Contributor, Benzinga
June 17, 2023

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When you are strapped for cash, loan apps offer a quick way to get the extra money you need. Most loan apps advance cash based on your paycheck or bank history. The loan application process is fast; you can get your money in a few days or less if approved. Despite the many money-borrowing apps, you need one that fits your financial situation. Keep reading for some of the best loan apps available today. 

8 Best Loan Apps

Loan apps come with various features and benefits. 

  • Best for Features: Brigit
  • Best for Fast Cash: Empower
  • Best for Overdraft Protection: Chime
  • Best for Low Fees: Albert
  • Best for Repayment Plans: Possible Finance
  • Best for Partial Payments: Dave
  • Best for Frequent Advances: EarnIn
  • Best for Larger Cash Advances: MoneyLion

1. Best for Features: Brigit 

Brigit is a free app offering budget help and financial tools. Brigit is simple with its easy-to-use interface. While many features are free, you must have a paid plan to get a cash advance of up to $250. Advances hit your bank account in a few business days. Or pay the express fee, and you’ll get your money in minutes. There is no tipping in Brigit, unlike other financial applications. 


  • No credit checks
  • Fast funding
  • No interest, fees or tipping


  • Cash advances are only available with the monthly subscription
  • Extra fee to get your money faster
  • Not all banks are compatible with the app

2. Best for Fast Cash: Empower

Empower offers banking, budgeting and other financial tools, like credit monitoring and automatic savings. If you qualify, you could get a cash advance of up to $250 within one business day. Pay the instant delivery fee, and you can access your funds from anywhere between 15 minutes and 2 hours. To be eligible for a cash advance, you must link your bank account to the Empower app and have a consistent source of income. With Empower, you repay cash advances on a predetermined date.


  • No impact on your credit
  • Cash advance in one business day
  • Host of financial tools


  • Instant delivery fee
  • No notification before withdrawing funds
  • Must link to your bank account

3. Best for Overdraft Protection: Chime

Chime’s mobile app offers many financial services like banking, paycheck advances and free debit cards. Chime features the SpotMe program, which automatically covers up to $200 in overdrafts from debit card purchases or cash withdrawals with no fees. Whatever negative balance you have is applied to your next deposit. You need to set up your paycheck for direct deposit into your account and receive at least $200 in direct deposit funds over the preceding 34 days to qualify. While Chime asks for tips, you aren’t required to do so.


  •  Avoid overdraft fees
  •  Early paycheck access
  •  No credit checks


  • Direct deposit required 
  • Must receive $200 in deposits each month
  • Asks for tips

4. Best for Low Fees: Albert

With Albert, you can bank, invest and track your spending in one place. Direct deposit your paycheck with Albert Cash, and you can get paid up to two days earlier. When you need extra cash, you can get a cash advance of up to $250 with no fees or interest. If you need money fast, pay the instant cash advance fee. Albert automatically deducts the repayment from your bank account. Albert doesn’t charge late fees if you fall behind.


  • No impact on your credit score
  • No interest or late fees
  • Invest funds


  • Can take up to 3 days to get your money
  • Fee for instant advances
  • Automatic repayment

5. Best for Repayment Plans: Possible Finance

With Possible Finance, you can borrow up to $500 without late fees or penalties. To help ease the financial burden, you can repay what you borrowed in four installments over eight weeks. Possible Finance reports to credit bureaus, which can help build credit history if your payments are timely. 

To qualify, you must have a monthly income of $750, a consistent deposit and repayment history and a positive balance in your checking account.


  • Build credit history.
  • Delay payments up to 29 days
  • No credit check or deposit required


  • Charges a monthly membership fee
  • Late payments can hurt your credit.
  • Higher monthly income required to qualify.

6. Best for Partial Payments: Dave

With the Dave app, you can get a cash advance of up to $500 or look for a side hustle if you need extra money. Find out if you are eligible for a cash advance by downloading the app and linking to your bank account. If you qualify for an ExtraCash advance, you can transfer the funds to your Dave Spending account or an outside bank account. No-fee transfers take 1 to 3 business days. Or pay an express fee to get your funds in less than 1 hour. Dave withdraws the funds from your linked bank account on your next payday. If you don’t have enough funds, Dave runs partial payments instead.


  •  Deducts partial payments
  •  No interest or late fees
  •  No credit checks


  •  Express fee
  •  Monthly fee
  •  Links to your bank account

7. Best for Frequent Advances: EarnIn

With EarnIn, you get paid as you work. You can draw up to $100 per day (up to $750 per pay period) when you prove a consistent pay schedule and earn at least $320 every pay period. You pay no fees to advance funds unless you need money faster. Qualifying may take longer than other apps as you must show proof of income and employment. EarnIn automatically withdraws the money advanced from your next paycheck. To avoid overdraft fees, make sure you have enough money in your bank account on the due date.


  • Larger advances 
  • No fees
  • Optional tipping


  • Must be a W2 employee 
  • May take longer to apply
  • Bank overdraft fees 

8. Best for Larger Cash Advances: MoneyLion

MoneyLion is an all-in-one app offering financial tools for banking, investing and borrowing money. Through Instacash, you can get a cash advance of up to $500 with no monthly fees or interest. Download the app and link your bank account to see if you qualify for an advance. MoneyLion deducts the amount advanced from your next paycheck. Using other MoneyLion financial services, you could take a larger cash advance of $700 to $1,000. 


  • Expanded financial services
  • No monthly fees or interest for cash advances 
  • Easy application process


  • Fee for express advances 
  • May not qualify if you don’t have a steady stream of income
  • Must link to your bank account

What is a Loan App?

Loan apps let you borrow money against your next paycheck. Loan apps usually look at your banking history when advancing funds, so credit checks are typically unnecessary. Most apps automatically deduct your cash loan from your next paycheck.   

Importance of Responsible Borrowing

Borrowing money can get pricey. Consider your financial situation before you get a loan and ensure you can repay it. If you fall behind, you could pay costly late charges, processing fees and interest. In some cases, your credit score could take a hit. Or you could fall into a debt spiral if you keep borrowing money. 

How to Select a Loan App

To find the right loan app for your needs, consider the factors to narrow down your choice. 

Hassle-Free Application

Like every other lender, you must apply to borrow money through a loan app. Most loan apps connect to your bank to pull data about your financial history, so there is less information you need to submit. This process streamlines your application, making it easier to apply. 

Quick Approval Process

With traditional lenders, the approval process often takes a few days. Most loan apps have quick approval. You’ll likely know within minutes if approved. The faster the approval process, the quicker you get your funds. 

Low Interest Rates

Loan app companies often charge lower fees than traditional lenders and credit cards. However, fee structures can vary. Some loan app companies charge monthly subscription fees, whereas others may earn money off voluntary tip payments. If you can wait a few days to get your payday loan, most loan app companies won’t charge a fee. However, you should expect to pay an extra fee if you want your money on the same day. 

Flexible Payment Options

Online lenders usually withdraw your loan repayment from your bank account when you get paid again. If paying back everything you borrowed on your next check causes a financial burden, look for an online lender with flexible repayment options. Some lenders offer repayment plans or let you delay payment. 

Loan Apps Make it Easy to Borrow Money

Many people face a cash crunch from time to time. You can reach for a cash advance or try to apply for a loan. With a loan app, you get perks like a trouble-free application process, quick financing and lower fees than traditional lenders and credit card companies. Loan apps make it easy to get extra cash, but they have drawbacks. Before you borrow money, make sure the loan app is a good fit for you. 

Frequently Asked Questions 


Do loan apps affect credit score?


Your credit score will only be affected if the loan app runs a hard credit check or reports to the credit bureau. 


What is the easiest loan to get approved for?


Cash advances based on your paycheck are usually the easiest loans to get approved for.


Can a loan app take money from my account?


Most loan apps take repayments directly from your bank account. 

Anna Yen

About Anna Yen

Anna Yen, CFA is an investment writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about investment topics ranging from traditional asset classes and derivatives to alternatives like cryptocurrency and real estate. Her work has been published on sites like Quicken and the crypto exchange Bybit.