It seems that the purpose of Dave is less so to cover emergency costs or bills, and more so to minimize costly overdraft fees. $100 may seem like a low withdrawal limit, but this isn’t necessarily a bad thing. Having that limit in place means you won’t end up with a high amount of debt accumulating over the month, in a vicious cycle of overspending and struggling to pay off your borrowed amounts.
The app enables you to link your primary bank account and employment details. You will also need to prove that your account has a positive balance and that you are making regular deposits. After this, you’ll need to be a MoneyLion member for a minimum of two months before you are able to request a cash advance.
The sign-up process is slightly more complicated and time-consuming than that of the aforementioned apps, however, MoneyLion does offer a wide plethora of other financial services.
With the MoneyLion app, you can access mobile banking services, their credit building service which assists you in improving your credit score, and their no-fee investment service. Overall MoneyLion is a helpful app to have if you’re looking into financial planning and improving your financial situation.
Their Insta Cash service is a nice security cushion in case you find yourself in an emergency situation that requires instant cash before payday, as long as it is used sensibly.
Another interest-free cash advance provider, Brigit offers a good alternative to high-interest payday loans. Limits are based on your individual circumstances and earnings, with most users able to borrow anything from $80 to $250.
The big catch with Brigit, however, is that use of this service requires a membership subscription, which will set you back $9.99 every month. This is likely to be off-putting for many prospective members, given that there are so many free apps offering very similar services. If money is already tight and you find yourself living paycheck-to-paycheck, signing up for a paid subscription service might not be top of your agenda.
Brigit is a fairly new company, so they’re not yet listed on Better Business Bureau. The terms and conditions are pretty clear and they seem to be open about their privacy settings and the data they store. They’re all pretty standard but make sure to familiarize yourself with these if you’re considering signing up.
If you’re looking for a new banking app, Chime might be a good option for you. They offer a range of banking services including their checking account, savings account, and credit card, all accessible and manageable through one app.
Here we will look at Chime’s checking account specifically. The account requires no minimum balance and comes with no additional fees. As well as other perks, the account also comes along with their Get Paid Early program. This allows users to access their paychecks up to two days before your regular payday.
This isn’t classed as borrowing, since Chime simply makes the money available to you as soon as it is deposited by your employer, instead of waiting for the specific payday. Recently, more and more banking apps have begun offering this service, but not ordinarily with zero fees as is found with Chime.
If you’d like the option of receiving your paycheck early, without the risk of finding yourself indebted to your bank account or lender, Chime might be a good option for you.
DailyPay essentially allows employees to choose when yourloansllc.com/installment-loans-mt they want to be paid. Using their app, employees can access their earned wages at any time for a fee. With DailyPay, you’re not borrowing money against your paycheck, you’re simply withdrawing your earnings early.