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Financial emergencies have a habit of cropping up at the worst possible time — when you’re stuck in between paychecks. You might be tempted to turn to a credit card or a payday loan, but those could rack up costly fees.
You may be able to get a portion of your next paycheck early using apps like Earnin or Dave. These apps that loan you money before your paycheck hits the bank let you borrow small amounts of money, often without charging interest. With some, you may just pay a membership fee or a voluntary tip.
Earnin is an app that loans you money from your next paycheck without charging fees or interest. However, Earnin does ask for support in the form of tips.
At the start, you may only be able to withdraw up to $100 each pay period. But based on your account balances and use, the pay-period maximum could potentially increase up to $500. The payment will arrive in your checking account within one business day, or even a few seconds, depending on where you bank.
The next time your paycheck hits your bank account, Earnin will automatically withdraw what you owe.
How it works: Earnin keeps track of the money you earn while you work, and you can withdraw a portion of your unpaid wages before your next payday.
Connect your bank account (if Earnin supports your bank) and verify your paycheck schedule. You must have direct deposit set up and linked to a checking account.
Dave is a membership service that costs $1 per month. Qualified members can get paycheck advances worth up to $75, or up to $100 with a Dave debit card.
The money can take up to three business days to reach your account. There is also an express funding option that will get the money deposited quickly for a fee. You can also choose to give a tip when you take out an advance, but tipping is optional.
How it works: Connect a checking account where your paychecks are directly deposited and have an account history with several consistent paychecks. Your approval may also depend on whether Dave determines whether you’ll have enough money to repay the loan — so if you generally get paid and spend all your money the next day, you might not get approved.
You can repay the loan automatically from your connected checking account, or repay part or all of the advance early if you want.
MoneyLion is a personal finance app with a variety of features, including interest-free cash advances worth up to $250 with its Instacash feature. MoneyLion also offers mobile banking, credit builder loans, automated investing, financial tracking and cashback rewards.
How it works: Download the MoneyLion app and create an account with your email address. Link your checking account to see if you qualify for 0% APR cash advances of up to $250 without a credit check.
To qualify for Instacash, you should use a checking account that’s been open for at least two months that shows a positive balance and regular income deposits.
Brigit is a personal finance app that allows you to take out cash advances worth up to $250 with its Brigit Plus plan, which costs $9.99 per month. The amount you can borrow is based on your bank account activity rather than your work schedule.
Brigit Plus offers other features, such as account monitoring, and members are eligible for free extensions if they’re having trouble repaying the loan. Brigit doesn’t charge late fees or instant transfer fees, and it doesn’t ask for tips.
How it works: Connect a checking account that’s been active for at least 60 days, has a positive balance and has at least three recurring direct deposits from the same employer. You’ll also need to have a history of maintaining a positive balance the day of (and day after) your payday.
Once you’re set up, you can request an advance on your next paycheck. The amount will depend on your checking account’s history and can be worth up to $250. You can receive one advance at a time, which will automatically be repaid from your bank account on your next payday. However, you are also able to repay the advance early.
Branch is among the financial wellness apps that loan you money by offering interest-free paycheck advances with its Instant Pay feature. You can request an advance of up to 50% of your next paycheck using the app — the money will be deposited into your account, and then paid back with an automatic withdrawal on your next payday.
A standard withdrawal into your bank account is free and could take up to three days. There is a $2.99 to $4.99 fee if you want to request an instant payment to a third-party bank, but instant transfers are free into your Branch Wallet.
How it works: To be eligible for Branch Instant Pay, you must have a checking account with two months’ worth of consecutive direct deposits from the same employer. The company also offers more features if multiple employees at the same company use the app, or if your employer signs up.
While a paycheck advance can help when you are in a small pinch, they often cannot cover a larger emergency expense. If you need more money, you might want to take out a personal loan.
Personal loans are often unsecured loans, meaning you’ll qualify based on your creditworthiness. You’ll receive the money and repay the loan over a predetermined period of time. Many personal loans have a fixed interest rate, and you can know exactly how much your monthly payments will be and how much you’ll pay overall before accepting a loan offer.
The downside is that you may wind up paying fees to take out the loan and a lot of interest, especially if you take out a large loan and then spend several years repaying it.
If you have poor or no credit, watch out for online lenders that offer high-interest rate loan for debt consolidation. These can seem like good options when the monthly payments are affordable, but the fees and interest can result in repaying several times as much as you borrow.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found athttps://www.upgrade.com/bank-partners/.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit http://omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $15,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
The following payment example depicts the APR, monthly payment and total payments made during the life of a personal loan with a single disbursement. All loan rates below are shown with the autopay discount (0.25%) and direct deposit discount (0.25%). The monthly payment for a $30,000 loan with a 60-month term and a fixed annual percentage rate (APR) between 12.95% – 25.03% would be $681.82 – $881.07 in monthly payments, with total payments between $40,909.47 – $52,864.05. Your actual interest rate may be different than the loan interest rates in these examples and will be based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. Lowest rates reserved for the most creditworthy borrowers. See SoFi.com/eligibility for details. Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
The information in this article is accurate as of the date of publishing.
Louis DeNicolaLouis is a personal finance writer who works with Fortune 500 financial services firms, FinTech startups, and non-profits to help promote financial literacy.
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Erika GiovanettiErika Giovanetti is the debt and personal loans writer for LendingTree. She has reported on a multitude of subjects, from personal finance to human interest to politics.
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