More than half of the American population has taken out a personal loan in their lifetime. About 56% of them borrowed from a bank, 32% borrowed from online lenders, and 27% took loans from credit unions.
Online lenders, in particular, have grown at an impressive rate over the past few years. Many banks and private organizations have added an online leading system to their apps and websites. Possible Finance is one of those private technology companies. It has developed various financial tools to help customers manage their day-to-day expenses.
However, some people do not like this platform at all. For those, we have gathered a few great apps like Possible Finance that are less expensive and easier to repay. Plus, they help you build a credit history and improve your financial health.
9. Klover – Instant Cash Advance
Credit: $100 instant cash
Rating: 4.5/5 from 100,000+ users
Klover gives you access to your earnings early. This means you can withdraw money before you get the salary. This is the first app to introduce this concept.
In addition to instant cash advances on your paycheck, the app also provides budgeting tools to analyze your expenses and stay financially stable. These tools show your expensive loans, lending, and overdraft fees.
How does it work?
You need to sign up by entering your details, linking your bank account, and verifying your wage. The app won’t run a credit check to approve your account. Once approved, you can withdraw cash within 24 hours or utilize the budgeting tools to improve your financial wellness. All your data and passwords are encrypted with the highest bank-level standards.
Although the app doesn’t run a credit check, you need to link your bank account to the app and verify your salary.
The app doesn’t charge anything if your wait up to 3 business days to receive the money. Otherwise, you will have to pay an express fee for expedited funds — $1.99 for funds up to $10; $2.99 for up to $25; $7.49 for up to $50; and $9.99 for up to $250.
And unlike traditional loan apps, you don’t need to pay any interest to get a cash advance.
8. Brigit: Borrow & Build Credit
Credit: $250 instant cash
Rating: 4.6/5 from 230,500+ users
With Brigit, you can get instant cash, save money, and start budgeting smarter. Unlike other platforms that analyze your paycheck and employment details to determine how much you can borrow, Brigit sees your checking account where the money will be deposited.
It looks for four factors:
- The account should be active and at least 2 months old
- It should have more than $0 balance
- How much cash is left after you receive a paycheck
- Money deposited by your employer should be at least $800 per month
If you fulfill these criteria and agree to pay the subscription fee, you can request an advance. The app will immediately deposit the money into your account and ask you to schedule a repayment date.
The basic version, which helps you keep track of saving and spending, is free to use. The Plus plan, which allows you to get interest-free cash and build credit, costs $9.99 per month.
There is no transfer fee, processing fee, late fee, or interest related to the advance. Just pay back the money on (or before) the date you set.
Brigit claims that its users have saved more than $300 million (or over $510 annually per user). Plus, 91% of users report a reduction in their financial stress.
Credit: up to $250
Rating: 4.4/5 from 150,000+ users
Albert is a multifaceted financial application that combines budgeting, saving, and investing. It puts all your accounts in a single place, giving a 360-degree view of your financial health.
They have a team of financial experts who helps you develop a personalized financial plan and answer everything — from trickiest to most embarrassing questions. You can ask anything about credit cards, loans, budgeting, or even investing in real estate.
If you are running a little behind your budget, the app can lend you $250 from your next paycheck. This is interest-free money. Plus, there is no late fee or repayment deadline. Repay them when you have enough money.
Albert does charge a small processing fee in certain scenarios.
- $4 per advance to an Albert card without direct deposit
- $7 per advance to a non-Albert card
As far as security is concerned, Albert Savings accounts are insured by Federal Deposit Insurance Corporation. If anything happens to the company, you will be insured for up to $250,000 of your savings in the Albert account.
6. FloatMe: Get Paid Early
Credit: up to $50
Rating: 4.6/5 from 70,000+ users
FloatMe allows you to borrow up to $50 without interest between paychecks. The company calls this a “float,” which can be used to cover emergency bills or unexpected expenses.
How does it work?
You need to sign up by linking your bank account and giving your employment details. Like most other platforms (listed here), FloatMe doesn’t check your credit score. It supports more than 10,000 banking institutions to make the process as seamless as possible. Major financial institutions include Bank of America, Wells Fargo, Navy Federal Credit Union, USSA, and Chase.
Once you are approved, you can access your earned wages early. The app also provides personal articles and helps you manage your finances and build strategies to save money. It monitors your spending habits and alerts you if you are at risk of bank overdrafts.
As far as security is concerned, all your information is locked with 256-bit encryption. And none of your personal details get shared with third parties.
FloatMe charges you $1.99 per month for its premium features, such as small cash advances and overdraft alerts. A free 30-day trial is available.
5. Chime – Mobile Banking
Credit: up to $200
Rating: 4.8/5 from 750,000+ users
The modern and intuitive interface of Chime makes mobile banking easy. It handles everything from monitoring your expenses and savings to transferring money to friends.
It offers a service called Chime SpotMe that allows you to withdraw earnings early. All approved users can overdraw their Chime account up to $20 on debit purchases. The limit increases as your account gets older. They give you a limit of up to $200 or more based on your spending activities and direct deposit frequency.
The app also comes with a Credit Builder that helps you increase your credit score by an average of 30 points with consistent on-time payments.
Chime is a great app for transferring money, depositing checks, and paying bills. In fact, you can use it to grow your savings without ever worrying about monthly fees. It doesn’t cost anything — no minimum balance fees, no monthly fees, or no foreign transaction fees.
Plus, you get access to more than 60,000 fee-free ATMs at locations like 7-Eleven, Walgreens, CVS, and more. Chime also supports popular mobile payment applications, including Google Pay, Samsung Pay, and Apple Pay.
4. Empower: Instant Cash Advance
Credit: up to $250
Rating: 4.7/5 from 70,000+ users
Empower aims to help users access affordable credit, build a credit history, and manage their finances. It doesn’t require a security deposit or a good credit score to qualify.
The platform offers a card called Empower Card that has the perks of both a credit card and a debit card. It makes it easier to save money in places where you shop most often, like grocery stores, restaurants, and gas stations. Also, there is no overdraft fee.
With this card, you can get paid up to two days earlier than most banks. Empower can float you up to $250 when you need it most.
Note: Empower (like all other apps listed here) is not a bank. It’s a financial technology company.
Get anywhere from $25 to $250 instantly. Empower doesn’t charge any late fees or interest. Just pay when you get the salary in your bank account. However, the company does charge a monthly subscription fee of $8 for its premium features like advance payments, cashback deals, free access to ATMs, and fast support service.
Overall, it’s a platform with a comprehensive set of personal finance tools specifically designed for people who want only a single application to manage their finances.
3. MoneyLion: Mobile Banking App
Credit: up to $250
Rating: 4.6/5 from 155,000+ users
MoneyLion offers multiple financial products such as checking accounts, loans, debit card, and investing. Their core offering is RoarMoney which gives you access to early cash deposits, price protection, debit card rewards, and more. With RoarMoney, you can get paid up to 2 days early and unlock $1,000 cash advances with recurring direct deposits.
Another great offering is Instacash, which gives you interest-free cash advanced up to $250 from the convenience of your mobile app.
How it works?
You can link your checking account to apply for Instacash. Your application will be approved if your account is more than two months old and have a history of regular deposits. Once approved, you can request a cash advance by taping “Request” on the MoneyLion app and specifying the required amount and date of transfer.
For standard delivery, Instacash advances are fee-free. For instant delivery, you need to pay a one-time convenience fee. If you want to deposit the money immediately into a RoarMoney account, you need to pay $3.99. For other bank accounts, the fee is $4.99. Plus, you won’t be able to request a new advance until your outstanding balance is paid.
The company claims that its users have saved more than $250 million in bank fees and earned over $14 million in rewards.
2. Earnin: Your Money in Advance
Credit: up to $500
Rating: 4.5/5 from 390,000+ users
Earnin allows you to draw small amounts of your earned wages before payday. But how is it different than other apps?
With Earnin, you can withdraw an advance as high as $500 per pay period. This is higher than what most other cash advance platforms offer. Even newly registered users can receive advances as high as $100. Old users with sufficient repayment records are eligible to receive advances up to $1,000 per pay period.
How it works?
First, you need to link your bank account and give details of your employer. Then, verify your email, bank account, debit card, and confirm your hours worked. Once approved, you can cash out up to $100 per day or up to $500 per paycheck. On payday, the app will automatically debit your account for the money you cashed out.
The app also keeps track of your income, advances, regular bills, and due dates so you can plan ahead and improve your financial health.
Although Earnin doesn’t charge any interest or fee, you can opt to donate a ‘tip’ of any amount. The company offers the same quality of service to all users, regardless of whether they tip.
Overall, if you use the app carefully, it can be a lot cheaper than taking small, short-term loans or overdrawing your account.
1. Dave – Banking & Cash Advance
Credit: up to $250
Rating: 4.6/5 from 970,000+ users
Launched in 2017, Dave is a low-cost banking membership application that offers users fee-free checking and up to $250 in interest-free advances.
It is easy to set up and use. When you link your debit card to the app, it immediately creates a budget for you. This budget helps you estimate whether you will run short on chast before your next payday.
Although it doesn’t run a credit check to determine whether your qualify to use the service, it does utilize machine learning to analyze information like your spending habits and the average balance in your bank account.
Once you are approved, you can access an interest-free cash advance up to $250 to cover daily expenses. You can then repay the advance manually or set up an automatic repayment date. The best thing about Dave is it reviews your balance before automatically deducting the funds to avoid triggering an overdraft.
Dave charges $1 per month as a subscription fee. However, if you want to receive the money within 8 hours (instead of the standard 2 to 3 days), you need to pay an additional express fee between $1.99 and $5.99.
For instance, if you immediately need $150 from your next paycheck, you will be paying a $4.99 express fee + a $1 monthly subscription fee + an optional tip. So, it will cost you $5.99 (without a tip) to borrow $150.
The company claims that it has saved its users a total of more than 200 million in overdraft fees.
Other equally great Possible Finance alternatives
10. Zirtue: Lend & Borrow Money
Founded in 2018
Rating: 4.0/5 from 1,200+ users
Zirtue is quite different than other money lending apps: it allows you borrow money from friends and family. Or, if you have some extra cash, you can lend money to them with confidence.
Zirtue simplifies and automates the process of repayment. When you borrow money, you sign a digital agreement on loan terms. The app calculates your monthly loan payment and notifies you regularly so you don’t miss the payment. It even offers you a personal dashboard to track your loans and message lenders.
With this app, you can borrow and lend anywhere between $20 and $1,000 with paybacks periods from 3 months to 3 years. You don’t have to pay any fees to Zirtue. However, 5% annualized interest rate is transferred to the lender over the duration of the loan.
11. SoFi – Invest, Trade, Borrow
Founded in 2011
Rating: 4.5/5 from 170,000+ users
SoFi is an all-in-one app that allows you to earn, save, earn, spend, borrow, and invest. More specifically, you can manage your money, apply for loans, check rates, invest and trade in stocks — all through a single platform.
With SoFi’s checking and saving accounts, you can earn up to 1.25% interest rate on your balances. New users are more likely to find value in SoFi accounts and member bonuses, especially its interest discount on mortgages and student loans.
Overall, it may be a great option for people who like to keep all their finances in one place as SoFi offers various financial services ranging from credit cards to student loan refinancing.
Anyone can apply and start saving with a SoFI loan. There are no hidden fees. However, if you want to invest in mutual funds and futures and options, you need to look somewhere else.
Founded in 2012
Rating: 4.7/5 from 55,000+ users
Headquartered in San Jose, California, PayActiv partners with firms to provide users with financial services like earned wage access. The app is mostly used by lower-income employers who work paycheck-to-paycheck.
If you are enrolled in Payactiv through your employer, you will be able to access up to 50% of your earnings before payday. The exact amount will be determined by your employer. And even if your employer doesn’t use Payactiv, you can apply for the Payactiv Visa Card and receive your paycheck up to 2 days early.
The app offers a great analysis tool too. It will able to see how many hours you’ve worked, what are your current earnings, and how much you can save on discounts. If you need, you can schedule 1:1 financial counseling.
The best thing about this app is you don’t need to have a minimum balance in your account to qualify for early paychecks. Plus, there is no monthly fee on an advance of up 50% of your earned wages.
However, it does charge you $1 per day if you pay bills directly from the app. This fee is capped at $5 per month. A $1.99 processing fee is applied every time you request an instant deposit on a non-Payactiv account.
Founded in 2016
Rating: 4.7/5 from 105,000+ users
Cleo is an AI chatbot that makes managing your finances fun. It tracks your spending habits and alerts you when you are about to exceed your estimated spending limit. It also helps you get specific goods and services at lower prices.
Unlike most other apps, it notifies you when you spend more [on certain items] than the average being paid by other Cleo members. You can set up multiple goals to reduce your spending on unnecessary things and reach saving targets.
If you are falling behind your bills, Cleo lets you borrow up to $100 instantly. There are no credit checks, and this money is completely interest-free.
However, the cash advance is available to Cleo Plus and Cleo Builder users, which comes with a monthly subscription fee ($5.99 and $14.99). Subscribers get access to more premium features, such as credit building and more cashback offers.
Frequently Asked Questions
Which app lets you borrow the most?
Earnin is the perfect app to access your earned wages before payday. It allows you to withdraw up to $100 per day or $500 per paycheck to cover your expenses. It neither charges any interest rate nor requires a miminum or maximum repayment time frame.
Can I borrow money with bad credit?
Yes! There are plenty of personal loan options even if you have a bad credit score. However, these loans are expensive with APR ranging between 6% and 36%. Following are some well-known lenders:
|Company||APR||Min Credit Score||Loan Amount|
|Navy Federal Credit Union||7.5% – 18%||0||$250 – $50,000|
|Avant||10% – 36%||580||$2,000 – $35,000|
|Upgrade||6% – 36%||550||$1,000 – $50,000|
|Rocket Loans||6% – 30%||580||$2,000 – $45,000|
How many types of borrowing are there?
While personal loans are quite popular in United States, there are many other types of loan borrowing that could be a better for customers’ needs.
- Mortgage: Borrow your way to purchase a house
- Student Loan: Debt to cover education costs
- Auto Loan: Finance new or a used vehicle
- Credit Card Advances: Use credit card to withdraw money instantly
- Bank Overdraft: A line of credit covering your transaction when your account balance goes negative.
- Small Business Loan: A loan agreement, especially made for investment in a business
Can I borrow money from PayPal?
Yes. PayPal allows you to use cash advances in certain scenarios. For example, you can send the money to family and friends, but you can’t use the advance money on your own.
If you are looking for a loan, PayPal offers a fixed-term loan based on the nature of your business. In most cases, it allows you to borrow up to 40% of your annual PayPal sales. You only need a pay a fixed fee that you know in advance. There are no other charges like early processing fees, replayment fees, or late fees.