7 Best Loan Apps of March 2024

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Photographs by Getty Photographs; Illustration by Austin Courregé/Bankrate

Key takeaways

  • Cash-borrowing apps permit you to borrow a small quantity to tide you over till your subsequent payday.
  • These apps present fast entry to money and may typically ship funds immediately for a charge.

  • A possible trade-off, nevertheless, is that some firms cost excessive charges.

A money-borrowing app is usually a handy method to get cash shortly till your subsequent payday arrives. There are a number of to select from, and most are simply accessible to debtors with various monetary backgrounds. Even higher, you’ll get the funds you want slightly shortly. However there are downsides, together with the borrowing prices you’ll be able to count on and the danger of relying too closely on this supply of quick money to resolve a extra severe monetary concern.

Evaluate your choices, calculate how a lot it would price and weigh the professionals and cons of money-borrowing apps to resolve in the event that they’re greatest for you.

Prime cash borrowing apps of 2024

These money advance and private mortgage apps allow you to entry quick money to cowl sudden bills.

App Most mortgage quantity Time to funding Charges Google Play ranking App Retailer ranking
Albert As much as $250 Immediately for a charge; 3-6 days freed from cost Prompt money advance charge 4.1/5 4.6/5
Brigit $50-$250 Immediately for a charge; 2-3 days freed from cost No late charges or penalties 4.6/5 4.8/5
Chime $20-$200 On the level of sale Not relevant 4.7/5 4.8/5
Dave As much as $500 Prompt Membership charge: $1; specific charge: $3-$15; exterior switch charge: $5-$25 4.4/5 4.8/5
MoneyLion As much as $500 Immediately for a charge; As much as 5 enterprise days freed from cost Turbo charge: $0.49-$6.99 to RoarMoney account; $1.99-$8.99 to exterior debit card 4.5/5 4.7/5
Attainable Finance As much as $500 Prompt Most marketed mortgage quantity varies by state 4.1/5 4.8/5


Albert will lend you as much as $250 till your subsequent paycheck. This pay advance app doesn’t require a credit score test, and also you gained’t pay curiosity on the funds you borrow. Even higher, Albert doesn’t entry late charges, even when you can not repay the mortgage on time.


  • No laborious or tender credit score test.
  • No curiosity or late charges.
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  • Price applies to obtain funds immediately.
  • Three- to six-day disbursement interval.


Brigit is one other money-borrowing app that permits you to borrow as much as $250 with out present process a tough credit score test. You additionally gained’t pay curiosity or hidden charges on the quantity you borrow. Brigit clients additionally get entry to identification theft safety, and different monetary instruments to assist degree up their monetary well being.

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  • No minimal credit score rating requirement.
  • Entry to a collection of economic assets.
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  • Early cutoff time for same-day funding requests.
  • Prompt Money is just accessible with a month-to-month membership charge.


Chime is an revolutionary cell app providing paycheck advances, fee-free banking and different useful monetary instruments. You will get paid as much as two days early or spend as much as $200 greater than you’ve got accessible in your account with out incurring overdraft charges with the SpotMe function. You’ll must obtain direct deposits right into a Chime Checking account to make use of each options.

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  • No influence in your credit score rating.
  • Entry your paycheck sooner or use SpotMe to keep away from overdraft charges.
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  • Direct deposit is required.
  • Should obtain $200 every month in direct deposits to a Chime checking account.


You possibly can entry much more with Dave than you’ll discover with many different money-borrowing apps. Debtors can qualify for as much as $500 with the ExtraCash function that deposits funds immediately onto the Dave Debit Mastercard. It’s fast and straightforward to use, and also you gained’t pay curiosity on the mortgage. Plus, there aren’t any late charges with Dave.

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  • No credit score test.
  • Low money advance charge.
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  • Categorical and exterior switch charges apply.
  • Month-to-month membership charge.


MoneyLion prides itself on offering an all-in-one cell banking expertise, which incorporates entry to interest-free fast advances of as much as $500. Making use of gained’t harm your credit score rating as there’s no credit score test. And if accredited, you could possibly get funds inside minutes.

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  • No minimal credit score rating requirement.
  • No curiosity or required charges.
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  • Debtors should present entry to their checking account.
  • Price applies for fast supply.

Attainable Finance

Attainable Finance incorporates a payday mortgage various that permits you to borrow as much as $500 and repay in 4 equal installments over eight weeks. You’ll pay curiosity on the mortgage, however no late fee penalties exist.

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  • Experiences to Experian and TransUnion.
  • Prompt funding possibility.
  • Beneficiant grace interval for late funds.
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Professionals and cons of money-borrowing apps

Earlier than you apply for funding by means of a money-borrowing app, think about the advantages and disadvantages to find out if it is smart to maneuver ahead.


  • Simply accessible: The applying course of is seamless, and also you typically gained’t want good credit score to qualify for funding.
  • Quick funding instances: Upon approval, some lenders will immediately deposit the funds into your checking account (for a charge) or inside one enterprise day.
  • Inexpensive than overdraft charges: By securing a mortgage, you could possibly keep away from pricey overdraft charges that will end result when you didn’t have the funds at your disposal.


  • Hefty borrowing prices: Lender charges and the curiosity chances are you’ll pay on these loans may make them an costly supply of funding.
  • Probably addictive: The convenience of entry and speedy funding instances put you susceptible to repeatedly counting on money-borrowing apps when money move points come up.
  • Fails to deal with severe budgeting points: A money-borrowing app may briefly resolve a extra major problem together with your funds and spending habits.

The right way to evaluate money-borrowing apps

After you have a shortlist of high money-borrowing apps, right here’s methods to evaluate them to search out the most effective match:

  • How a lot does every lender cost to borrow? Are the charges comparable throughout the board, or are some steeper than others?
  • What’s the rate of interest? How in regards to the APR?
  • How a lot time does the lender provide you with to repay the cash borrowed? Are you able to schedule the funds, or are they mechanically drawn out of your account on particular dates?
  • What are previous and present clients saying in regards to the app? Do the opinions point out general satisfaction, or is there trigger for concern?

Alternate options to money-borrowing apps

After evaluating apps, chances are you’ll discover that they don’t fairly be just right for you. On this case, it could possibly be price contemplating an alternative choice to entry the funds you want. Another choices to discover embody the next:

  • Credit score union loans: You may be eligible for a small private mortgage when you’re a credit score union member. They typically include aggressive rates of interest and as much as one-year reimbursement intervals. It’s not unusual for credit score unions to test your credit score. Nonetheless, a decrease rating doesn’t mechanically imply a denial, because the credit score union might approve you primarily based on the power of your stable banking historical past.
  • Small private loans: Take a look at small private loans from on-line lenders. In the event you’re anxious your credit score rating is simply too low, some have mortgage merchandise that cater to debtors with less-than-perfect credit score. You’ll pay extra curiosity, but it surely’s capped at 36 p.c.
  • Loans from a relative or pal: Ask a trusted member of the family or pal to borrow the cash you want. Be sure you put the settlement in writing to keep away from any confusion. It’s equally vital to repay what you borrow on time to keep away from damaging the connection.
  • Earn additional money: Choose up a facet hustle or work additional time to earn extra cash. If the latter isn’t an possibility, you may give rideshare driving, meals supply providers, babysitting or different facet gigs with little to no startup prices a attempt.

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