5 Best Apps to Borrow Money: A Comprehensive Review

Are you in a financial bind and need to borrow money quickly? Fortunately, there are now several apps that allow you to borrow money from the comfort of your own home. In this article, we’ll be reviewing the 5 best apps to borrow money and discussing their features, fees, and user experience.

1. Earnin

Earnin is a popular app that lets you withdraw up to $100 per day from your upcoming paycheck. The app’s main selling point is that it doesn’t charge any fees or interest – instead, it relies on voluntary tips from its users to fund its operations. One downside is that you’ll need to have direct deposit set up to use the app, and it only works with select employers.

2. MoneyLion

MoneyLion is a personal finance app that includes a lending feature called Credit Builder. With Credit Builder, you can borrow up to $500 with no credit check or interest. Instead, you’ll pay a monthly subscription fee of between $19.99 and $79.99, depending on the level of service you choose. The app also offers cashback rewards and free credit monitoring.

3. Chime

Chime is a full-service online bank that also offers a no-interest overdraft feature. With SpotMe, you can overdraw your account by up to $100 without incurring any fees or interest. The feature is only available to users who receive at least $500 in monthly direct deposits, and you’ll need to pay back the overdrawn amount with your next deposit. Nevertheless, it’s a useful feature if you find yourself short on cash between paychecks.

4. Dave

Dave is a budgeting app that also offers small loans of up to $100. To use the app’s lending feature, you’ll need to sign up for Dave’s $1/month subscription service, which gives you access to cash advances and overdraft protection. The app also includes features like bill payment reminders and automatic budgeting tools.

5. Branch

Branch is a payday loan alternative that lets you borrow up to $500 with no fees or interest. The catch is that you’ll need to have direct deposit set up with your employer and work for a company that qualifies for Branch’s lending program. The app’s other features include early paycheck access and a budgeting tool that helps you track your spending.

Conclusion

These 5 apps offer a range of solutions for borrowing money quickly and easily. Whether you prefer a no-fee model like Earnin or a subscription-based model like MoneyLion, there’s an app that can cater to your needs. Just be sure to read the fine print and understand the fees and requirements associated with each app before borrowing.