Nowadays, more and more people are looking for the best apps for instant cash for various reasons. Some have bills to pay and they can’t wait for their paycheck to arrive. Others need cash quickly for all kinds of emergencies, so waiting a few business days is out of the question. Either way, these apps have your money problems covered!
You will always need to know how they work because you are risking your financial health if you don’t. If you’re not careful, you could end up with an account balance swamped with hidden fees and overdraft fees! Pick the right one and you’ll preserve your finances while covering a sudden expense. That’s why I’m going to share the best.
Some readers may not be familiar with these apps, so I’ll start by explaining what they are. After the brief explanation, I’m going to jump straight to my list of the best apps for instant cash. After I cover the recommendations, I’ll discuss the benefits and risks of these online tools. Also, I will share some other ways to get extra cash.
What are these apps for “instant money”?
If you have a job, you may be used to receiving paychecks through your bank account. This is convenient because we use online payment methods more often nowadays.
However, funds usually take 2-5 business days to appear in your account. It’s not good when you have to pay rent or cover an emergency.
Fortunately, the app stores have various options that allow you to withdraw that paycheck sooner. Then, this application will take this amount from the next one.
When I say “apps for instant cash” I mean these types of online tools. Some are called “early payday apps” or “cash advance apps”, but they share a similar purpose.
Additionally, they might have other features besides providing cash advances. One of my recommendations for later is an online bank that offers various lines of credit.
Many of them require you to register with your employer, so you can’t use them if you have a remote work. It is not ideal these days because many have switched to this way of working.
That’s why I’ve included the few that are available even if you’re part of today’s gig economy. Let’s take a look at my three recommendations and discuss them further:
3 of the best apps for instant cash
- Empower – Best app for instant cash with low fees
- Dave – Best app to improve your credit
- Moves – Best Early Payday App for Freelancers
# 1. Empower – Best overall app for instant cash
There are two reasons Empower is my number one early bird early bird app: it lets you spend a portion of your paycheck earlier, and it helps you track your spending.
Empower is a debit card with a mobile app that lets you withdraw up to $ 250 two days before your paycheck arrives. Plus, it does this without charging interest or late fees.
Plus, the Empower Card lets you spend in retail stores while earning up to 10% cash back. It also allows you to withdraw funds at over 37,000 ATMs across the United States.
the FDIC insures up to $ 250,000 funds deposited into Empower accounts. Best of all, the Empower app has various personal finance features, such as:
- Auto save – Empower’s automatic savings features allow you to assign weekly savings goals. Then the app will keep track of the daily activities of your checking account, such as money entering and leaving. The Empower app will also put money aside in savings based on your preferences.
- Budget planning – You can assign expense tracks for different types of expenses, so you can put a limit on how much money you will use. For example, you can set a limit of $ 300 for your monthly online purchases.
- Monthly reports – Empower further boosts your personal finances by giving a breakdown of your spending for each month, so you can see other ways to improve your budget.
- Smart recommendations – You don’t even have to check the budget yourself as Empower can suggest ways to improve it.
Empower is not only an app for instant money, but it is also a nifty personal finance app. A lot of my articles teach financial literacy so this feature is a huge plus for me.
Read more: What are the best banks in America?
# 2. Dave – Best app to improve your credit
The first entry is great for budgeting, but this one is a good choice if you need to boost your credit score. The Dave app works with LevelCredit to provide this option.
You get this credit feature once you’ve set up your direct deposit. After that, just pay the bills and rent as you always do, and LevelCredit will record the qualified transactions.
Then LevelCredit will compile this payment history and send it to the credit bureaus on a monthly basis. Of course, the payments have to be on time!
Payment history makes up 35% of your credit score, so improving should be your top priority when building credit. It increases with on-time payments and decreases with late payments.
Working with LevelCredit, Dave tells the credit bureaus about your good spending habits, so they are more likely to increase your score in the future. Even better, no credit check!
Additionally, Dave is a great app for instant cash as it allows you to get cash advance starting at $ 5.00. This is great if you want to avoid overdraft fees and other penalties.
What keeps it from becoming number one is that it charges a monthly subscription. It’s only a dollar a month, but Empower may still look more appealing for not charging such fees.
By the way, credit cards are designed to help you build your credit. Click here for a list of best builder credit cards at present.
# 3. Moves – Best Early Payday App for Freelancers
Millions of Americans have switched to remote work due to the COVID-19 pandemic. In 2020, 42% of the workforce worked from home.
Then a 2021 Gallup poll said that 44% of teleworkers said they would like to continue doing their job this way. Unfortunately, it is not easy for freelancers to obtain cash advances.
Fortunately, the Moves app offers and delivers what gig workers need. It is one of the mobile banking apps that aimed at independent clients. Direct deposits work like this:
- Create an account and see how much you earn from your gig.
- The Moves team will look at your income history to see how much they could lend.
- Expect to receive the results within the day. If you are approved, you will see the approved amount appear in your bank account within 1-3 business days.
If you are not self-employed, the previous entries might be better for you. Empower, and Dave has features you won’t get from Moves. Still, it helps freelancers get that money moving up front.
What are the advantages and risks of early troubleshooting applications?
Sometimes you can’t afford to wait for your paycheck to reflect in your account. Like I said, emergencies can require you to have a lot of money right away.
An app for instant cash could be a lifeline for these situations. This early access can help cover an emergency and allow you to pay your bills on time.
However, these apps are not a good idea in the long run. Get used to apps for instant cash, and you might over depend on them. This shouldn’t be your only way to get emergency cash.
You could end up withdrawing your future paycheck every month. This could be a sign that you are not earning enough or spending too much.
Other ways to get a “first salary”.
Frequent cash advances will not solve such a problem, but good money management will. Start by planning a budget by following these steps:
- Gather all of your financial statements to determine your monthly expenses. Examples include credit card bills, utilities, and online shopping.
- Get your take home pay by getting your total income and deducting taxes.
- Compare your net income and expenses, then see your needs and wants.
- Remove, reduce, or replace requirements. For example, you can delete all of your online streaming subscriptions or keep just one. Alternatively, you can undo them all just to follow a cheaper hobby.
- Earn more money by working on the side. Since many of these are remote options, you can do them in your spare time.
- If you have debt, make sure you have enough to pay it off on time. Otherwise, you risk damaging your credit to the point that you can no longer borrow money from banks. Plus, credit card debt can easily get out of hand!
- Finally, put some of this money in your savings, so you have an emergency fund. This way, you won’t over-rely on the cash advances offered by the first payday apps.
This long term plan may not help if you really need the cash right away. Still, you might just want to get a short term loan from your local bank or credit union.
Be careful where you borrow money by avoiding risky options like payday loans. Use reputable banks and apps for instant cash.
Debt can be the reason why you don’t have enough money every month. In this case, you may want to use debt reduction methods like consolidation.
If you have serious money problems, you may want to talk to a credit counseling agency. Many of them are non-profit organizations that will be happy to help.