Cash advance apps like MoneyLion are financial tools that help you by providing short-term funding at the time you need it. It usually comes without any interest rate. The cash advance apps are designed to give you quick access to cash. You need to link your bank account with the mobile application. These financial apps deposit funds in your bank account within a few days on request and take repayment on the scheduled date from the same account.
What Are The Apps Like Moneylion?
Apps like Moneylion are a useful solution for fulfilling emergency needs of funds on a short-term basis before you receive your paycheck. There are several apps presently available in the market providing the same benefits as Moneylion. Let’s explore the similar apps that can help you with your needs.
1. Affirm
Affirm is a leading online application by which you can buy your favorite shopping items and pay the amount later at your convenience. You can access this card from anywhere and shop interest-free. Besides this, you can enjoy discounts and deals on various shopping items.
2. AfterPay
Shop from a wide range of product categories from the online store and pay later with the interest-free repayment options of AfterPay. If you repay on time, you do not need to pay any fee for the credit purchase. It makes the purchase easier for you, as you can pay flexibly after several weeks of purchase.
3. Chime
Chime, a USA-based company, is one of the top financial apps like MoneyLion that provides mobile banking services through Stride Bank and Bancorp Bank free of cost. You can do instant money transfers, pay online bills, or get access to mobile check deposits and much more by using the Chime app.
4. Dave
You can get cash instantly by opening an “ExtraCash” account in Dave. Connect your bank account and avail up to $500 quickly without any credit check. You can enjoy the interest-free cash advance for paying rent, bills, or any other emergency payable before receiving your paycheck.
5. Branch
One of the leading personal finance apps, Branch, provides instant loans without any physical documentation. It analyzes smartphone data to assess the loan eligibility of the customers. The machine algorithm provides a personalized loan solution within a few simple steps.
6. Brigit
Another top player in the financial market with similar apps like Moneylion is Brigit. It provides credit to the users without checking their credit history. You do not need to do an upfront deposit or fee to avail the instant cash. You can also track your spending on its mobile application.
7. Klover
Klover offers $200 cash advances to customers without verification of credit history and without charging any interest rate or monthly fee. Data monetization and answering surveys are the main sources of income of the company. The cash is disbursed to your account within a few minutes and automatically deducted for repayment on the next payday from the same account.
8. FloatMe
FloatMe provides cash advances of $50 to its users initially and then raises the credit limit up to $100 over time. The cash advance amount is automatically deducted from the bank account on the next payday to repay the loan. No credit checks are required to avail the instant cash advances.
9. Ingo Money
Ingo Money is a popular app that enables users to encash any personal check, business check, or paycheck digitally by taking a snap and uploading it through its online portal. Users simply need to open an account by providing details of a banking account, PayPal account, or anything else for receiving the cash from the checks.
10. PayActiv
PayActiv is an advanced app system that allows employees to enjoy the credit before receiving a paycheck. The money you get from PayActiv is deducted from your next paycheck. Registration in PayActiv enables you to pay your bills on time. It is simply an existing option for employees to get cash against their work earlier, before the disbursement of their paycheck.
11. Earning
Earnin is another cash advance app like MoneyLion, which grants employees access to cash in advance before their payday. It pays you in advance against the pay you have earned but have yet to receive. The amount gets deducted automatically from the next payday.
12. Possible Finance
This cash advance app allows users to get access to short-term funds without a credit check. You can get a $500 loan instantly and can repay it within a flexible schedule. No late fee or extra charges are applicable on borrowed funds, and the repayment can be done with 4 flexible installments.
Final Thoughts
Cash advance apps like MoneyLion are the early payday mobile apps that offer you cash advances with easy access. However, you may have to pay an extra fee for late repayment. The cash advance is beneficial for paying anything outstanding before receiving a paycheck. Various financial apps are available that provide $50-$1000 credit depending on borrowers’ repayment criteria.
Frequently Asked Questions (FAQs)
Q1. What is the function of apps like Moneylion?
Apps like Moneylion provide access to instant cash without much checking of the credit history of the person. The borrower needs to repay back the money in the next deposit.
Q2. What should we consider while choosing cash advance apps?
Check the fees, subscription, response time, and cash advance limit of the cash advance app before availing it.
Q3. What are the benefits of cash advance apps?
Cash advance apps charge no interest rates and do not check the credit history of borrowers.
Q4. How to open an account in Moneylion and other similar accounts?
You need to provide the personal details of a bank account or a PayPal account for opening the cash advance app account.
Q5. What are the drawbacks of cash advance apps?
Cash advance apps provide instant cash access that encourages you to spend more without worrying much about budget, but they may become detrimental in the future. Sometimes, cash advance apps have high late fees and subscription charges that cost you more.
