6 Loan Apps in 2023: Cash Advances and Overdraft Protection

27 min.

6 Loan Apps in 2023: Cash Advances and Overdraft Protection

6 Loan Apps in 2023: Cash Advances and Overdraft Protection

Are you in need of a loan but don't have the time or patience to go through traditional banking channels? Look no further than loan apps that offer cash advances and overdraft protection. With the rise of technology, these loan apps have become increasingly popular and accessible.

In this article, we'll be exploring 6 loan apps that are expected to be popular in 2023. Whether you're looking for quick cash or a safety net for unexpected expenses, these loan apps have you covered.


Earnin is a popular paycheck advance app that allows users to access their earned wages before the scheduled payday. The app is available for download on both iOS and Android devices.

EarnIn is an application that allows you to obtain an advance on your paycheck by tracking your work hours using a timesheet or your work location. The app notifies you when your bank checking account balance is low and can top it off for a fee.

You can borrow a maximum of $100 to $750 per pay period, and the maximum per day is $100. You can voluntarily tip EarnIn, with a cap of $14, and opt into overdraft protection by setting a recurring tip.

The Lightning Speed feature can get you the loan instantly for a cost of $0.99 to $3.99, depending on the amount borrowed. The loan is automatically deducted from your bank account on your next payday. An example of the APR on a loan of $100, with a $2 tip and a $3.99 fast-funding fee, is 312.3%.

Earnin is easy to use. The app is user-friendly and straightforward, with clear instructions on how to use and navigate the platform. This makes it accessible to people who may not have much experience with financial tools or apps.

However, as with any financial tool, there are some potential drawbacks to consider. For example, Earnin relies on the user's employer to accurately report their hours worked. If there are discrepancies or delays in reporting, this can affect the app's ability to provide accurate salary advances. Additionally, users who do not have a regular schedule or who work for multiple employers may find it more difficult to use the app effectively.


Dave is a financial app that allows users to borrow up to $500 for expenses before their next paycheck or to avoid overdraft fees. To qualify for an advance, the user must open an ExtraCash account. Additionally, the app offers a "Side Hustle" feature to help users find additional income.

The app charges fees for its advances, including a $1 monthly membership fee, an express fee ranging from $1.99 to $13.99 depending on the transfer destination, and optional tipping. The speed of the transfer ranges from one to three days, but paying the express fee means the user can receive funds within an hour.

Repayment is typically set to the user's next payday but can be extended upon request. If a user borrows $100 with a $6.99 express fee, a $1 tip, and a $1 subscription fee a week before their next payday, the cost to borrow would be $8.99, resulting in an APR of 468.8%.

One of the main features of Dave is its ability to help users avoid overdraft fees. The app notifies users when their checking account balance is getting low and offers an advance on their next paycheck to cover any potential overdraft fees. This feature can be a lifesaver for those who are living paycheck to paycheck.

Dave also offers a feature called "Side Hustle," which helps users find additional work opportunities to earn more money. This feature can be particularly helpful for those looking to supplement their income and achieve their financial goals faster.


Brigit is a cash advance app that helps users avoid overdraft fees, late fees, and other financial penalties. The app connects to bank accounts and uses spending patterns to determine when users might be at risk of incurring fees. It then sends alerts and notifications to users, advising them to take steps to avoid such fees.

If you need financial assistance, Brigit is a helpful budgeting app that offers free financial advice and budgeting help. Additionally, if you use Brigit's paid plan, you can get a cash advance of $50 to $250, along with other features like overdraft coverage and credit monitoring.

Another useful feature of Brigit is its budgeting tools. The app can help users track their spending and create a budget that fits their income and expenses. This tool can help users identify areas where they can cut back and save money and also help them plan for upcoming expenses.

The paid plan costs $9.99 per month, and Brigit will aim to get you your advance the same day if you apply before 10 a.m. Eastern time. Repayment is based on your income schedule, and you are allowed to extend the due date once per every two timely repayments.

However, Brigit has high APR rates, with an example of over 500% APR for a one-time $100 advance with repayment in seven days.


Empower is a financial app that provides cash advances, budgeting tools, and bank accounts to its users. The typical funding time for an Empower cash advance is one day, which is faster than most of its competitors. However, users have the option to pay an extra fee for instant delivery and receive the funds within an hour.

Empower also has an automatic savings feature that allows you to select an amount for the app to transfer from your checking or savings account or use artificial intelligence to save for you.

The advance amount ranges from $10 to $250, with a mandatory subscription fee of $8 per month after a 14-day free trial. In addition, there are two optional fees: an instant delivery fee of $1 to $8 and tips of up to 20% of the advance amount. 

If you don't pay the instant delivery fee, it will take about a day to receive the advance. Empower withdraws the advance repayment, along with any fees and tips, on your next payday, but you can request to change the repayment date by contacting customer service.

An example APR calculation for Empower would be paying $8 for the subscription, using the app for a $150 advance that you'll repay in seven days while paying a $6 instant delivery fee, giving a loan APR of 486.7%.

The app also offers a savings feature. This feature allows users to set up savings goals and track their progress. Users can choose between different types of savings accounts, such as a rainy day fund or a vacation fund, and the app will automatically transfer money into these accounts each week.


Chime is a mobile company that offers various banking services such as checking and savings accounts, and credit builder loans. It has a feature called SpotMe, which acts more like overdraft protection than a cash advance, allowing customers to overdraw their checking account by a small predetermined amount without incurring any fees. Customers have the option to tip for the service.

However, the account can only go negative up to the approved amount, and any purchases that exceed this limit will be denied. You will need a minimum of $200 in qualifying direct deposits to your Chime account each month to use SpotMe. The allowed overdraft starts at $20 and increases based on account activity, and there are no fees attached. Once SpotMe is activated, it becomes a part of your Chime account.

The repayment period is based on the next direct deposit, typically on the next payday, which will reimburse the spotted amount. As an example, if Chime lets you overdraw $50 and you repay it within 7 days alongside a $1 tip, your APR will be 104.3%.

Overdraft fees are charged when an individual tries to spend more money than they have in their account, resulting in a negative balance. With Chime's overdraft protection service, if a member tries to spend more money than they have, the transaction will be declined. This ensures that members do not incur any fees or penalties due to an accidental overdraft.

Chime's overdraft protection service is unique in that it does not charge any fees or interest. This means that members can use the service without worrying about racking up additional costs. Additionally, Chime does not charge monthly maintenance fees, minimum balance requirements, or foreign transaction fees, making it an attractive option for those who want to keep their banking costs low.


MoneyLion provides mobile bank and investment accounts, credit-builder loans, financial tracking, and cash advances up to $250. However, the Instacash advance is only available to customers with qualifying checking accounts.

If funds are needed quickly, there is a fee, but MoneyLion claims that there are no interest or fees with the cash advance. An optional tip may be given by the borrower. The maximum amount may vary for non-MoneyLion checking account customers.

Repayment is automatic on the day the next deposit is expected. If the account has insufficient funds, the app will make repeated attempts to withdraw them. For example, a $100 cash advance deposited instantly into an external account with a $7.99 fee and a $1 tip repaid within seven days will result in an APR of 468.8%.

Overdraft protection is another service that MoneyLion offers to help customers avoid fees and charges when they overdraw their accounts. This service is linked to a customer's bank account, and when the account goes negative, MoneyLion automatically transfers money from the overdraft protection account to cover the shortfall. This can help customers avoid the hefty overdraft fees that banks often charge, which can add up quickly.

Both cash advance and overdraft protection can be useful tools for managing finances, but it is important to use them responsibly. Customers should only use cash advances for emergencies and should keep in mind that they must pay back the amount borrowed with the next paycheck. Overdraft protection should be used sparingly, and customers should aim to keep track of their balances and avoid relying on overdraft protection as a long-term solution.

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Pros and Cons of Loan Apps


  • Convenience. With a loan app, users can apply for a loan and receive funds without leaving their home or office. This is convenient for those who don't have easy access to a traditional bank or lending institution.

  • Speed. Loan apps have a straightforward application process, and usually, funds can be received within hours or even minutes of approval. This can be useful in emergency situations when funds are needed quickly.

  • Availability. Many loan apps have less strict requirements than traditional lenders, making them accessible to more people. Those with less-than-perfect credit or no credit history at all can still apply and potentially receive a loan.

  • Flexibility. Best cash advance apps often allow for smaller loan amounts than traditional lenders, making them useful for short-term expenses such as unexpected bills or car repairs.


  • High fees. Most cash advance apps often charge high fees, up to 30% or more of the loan amount. This can be expensive for borrowers, especially those who have to continually use these apps to make ends meet.

  • Short repayment periods. Loan apps typically require repayment within a few weeks or months, which can be difficult for borrowers who are already facing financial difficulties.

  • Risk of addiction. Some borrowers can become dependent on payday loans or cash advance apps, leading to a cycle of debt and financial hardship.

  • Lack of regulation. Loan apps are not always regulated by states or federal agencies, which can leave borrowers vulnerable to fraudulent or abusive lending practices.

Cash Advance Apps vs. Payday Lenders

Cash advance apps and payday lenders are two terms that are commonly used interchangeably. However, these two are not actually the same thing. Cash advance apps are mobile applications that allow you to borrow money against your upcoming salary without having to go through the traditional application process. These apps are relatively new in the market and are designed to offer people an easier way to access credit.

Payday lenders, on the other hand, are companies that offer short-term loans that must be repaid on the next payday. These loans typically have high-interest rates and high fees, making it difficult for borrowers to pay them off. Most borrowers who use payday loans have poor credit ratings or no credit history, which means they struggle to get approved for traditional bank loans.

The main difference between cash advance apps and payday lenders is the interest rates and fees. Cash advance apps generally charge lower interest rates and fees because they have lower overhead costs. These apps are powered by technology, which means they do not have the same level of expenses as payday lenders do. With low-interest rates, these apps offer borrowers a better alternative to payday loans.

Payday lenders charge higher interest rates and fees as compared to cash advance apps. These lenders often have storefronts and physical locations that incur costs such as rent, utilities, and employee wages. Hence, they pass on these expenses to borrowers in the form of high-interest rates and fees to make a profit.

Alternatives to Cash Advance Apps

Cash advance apps have become increasingly popular in recent years, providing consumers with a quick and easy way to access funds when they need them. However, there are several alternatives to cash advance apps that can be just as effective and may even offer additional benefits.

  1. Utilize a credit card with a low interest rate, instead of using a cash advance app. If you have a credit card with a low interest rate and a high credit limit, you can use it to cover unexpected expenses or emergencies. This can be a more cost-effective option since the interest rates on credit card cash advance are generally lower than the fees charged by cash advance apps.

  2. Seek out a personal loan. There are many financial institutions that offer personal loans with competitive interest rates and flexible repayment terms. Personal loans are a good option for those who need a larger amount of money to cover expenses. Personal loans can be used to consolidate debts, pay medical bills, or fund a renovation project.

  3. Ask for a paycheck advance from your employer. In some cases, an employer may offer their employees a paycheck advance, which is essentially borrowing against future wages. This approach can be more flexible and may not involve any interest rates or fees.

  4. Consider borrowing from friends or family members. While borrowing from friends or family can be tricky, it can be a good option in cases where you need a small amount of money, and they are willing to help. If you decide to take this approach, it's essential to formalize the agreement in a written contract to avoid any misunderstandings or potential conflict later on.


What apps will let me borrow money instantly?

There are various apps that allow you to borrow money instantly, such as:

  1. Earnin. Earnin is a popular app that allows you to borrow money up to $100 per day, based on the number of hours you have worked. You can instantly access the money you have earned, and the loan repayment is automatically deducted from your next paycheck.

  2. Dave. Dave is a banking app that offers instant cash advances of up to $500 with no interest rates or credit checks. However, you'll have to pay a monthly subscription fee of $1 to access the app's services.

  3. Branch. Branch is a mobile banking app that offers instant payday advances of up to $500. However, you'll have to provide proof of your employment and check your eligibility to access the service.

  4. Brigit. Brigit is a financial wellness app designed to help you manage your finances better. It offers instant cash advances of up to $250, which are automatically deducted from your bank account on your next payday.

  5. MoneyLion. MoneyLion is a personal finance management app that offers instant cash advances of up to $250, with no credit checks or collateral required. However, you'll have to pay a monthly fee for access to the app's services.

How can I borrow $200 from Cash App?

Cash App is a peer-to-peer payment app that allows you to send and receive money from friends and family quickly. However, you cannot borrow money directly from the app. To borrow $200 from Cash App, you'll have to link your Cash App account to your bank account, then transfer the amount you need from your bank account to your Cash App wallet. Once the funds are in your Cash App account, you can use them to pay for goods and services or transfer them to your friends and family.

However, if you need a loan, you can use Cash App to send and receive money from lenders who offer loans on the platform. To find a lender, you can browse through the Cash App directory of lenders, check their interest rates and repayment terms, and apply for the loan that suits you best.

What app lets you borrow money instantly?

There are many apps that let you borrow money instantly, such as the ones mentioned earlier in this article. Here are some additional options if you need to borrow money instantly:

  1. PayActiv. PayActiv is a financial wellness program that allows employees to access their earned wages before they get paid for them. It is available through employers who partner with the service.

  2. Chime. Chime is a mobile banking app that allows you to access your pay up to two days early. It also offers a no-fee overdraft protection feature called SpotMe.

  3. Brigit. It is an app designed to help you manage your finances better. It has instant cash advances of up to $250, automatically deducted from your bank account on your next payday.

What cash advance app is easiest to get approved for?

If you need a cash advance app that's easy to get approved for, you may want to consider the following:

  • MoneyLion. MoneyLion offers instant cash advances of up to $250, with no credit checks or collateral required. However, you'll have to pay a monthly fee to access the app's services.

  • Dave. Dave offers instant cash advances of up to $100 with no interest rates or credit checks. However, you'll have to pay a monthly subscription fee of $1 to access the app's services.

  • Earnin. Earnin lets you borrow up to $100 per day based on the number of hours you have worked. There are no interest rates, credit checks, or hidden fees. However, you'll have to provide proof of your employment and check your eligibility to access the service.


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