access your banking information to see details on your paystubs, expenses, etc. Dave needs at least 60 days of transaction history to work.
You can request a 0% interest-free cash advance. The advance will be automatically deducted on your next payday. Normal requests are processed in 3 business days. But you can request express funding and obtain cash in less than 8 hours at a fee of up to $4.99.
How Will I Receive the Cash?
Standard advances are deposited in your checking account, while express advances are availed to the debit card you linked.
Which Other Features Does the App Have?
- Get alerts if your bank account is at risk of incurring overdraft fees.
- Access automatic budgeting.
- You can apply for side gigs from the app.
- You can tip and help plant a tree.
Pros of Dave Banking
- Get an advance in less than 24 hours with express advance.
- Overdraft protection helps people save on bank charges. The app claims to help the average user save $500 per year on bank fees.
- No credit checks.
- Borrow at zero interest.
Product Shots
Accessing cash advance
Dave homepage
App Download Link:
https://apps.apple.com/us/app/dave-banking-for-humans/id1193801909
3. Brigit
| Loan amount | Access up to $250 |
| Type | Overdraft protection & pay cash advance |
| Fees | $9.99 Plus Plan |
| Platforms | iOS & Android |
Brigit helps you avoid overdraft charges. Their service also tracks your upcoming bills to prevent late payments. You also get access to free automatic budgeting. It’s similar to Dave, but it has a free plan. Free tier services include:
- overdraft forecasting;
- alerts on upcoming bills;
- bank balance alerts.
Perks of Brigit Plus Plan
You get instant access to a cash advance of $80 to $250. Approvals take place in 20 seconds and funds are sent to your bank account in less than 1 minute.
Brigit won’t check your credit scores like traditional lenders. There are no interest charges, transaction fees, or interest. With Dave, you might be asked to provide an optional tip. On Brigit Plus, there is no such request.
How Popular is Brigit?
It’s presently trending as the 25th popular app in the finance section with a 4.8-star rating from over 93K reviews.
Pros of Brigit
- You’ll not have to pay any penalties or late fees if you can’t repay your advance on the due date.
- Access zero percent interest cash advances. It makes the service cheaper than payday loans.
- Very fast funding at no additional fees.
- Requirements before you apply.
- Brigit needs at least 60 days of your transaction history to garner enough data for predictions.
- You can’t borrow with a negative balance.
- Brigit will check to see if you cash out your bank account promptly after receiving a direct deposit from your employer.
- You need to be earning at least $1,500.
App Screenshots
App Download Link
4. MoneyLion
| Loan amount | Up to $500 with a credit building loan Up to $250 cash advance with a MoneyLion checking account Up to $50 with Instacash membership |
| Type | Credit Builder Loan & cash advance |
| Fees | 5.99% APR on credit-building loans $9.99 per month Instacash banking membership |
| Platforms | iOS & Android |
What Is It?
MoneyLion is a one-stop app for banking, managed investing, credit score tracking, etc. It’s a financial membership service. Here are options to get your cash advance from MoneyLion.
1) Join Instacash
It’s the first way to access a cash advance before your paycheck. Instacash membership costs $9.99 per month, and you get a cash advance of $50 per pay cycle. Free regular cash delivery takes about 12 to 48 hours. Turbo delivery on a separate bank account costs $4.99.
2) Open a MoneyLion Checking Account
If you have a MoneyLion checking account that receives direct deposits either from your employer, you don’t need the paid membership. You can still access cash advances at zero interest rates.
The requirement is that your account must be receiving a recurring direct deposit of more than $250 per month. You’ll access advances that are 10% of what you receive on your recurring direct deposit up to $250.
3) MoneyLion Credit Builder Plus
Do you have poor credit scores? Credit Builder Plus helps you improve your scores. You get to borrow a credit-building loan of $500 with an annual percentage rate of 5.99%.
It costs $19.99 to join this program. Members access interest-free cash advances of up to $50 per pay period. They are also eligible for the Share Loyalty Program, where members receive monthly cash payout rewards.
Pros of MoneyLion
- Offers checking accounts with zero fees.
- Managed investing can help you get returns.
- Good cash advance amount of up to $250.
- Free financial guidance services and rewards for having good financial discipline,
- such as paying your bills on time.
- You can access their personal loans of up to $50,000.
How Popular is MoneyLion?
Well, the app is currently ranked 45th in terms of popularity in the Finance category with a 4.7-star rating.
App Screenshots
App Download Link
https://apps.apple.com/us/app/moneylion-mobile-banking/id1064677082
5. CashNetUSA
| Loan amount | Payday loans, max $1,000 Lines of credit & installment loans, max $3,000 |
| Type | Online loans |
| Fees | Varies from state to state |
| Platforms | iOS & Android |
What Is It?
CashNetUSA is an online lending company. They happen to have a good lending app. The company mainly helps subprime borrowers find quick loans for emergencies. You can borrow:
- Payday loans
- Installment loans
- Lines of credit.
How Popular is CashNetUSA?
The app currently ranks at number 103 in the Finance section with a rating of 4.7 from over 4K reviews.
How Does It Work?
It helps you to manage your CashNetUSA loans. You can do things like request extensions on upcoming repayments, review payment history, apply for new payday loans, etc. These are basically the same services you can access from your CashNetUSA customer portal on the web.
How Much Does It Cost?
The rates differ from state to state. But expect APRs of 200% and more.
Pros of CashNetUSA
- Access higher loan amounts than pay advances.
- Get qualified with poor or bad credit.
- Receive cash as soon as one business day.
- Enjoy early repayments and save on interest charges.
Things to Note About CashNetUSA
Their services are not available in some states, including Arizona, Arkansas, Connecticut, Iowa, New York, etc. Check their “Rates and terms” page on their main website to see loan availability in your state.
App Screenshots
App Download Link
Comparison Table of Apps
| SoLoFunds | Dave | Brigit | MoneyLion | CashNetUSA | |
| Loan Amount | $1000 | $100 | $250 | $500 | $1000 |
| Type | Peer-to-peer | Advance | Advance | Credit building | Payday |
| Fees & Rates | Custom | $1 monthly | $9.99 monthly | 5.99% + $19.99 /month | Up to 474.51% |
| iOS | Yes | Yes | Yes | Yes | Yes |
| Android | No | Yes | Yes | Yes | Yes |
| Rating | 4/5 | 5/5 | 4.5/5 | 4/5 | 4/5 |
Bottom Line
Pay advance apps like Brigit, Dave, or Earnin might seem attractive because they offer zero interest advances. However, they tend to offer lower amounts.
Normal payday and installment lenders like CashNetUSA might offer more cash. Peer-to-peer lending might also work but ensure you’re not paying more cash than on a payday loan. Also, it might be difficult to find a lender if your offer doesn’t seem attractive enough.
Other apps worth mentioning include MoneyKey, Detour Loan, and Vert Loans Solutions.
