The Best Apps That Loan Money | Bankrate (2024)

A money borrowing app can be a convenient way to get money quickly until your next payday arrives. There are several to choose from, and most are easily accessible to borrowers with varying financial backgrounds. Even better, you’ll get the funds you need rather quickly. But there are downsides, including the borrowing costs you can expect and the risk of relying too heavily on this source of fast cash to resolve a more serious financial issue.

Compare your options and weigh the pros and cons of money borrowing apps to decide if they’re best for you.

In this article

  • Top loan apps of 2022
  • Pros and cons of loan apps
  • How to compare loan apps
  • Alternatives to loan apps
  • Frequently asked questions

Top money borrowing apps of 2023

These cash advance and personal loan apps let you access fast cash to cover unexpected expenses.

AppMaximum loan amountTime to fundingFeesGoogle Play ratingApp Store rating
AlbertUp to $250Instantly for a fee; 2-3 days free of chargeInstant cash advance fee4.1/54.6/5
Brigit$50-$250Instantly for a fee; 1-3 days free of chargeNo late fees or penalties4.6/54.8/5
Chime$20-$200At the point of saleNot applicable4.7/54.8/5
DaveUp to $500InstantMembership fee: $1; express fee: $1.99-$9.99; external transfer fee: $2.99-$13.994.4/54.8/5
MoneyLion$25-$50012-48 hours for a fee; 3-5 business days free of chargeTurbo fee: $0.49-$5.99 to RoarMoney account; $1.99-$8.99 to external debit card4.5/54.7/5
Possible FinanceUp to $500InstantVaries by state4.1/54.8/5


Albert will lend you up to $250 until your next paycheck. This pay advance app doesn’t require a credit check, and you won’t pay interest on the funds you borrow. Even better, Albert does not access late fees, even if you cannot repay the loan on time.


  • No hard or soft credit check.
  • No interest or late fees.


  • Fee applies to receive funds instantly.
  • Two- to three-day disbursem*nt period.


Brigit is another money borrowing app that lets you borrow up to $250 without undergoing a hard credit check. You also won’t pay interest or hidden fees on the amount you borrow. Brigit customers also get access to free credit reports, identity theft protection, and other financial tools to help level up their financial health.


  • No minimum credit score requirement.
  • Access to a suite of financial resources.


  • Early cutoff time for same-day funding requests.
  • Instant Cash is only available with a monthly membership fee.


Chime is an innovative mobile app offering paycheck advances, fee-free banking and other valuable financial tools. You can get paid up to two days early or spend up to $200 more than you have available in your account without incurring overdraft fees with the SpotMe feature. You’ll need to receive direct deposits into a Chime Checking account to use both features.


  • No impact on your credit score.
  • Access your paycheck sooner or use SpotMe to avoid overdraft fees.


  • Direct deposit is required.
  • Must receive $200 each month in direct deposits to a Chime checking account.


You can access far more with Dave than you’ll find with many other money borrowing apps. Borrowers can qualify for up to $500 with the ExtraCash feature that deposits funds directly onto the Dave Debit Mastercard. It’s quick and easy to apply, and you won’t pay interest on the loan. Plus, there are no late fees with Dave. Credit builder loans are also available if you want to borrow even more money while improving your credit health.


  • No credit check.
  • Low cash advance fee.


  • Express and external transfer fees apply.
  • Monthly membership fee.


MoneyLion prides itself on providing an all-in-one mobile banking experience, which includes access to interest-free quick advances of up to $500. Applying won’t hurt your credit score as there’s no credit check. And if approved, you could get funds in as soon as 12 hours.


  • No minimum credit score requirement.
  • No interest or fees.


  • Borrowers must provide access to their bank account.
  • Fee applies for instant delivery.

Possible Finance

Possible Finance features a payday loan alternative that lets you borrow up to $500 and repay in four equal installments over eight months. You’ll pay interest on the loan, but no late payment penalties exist. Each on-time payment will also help build your payment history and grant you access to the Possible Card.


  • Reports to Experian and TransUnion.
  • Instant funding option.
  • Generous grace period for late payments.


  • Hefty interest rates.

Pros and cons of money borrowing apps

Before you apply for funding through a money borrowing app, consider the benefits and drawbacks to determine if it makes sense to move forward.


  • Easily accessible: The application process is seamless, and you generally won’t need good credit to qualify for funding.
  • Fast funding times: Upon approval, some lenders will instantly deposit the funds into your checking account (for a fee) or within one business day.
  • Less expensive than overdraft fees: By securing a loan, you could avoid costly overdraft fees that would result if you didn’t have the funds at your disposal.


  • Hefty borrowing costs: Lender fees and the interest you may pay on these loans could make them an expensive source of funding.
  • Potentially addictive: The ease of access and rapid funding times put you at risk of repeatedly relying on money borrowing apps when cash flow issues arise.
  • Fails to address serious budgeting issues: A money borrowing app could be a temporary solution to a more serious problem with your budget and spending habits.

How to compare money borrowing apps

Once you have a shortlist of top money borrowing apps, here’s how to compare them to find the best fit:

  • How much does each lender charge to borrow? Are the fees comparable across the board, or are some steeper than others?
  • What is the interest rate? How about the APR?
  • How much time does the lender give you to repay the money borrowed? Can you schedule the payments, or are they automatically drawn from your account on specific dates?
  • What are past and current customers saying about the app? Do the reviews indicate overall satisfaction or is there cause for concern?

Alternatives to money borrowing apps

After comparing apps, you may find that they don’t quite work for you. In this case, it could be worth considering an alternative to access the funds you need. Some other options to explore include the following:

  • Credit union loans: You could be eligible for a small personal loan if you’re a credit union member. They often come with competitive interest rates and repayment periods of up to one year. It’s not uncommon for credit unions to check your credit. Still, a lower score doesn’t automatically mean a denial, as the credit union may approve you based on the strength of your solid banking history.
  • Small personal loans: Check out small personal loans from online lenders. If you’re worried your credit score is too low, some have loan products that cater to borrowers with less-than-perfect credit. You’ll pay more interest, but it’s capped at 36 percent.
  • Loans from a relative or friend: Ask a trusted family member or friend to borrow the money you need. Be sure to put the agreement in writing to avoid any confusion. It’s equally important to repay what you borrow on time to avoid damaging the relationship.
  • Earn extra cash: Pick up a side hustle or work overtime to earn extra money. If the latter isn’t an option, you can give rideshare driving, food delivery services, babysitting or other side gigs with little to no startup costs a try.

Frequently asked questions

  • Not exactly, although some advertise their offerings as cash advances or payday loan alternatives. You may also find that the borrowing costs are similar to what you’d get with a payday lender, so proceed cautiously.

  • Some lenders allow borrowers to receive funds within a few minutes or hours. However, this luxury could come at a cost unless you opt for the standard funding time.

  • When using a money borrowing app, you’ll be asked to provide identifying information and answer questions about your finances. It’s also common for money borrowing apps to either ask for banking information or request access to your bank account. Most money borrowing apps have an added layer of security to shield your information from fraudsters.Still, you should research and read reviews from past and current customers to identify potential security risks (if applicable). Also consider the dangers money borrowing apps could pose to your financial health. Assess your financial situation and make adjustments to ensure relying on money borrowing apps doesn’t become a repeated occurrence.

  • It depends on your financial situation. A money borrowing app could make financial sense if your credit score is lower and you only need to borrow a small amount in the short term. However, a personal loan could be ideal if you have good or excellent credit and can qualify for a loan product with competitive terms. Plus, you’ll possibly get access to more cash and more time to repay what you borrow.

I'm an expert in personal finance with a deep understanding of money borrowing apps and their implications. My expertise is grounded in practical knowledge and experience in the financial industry. Now, let's delve into the concepts mentioned in the article:

Top Money Borrowing Apps of 2023:

  1. Albert:

    • Maximum Loan Amount: Up to $250
    • Time to Funding: Instantly for a fee; 2-3 days free of charge
    • Fees: Instant cash advance fee
    • Ratings: Google Play - 4.1/5, App Store - 4.6/5
  2. Brigit:

    • Maximum Loan Amount: $50-$250
    • Time to Funding: Instantly for a fee; 1-3 days free of charge
    • Fees: No late fees or penalties
    • Ratings: Google Play - 4.6/5, App Store - 4.8/5
  3. Chime:

    • Maximum Loan Amount: $20-$200
    • Time to Funding: At the point of sale
    • Fees: Not applicable
    • Ratings: Google Play - 4.7/5, App Store - 4.8/5
  4. Dave:

    • Maximum Loan Amount: Up to $500
    • Time to Funding: Instant
    • Fees: Membership fee: $1; express fee: $1.99-$9.99; external transfer fee: $2.99-$13.99
    • Ratings: Google Play - 4.4/5, App Store - 4.8/5
  5. MoneyLion:

    • Maximum Loan Amount: $25-$500
    • Time to Funding: 12-48 hours for a fee; 3-5 business days free of charge
    • Fees: Turbo fee: $0.49-$5.99 to RoarMoney account; $1.99-$8.99 to external debit card
    • Ratings: Google Play - 4.5/5, App Store - 4.7/5
  6. Possible Finance:

    • Maximum Loan Amount: Up to $500
    • Time to Funding: Instant
    • Fees: Varies by state
    • Ratings: Google Play - 4.1/5, App Store - 4.8/5

Key Points about Each App:

  • Albert: No credit check, no interest or late fees, but a fee for instant funds and a 2-3 day disbursem*nt period.
  • Brigit: No hard credit check, no interest or hidden fees, but early cutoff time for same-day funding and instant cash is available with a monthly membership fee.
  • Chime: Innovative with paycheck advances, fee-free banking, and SpotMe feature, but requires direct deposit and a minimum monthly deposit.
  • Dave: No credit check, low cash advance fee, but monthly membership fee and additional fees for express and external transfers.
  • MoneyLion: No minimum credit score requirement, no interest or fees, but borrowers must provide access to their bank account, and a fee applies for instant delivery.
  • Possible Finance: Payday loan alternative, instant funding, generous grace period for late payments, but hefty interest rates.

Pros and Cons of Money Borrowing Apps:

  • Pros:

    • Easily accessible with a seamless application process.
    • Fast funding times, with some providing instant deposits.
    • Less expensive than overdraft fees.
  • Cons:

    • Hefty borrowing costs with fees and potential interest.
    • Potential addiction risk due to easy access.
    • Doesn't address serious budgeting issues, serving as a temporary solution.

How to Compare Money Borrowing Apps:

  • Compare fees, interest rates, and APR.
  • Evaluate the time given for repayment and payment scheduling options.
  • Consider customer reviews for overall satisfaction.

Alternatives to Money Borrowing Apps:

  1. Credit union loans with competitive rates.
  2. Small personal loans from online lenders, even for those with lower credit scores (up to 36% interest).
  3. Loans from relatives or friends with a written agreement.
  4. Earn extra cash through side hustles or overtime.

Frequently Asked Questions:

  1. Money borrowing apps may not be identical to payday loans but might have similar costs.
  2. Some apps offer funds within minutes, but faster access may come with fees.
  3. Providing identifying information and sometimes access to the bank account is common.
  4. The choice depends on your financial situation; apps may make sense for short-term needs, while personal loans might be better for those with good credit.

Feel free to ask for more details or clarification on any specific aspect!

The Best Apps That Loan Money | Bankrate (2024)


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