When you are in a tight spot, and you come across some emergency, you might want to borrow money instantly. Thankfully, there are several apps that can help you cover your next payday. You do not need to get into the hassle of filing in small forms on the website of a lender, as you can simply apply for cash advance loans through apps.
It is easy to manage loans with apps as you will get all the details in one place, whether it is the total borrowing sum, the interest you are to pay, the due date, the fees, and much more. Here are some of the apps that will help you tide over when you have an emergency.
Brigit
When you urgently need funds, you would want to get a quick injection of cash. Thanks to Brigit that helps you arrange immediate funds. You can get up to roughly £200 through this budgeting app whenever you need it. The good thing about this app is that you do not have to provide a paltry tip. You can also sign up for free financial advice and budgeting help.
The app comes with a few paid plans. One of them is the Plus plan, which has a subscription fee of about £9 per month. Apart from the free features of the plan, you will also be able to access cash advances, overdrafts, and credit monitoring. The other one is the Premium Plan with approximately £14 per month subscription fee. This provides accessibility to all the features of the Plus plan, along with credit builder loans. Here are the features of this app:
- Withdrawn amount – from £50 to £200
- Fees – either £9 or £14 based on the plan
- Repayment – the date you withdraw is what determines your next payday
- Processing time with no express fee – up to 3 days
- Processing time with express fee (£0.99 to £3.99) – within 20 minutes
Earnin
This app is helpful for withdrawing large funds, and hence, it works differently from other cash advance loan apps. It lets you borrow money you have earned by tracking your working hours. The app is also known for notifying you when your account balance is low.
The advanced APR of this app is about 312.3%, which is lower than the APR that Brigit charges, which is up to 520%. Here are the features of Earnin:
- Withdrawn amount – up to £750 per period but per day withdrawn cannot exceed £100
- Fees – between £1.99 and £4.99; optional fees will be £13 per advance
- Repayment – the date of next direct deposit
- Processing time with no express fee – up to 3 days
- Processing time with express fee – within a few minutes
Empower
This is the most amazing app, as you can access a few other crucial facilities apart from cash advances, such as budgeting tools. You can even access your bank account using this app. As compared to other apps, the processing time is quite fast, typically a day. However, if you need funds without further ado, you will have to pay an express fee.
Another feature that most competitors lack is that it lets you save a certain sum of money you choose every month. Just select the amount, and it will handle the rest on its own using artificial intelligence. You can even set weekly savings goals to ensure a smooth buildup of your savings.
If you are uncomfortable with the AI feature, you can handle funds transfers independently. Here is a brief of this app’s features:
- Withdrawn amount – from £10 to £200
- Fees – £8 per month
- Repayment – predetermined due date
- Processing time with no express fee – one business day
- Processing time with express fee (£1 to £8) – within an hour
Dave
This app is generally aimed at those who need a small sum of money to cover their expenses. If you need money now in the UK, the Dave app can help you cover your small unforeseen costs while you have to wait for your next paycheque. In order to cash advance, you must open an ExtraCash account. You can use the app to find a side gig besides cash advance. This is a unique feature of this app that others do not offer.
- Withdrawn amount – up to £500
- Fees – £1 per month
- Repayment – either the date you withdraw is what determines your next payday or the first Friday after you receive the money
- Processing time with no express fee – up to 3 days
- Processing time with express fee (£3 to £20) – within an hour
MoneyLion
This provides a lot of features, from investment accounts to credit builder loans. You can get cash advances up to £50 without more ado. You can qualify for advances if you have a functional bank account. You can get even larger advances if you use other MoneyLion features.
- Withdrawn amount – up to £500 or £1000 for those who use MoneyLion features
- Fees – £19.99 per month
- Repayment – the date you withdraw is what determines your next payday
- Processing time with no express fee – 1 to 2 business days for MoneyLion account holders and 2 to 5 business days for non-account holders
- Processing time with express fee (£0.49 to £8.99) – within minutes
Klover
You can withdraw up to £100 based on your eligibility. Good thing about this app is that it lets you access a no-fee advance. You can withdraw another £100 if you participate in its points program. To win points, you will have to upload receipts, take quizzes, and watch videos. However, note that the app makes money by sharing your data with its partners. For those who are concerned about data privacy, Clover is not a suitable app.
- Withdrawn amount – from £5 to £200
- Repayment – the withdrawn date will be your next payday
- Processing time with no express fee – 3 business days
- Processing time with express fee (£2.99 to £20.78) – instant
The bottom line
The aforementioned cash advance loan apps can help you tide over during financial emergencies. However, these apps are not aimed at funding those who are unemployed. If you need money to fund emergencies when you are out of work, apply for benefit loans from a direct lender.
Jessica William operates as a Senior Consultant and Chief Content Editor for 10 years at 1Onefinance. She assists the firm in getting a grip on the new lending laws and regulations. She does so by researching the trends, consumer requirements, and new audience preferences. Jessica is responsible for making important financial and administrative decisions.
Apart from helping consumers with the best solutions, Jessica Williams helps them ensure financial stability. She analyse the business data, finances, expenses, and revenue/ income of customers and determines necessary changes. Jessica finished her Doctorate in finance and law and implements her knowledge to the best interest of the firm and customers.