Best Loan Apps 2024: Cash Advance and Money Lending Apps

Many people have experienced that sense of dread when faced with an emergency car repair—or they realize they have a bill due before their next paycheck arrives. While it’s a good idea to have an emergency fund for those situations, not everyone can rely on their savings to cover unexpected expenses. That’s where loan apps come in.

A loan app can provide a small amount of cash, sometimes instantly, to help you pay that unexpected bill or to help you avoid overdraft fees. The best loan apps have a lot to offer, including low fees, a wide range of loan amounts, and additional financial products to help you manage your money. Note that it’s important to track what fees and tips add up to when you’re borrowing relatively small amounts of money.

Best loan apps of 2024

Our recommendations

Best for credit building: Brigit

Brigit Credit Builder

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Brigit Credit Builder

Fees

$9.99 to $14.99 per month subscription fee

Loan amount

$50 to $250

Time to fund

Instant

Brigit is a highly-rated loan app that offers loans between $50 and $250. The app has a 4.8 out of 5 rating on the Apple App Store and 4.7 out of 5 on Google Play, based on hundreds of thousands of ratings. In addition to loans, Brigit offers \\\\\\\\\\[credit-building services](https://www.hellobrigit.com/credit-builder) that can help you improve your credit for as little as $1 per month.

Brigit can provide instant loan funding for a small fee. The app also charges a monthly subscription fee between $9.99 and $14.99 per month, which is slightly higher than other loan apps and can amount to a high percentage of a small loan. However, many customers report that the fees are worth the value they get from Brigit’s service.

Best for peer-to-peer loans: Cash App

Cash App Payments

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Cash App Payments

Fees

Free to 1.75%

Loan amount

Varies

Time to fund

Instant

Cash App isn’t exactly a loan app, but it does allow you to borrow money from trusted friends and family members easily. The one caveat is that you need to know someone willing to lend you money. However, if you do have a cooperative friend or family member, Cash App is an excellent tool to use.

The app doesn’t charge a monthly fee, and you will receive the money instantly. Cash App is well-rated on Apple (4.8 out of 5) and Google (4.6 out of 5).

Best for overdraft protection: Chime

Chime® Banking App

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Chime® Banking App

Fees

None

Loan amount

Up to $200

Time to fund

Instant

Disclosures

Chime® is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card and the Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit and credit cards are accepted. Please see the back of your Card for its issuing bank.

SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month.

Chime is a financial technology company that offers numerous banking services, including checking and savings accounts and credit cards. While Chime doesn’t offer a loan, it has excellent overdraft protection called SpotMe that can help you out if you accidentally overdraw your account.

SpotMe has no fees and will cover up to $200 if your account becomes overdrawn. The only requirement is that you set up a monthly direct deposit of at least $200 into your Chime account. Chime will collect the funds you owe when you receive your next direct deposit. The Chime app has a 4.9 out of 5 rating on the Apple App Store and a 4.7 out of 5 rating on Google Play.

Best for large instant loans: Dave

Dave Loans

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Dave Loans

Fees

$1 per month subscription fee

Loan amount

Up to $500

Time to fund

$1 per month

For $1 per month, you can get a loan of up to $500 through Dave, which is more than many instant loan apps will provide. Once approved, you’ll receive the money in five minutes or less, though you will need to pay a fee of $1.99 to $13.99 for express funding. The only requirement is to open a Dave spending account. The Dave app is rated 4.8 out of 5 on Apple and 4.3 out of 5 on Google.

Best for zero-fee paycheck advance loans: EarnIn

EarnIn

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EarnIn

Fees

$0.49 to $8.99

Loan amount

$500

Time to fund

‌EarnIn is a unique type of loan app. It allows you to borrow up to $100 per day or $750 per paycheck. Instant funding is available, though you must include a tip for this feature. However, funds can be received in one to three business days for no cost. Tipping is optional for regular funding. Apart from that, there are no mandatory fees. Earnin is rated 4.7 out of 5 on Apple and 4.6 out of 5 on Google. Note that its “tipping” model, which has enabled Earnin to skirt laws that ban payday loans in some states, has made it the subject of litigation in California.

Best for small instant loans: Empower

Empower

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Empower

Fees

$8 per month subscription fee

Loan amount

$10 to $250

Time to fund

Instant

‌Empower Financial has loan amounts as low as $10—perfect for when you just need a little to tide you over but don’t want to take on a bigger loan than necessary. Once approved, you’ll get the funds immediately. Empower’s monthly fee is $8, less than some of its competitors, but it could be high if you’re just looking for a small loan. The Empower appl has a 4.7 out of 5 rating on the Apple App Store and Google Play.

Best for large personal loans: SoFi

Big loan amounts

Sofi

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Big loan amounts

Sofi

Fees

8.99% to 29.49%

Loan amount

$5,000 - $100,000

Time to fund

Same-day that you sign

SoFi offers numerous financial products, including banking, insurance, investing, and loans. With a personal loan range between $5,000 - $100,000 0. Loan rates have APRs ranging from 8.99% to 29.49%.

SoFi is a good choice if you need a larger amount to cover an unexpected expense, especially if you qualify for a low APR. However, if you only need a little money to tide you over, a $5,000 SoFi loan isn’t the best option. SoFi’s app has a 4.8 out of 5 on the Apple App Store and 4.0 out of 5 on Google Play.

Best for small personal loans: Upgrade

Upgrade

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Upgrade

Fees

8.49% to 35.99%

Loan amount

$1,000 to $50,000

Time to fund

One business day

Upgrade offers personal loans and credit cards. With a starting amount of $1,000, Upgrade’s loans are smaller than many other lenders, whose loans may start at $5,000 or more. Upgrade also offers funding in as little as one business day, so you can get your money when needed. You’ll pay an APR of 8.49% to 35.99%, plus an origination fee of 1.85% to 9.99%, deducted from the loan proceeds.

The shortest loan term offered by Upgrade is 24 months, which may be too long if you’re just looking for a quick cash infusion and plan to pay it back quickly. There are no early payoff fees, however, which is a benefit. Still, you’ll need to log into the dashboard to make additional payments rather than having the money debited directly from your account. The Upgrade app is rated 4.8 out of 5 on Apple and 4.6 out of 5 on Google.

Methodology

To choose the best loan apps, we first researched the most popular apps on the market and then reviewed their customer ratings and reviews on the Apple App Store and Google Play. Then, we looked into the loan amounts offered by each contender and the reported time to funding; we gave higher marks to apps that would provide instant or near-instant funding. Finally, we reviewed any applicable fees and gave each app an award based on its strengths.

How to pick the best loan app

When choosing a loan app, it’s important to know your needs ahead of time. How much money do you need to borrow? Do you want to receive the funds instantly, or are you okay waiting a day or more to get your money? Are you willing to pay a monthly subscription fee, or would you prefer to find a one-time lender? If your loan is small, how big a percentage is the subscription or one-time fee? By answering these questions, you can decide which app best meets your needs.

Alternatives to loan apps to borrow money

Loan apps provide a quick and easy way to borrow money, but other options exist. These include 0% interest credit cards, small personal loans, family loans, credit union payday alternative loans (PALs), overdraft protection, and buy now, pay later apps.

0% APR credit cards

You can qualify for a 0% APR credit card if you have a good credit score. These cards typically offer a 0% APR for a certain amount of time, such as a year, before reverting to the regular APR, which will vary by lender. If you need to cover immediate expenses, a 0% interest credit card could be a good option—as long as you can repay the balance before the APR kicks in. If you can’t, you’ll pay interest on the borrowed money, making it harder to pay off.

Small personal loans

Not all the apps listed in this guide are loan apps; some are banking apps that offer personal loans. You can get a small personal loan of as little as $1,000 or $5,000 if you need more money than the usual loan apps offer. Just remember that personal loans may have relatively high interest rates since they are unsecured loans with no collateral for the lender to claim if you default.

Family loans

A trusted family member or friend may be willing to lend you the money you need to cover expenses. It’s a good idea to write up an agreement that includes interest rates and repayment terms to ensure you repay the loan as promised. The one major downside of borrowing from family or friends is the risk of damaging the relationship if you fail to repay the loan.

Credit union loans

Credit unions often have a type of loan called a credit union payday alternative loan (PAL). A PAL loan can provide cash in the amount of $200 to $1,000, with loan terms between one and six months. Interest rates for this type of loan are capped at 28%, whereas payday loans have much higher interest rates. The Consumer Financial Protection Bureau estimates that payday loans have equivalent APRs as high as 400%.

Buy now, pay later apps

Buy now, pay later (BNPL) apps allow you to purchase and pay for an item in installments over a set period. Some BNPL apps charge interest, while others don’t; however, any interest charged is likely lower than interest on a traditional loan. Failure to make on-time payments could result in additional fees, however.

More on loan apps

Pros and cons of loan apps

Like all financial products, loan apps have their share of pros and cons. The table below breaks them down to help you understand these apps and how they work.

Are cash advance apps payday lenders?

Cash advance apps are not the same as payday lenders, although they serve a similar function. However, they tend to have lower rates and fees than payday loans, often making them a better choice when you need money fast. By thoroughly researching an app before you sign up, you can avoid getting stuck with a payday loan at an excessively high APR.

TIME Stamp: A loan app can help you get money fast in an emergency

Loan apps are valuable resources when you need a small amount of cash to pay an unexpected bill or to tide you over until payday. Most don’t require a credit check and charge a monthly subscription fee rather than an APR. Some banking apps can also provide personal loans if you need to borrow a larger amount than a loan app will lend. Before borrowing money from a loan app, we recommend that you do your research to determine which will work best for your needs.

Frequently asked questions (FAQs)

How do you get a loan from Cash App?

Cash App doesn’t offer loans, but you can request money from friends or family through the app. This can be a smart alternative to a payday loan, though you’ll need to set repayment terms before borrowing from a loved one; otherwise, it may cause tension in your relationship.

Which apps give you a $1,000 loan?

Lenders such as SoFi and Upstart offer loans of $1,000 or more through their apps. These lenders aren’t the same as loan apps, but they can be a good resource if you need more money than apps such as Brigit or Dave can provide.

Which loan app is legit?

The loan apps listed in this guide are all legitimate and can provide cash quickly to help tide you over. These apps include Brigit, Dave, and Earnin, though others are worth considering. Before signing up for a loan app, read online reviews to make sure the app is legit. And make sure that the fees (or tips, in Earnin’s case) don’t add up to a high percentage of your loan.

Is Earnin better than Dave?

That depends on what you’re looking for. Earnin is a good option to get your money the day you make it rather than waiting for your paycheck. Dave will lend up to $500 in five minutes or less, but you’ll need a Dave spending account to qualify.