Almost everyone finds themselves in tough financial situations occasionally. Using apps that loan you money could be a way forward towards more short-term stability. Here are eight to explore.
A financial emergency could make waiting for your paycheck feel agonizing. Earnin is an app that removes that delay.
It loans you money by tracking the hours you already worked, then deducting the amount you used from the check once you get it. The app is like the high-tech equivalent of asking a friend to loan you money and promising you’ll pay it back from an upcoming check.
Dave is unlike some of the apps that loan you money because it primarily functions as a budgeting app and online bank account. You can use the app to find cash machines, send checks to pay for bills and build your credit.
If you need cash quickly, the app can give you up to $100 with 0% interest. The amount comes from your next paycheck.
3. SoLo Funds
SoLo Funds is an app with a mobile marketplace that connects people in need of loans with those who are ready to lend. Borrowers can set their terms for paying back the money received, which helps them stick to a realistic schedule.
Another perk of this app is that you can sign up to use it and receive your funds the same day. If you pay back the loan early, you’ll build trustworthiness within the app’s community, increasing the chances of securing more funds if necessary later.
Some apps that loan you money require some proof that you can to pay back the amount within the specified time. They might check your credit history, for example. What if you’ve never had a credit card or even a bank account?
Tala is made for people who need money but have never had formal credit histories. Individuals apply for and receive loans of $10 to $500 through their smartphones. Decisions also come instantly based on data science algorithms. It’s currently for people in Mexico, The Philippines, India and Kenya.
Many of the apps that loan you money aim to make the process straightforward. Possible is one of them. It allows you to receive up to $500, even with bad credit or no credit.
Applying requires doing things like linking your bank account and submitting proof of residency. However, you’ll get a push notification through your phone about the decision made. After that, you must log in to the app and retrieve your money within three days.
You’ll undoubtedly come across apps that loan you money and do not restrict how you spend the cash. Kiva is a bit different because it’s for people who own small businesses. Borrowers must use the funds for something related to their companies.
Kiva also takes a crowdfunded approach to getting you your money. Part of the process requires trying to interest people by running a campaign that lasts up to 30 days. Interested lenders then commit to loaning you some money. Some supporters will also match what others contribute, boosting the overall results.
Brigit combines a money-lending aspect with metrics to help you stay on top of spending. You can ideally use the app’s statistics to avoid needing money at all. Learn about your spending trends, get alerts about upcoming bills and see how you could improve your budget.
You can download Brigit for free, but using the cash advance option is only available to people who sign up for the paid tier, which costs $9.99 per month. The app gives instant cash advances up to $250 to subscribers in those cases.
Lenme is another marketplace-based app where you can specify how much financial help you need, and wait for lenders to make offers. Setting parameters like that eliminates surprises that could disrupt your cash-borrowing experience.
Once you accept an offer, the person providing the funds has 48 hours to finalize the agreement. You’ll receive the money in your bank account within a week after that.
Apps That Loan You Money Could Give Peace of Mind
It’s terrifying to realize that the funds available to you are not enough to cover your expenses. That situation is more common than you may think, and it’s no reason to feel ashamed.
These eight apps that offer loaned money could help you get back on track. Be sure to read all the details carefully before using one. Getting informed lets you make a smarter choice.
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