Life is full of uncertainties, and when you get into financial trouble, you need a quick source to earn money. Some apps like Earnin, Brigit, and Dave let you borrow a small amount of money and save you until you get your next paycheck. Such apps help you when you are in need of urgent money but always try to go for cheaper options to lend money from these apps.
You will not be charged an interest rate on these money lending apps but instead, you will need to subscribe to them. Subscription charges may apply or you can tip them some money for borrowing money from them.
In this article, we are discussing the three best apps that lend you money. Let's get started.
3 best apps to borrow money
Here are the top apps that have proved themselves trustworthy sources and give a better user experience:
1. Earnin
It is a paycheck advance app. It lets you borrow money by tracking your working hours. This is done by maintaining a timesheet or tracking your location of work. The Earnin app has a unique feature that tells you if your bank account balance has gone below the minimum limit. You can then add some amount to the bank account by just tipping a small fee to the app.
Fee: Just a tip
The amount you can get: $100 max per day
Repayment process: The Earnin app automatically withdraws the borrowed amount from your bank account on your next paycheck.
2. Dave
Through the Dave app, you can borrow a small amount of money for your expenses until you get your next paycheck. You must open an ExtraCash account to be eligible to get advance cash from Dave. You also get a feature known as “Side Hustle” that helps you find secondary sources to earn money.
Fee: Following are the fee options:
Monthly membership fee of $1.
$1.99 to $9.99 fee for faster advance payments.
An optional tip.
The amount you can get: Upto $500
Repayment process: On your next payday, a default payment date is already set.
3. Brigit
The Brigit app is an app in which you get financial advice and budgeting help in their free plan. You can only borrow money from this app if you have their paid plan. In the paid plan, they provide features like overdraft coverage, cash advances, and credit monitoring.
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Fee: $9.99 per month for a paid plan.
The amount you can get: $50 to $250
Repayment process: Your repayment will be automatically set according to your income schedule. But you can also extend your repayment period in the app.
Pros and Cons of the loan apps
Watch out for these pros and cons before using any of the money-borrowing apps:
Pros
You can get fast cash whenever in need of urgent money.
No paperwork.
Cheaper than an overdraft fee.
Cons
These may cause an overdraft fee.
Leading to repeated borrowing.
Only get a small amount of money.
Conclusion
So, this is all we have to tell you about the money-borrowing app. These three apps are the best if you want some money urgently. If you know any other app better than these, you can comment on it in the comment section below. I hope you like the information given in this article. Please share it with your friends and family.