With so many cash advance apps on the market today, choosing the “best” one can be difficult. While it’s true that there is no one-size-fits-all app, some really are a step above the rest. While you’re on the hunt for the right cash advance app, here are some important attributes that are a must-have.
One of the biggest benefits of cash advance apps is having access to fast funding when you need it. Most cash apps transfer advances within a few days for free, but the term “instant transfer” isn’t always as quick as it sounds with some apps. And that could be an issue if you need the cash now. For instance, it can sometimes take several hours to have the funds transferred “instantly,” especially if it’s to an external bank account.
If you need truly instant funding, look for cash advance apps like Dave, which transfers cash to you in seconds for a fee. Plus, with Dave, you’ll skip a lengthy application process and waiting periods, and its average advance is typically approved in five minutes.
Most cash advance apps top out at $250, which might not cut it in an emergency. Plus, many that offer larger advances are tied to your employment and how many hours you’ve worked so far. If you think you might need more, Dave is one of the few apps that offer advances up to $500.
When you apply for a loan or a credit card, providers always check your credit score to see if you qualify. This can hurt your credit score even if you aren’t approved, which is a drag and hurts your chances of qualifying for new credit.
Luckily, most cash advance apps — such as Dave, among others — don’t require credit checks to qualify for advances.
Almost no cash advance apps are truly free — after all, they have to make money somehow. But look for ones that don’t charge you an arm and a leg just for the privilege of borrowing a few bucks now and then. And, especially if you don’t need a loan very often, subscription fees of $10 or $20 a month probably aren’t worth it.
Watch out for instant transfer fees if you need fast cash in an emergency or to avoid overdraft fees. Dave’s instant transfer fees start as low as $3, so you don’t have the burden of an expensive fee just to borrow 50 bucks until your next payday. What’s more? You won’t pay any late fees with Dave.
If you plan to use a cash advance app, you may as well get one with extra perks, especially if you’re paying a monthly fee. Taking the time to research any additional perks can help you assess which features make the most sense for you, such as budgeting, savings, credit-building tools and more. These features are a great way to handle your finances better — and get more value from your app.
For example, If budgeting and savings are high priorities for you, Dave offers both of these features — and more — including a high-yield savings account. Just set a goal and a deadline, and Dave monitors your progress and helps you stay on track. And, even cooler, its side hustle feature offers a “side hustle board” that makes finding work and earning money on the side way easier. It’s legit, too. Dave members have collectively earned over $2.5 million using a Side Hustle feature named Surveys.
A direct deposit requirement may not be an issue for your average W-2 worker. But, if you’re one of the millions of people who are self-employed or work in the gig economy, a cash advance app with no direct deposit requirement is probably one of the most essential features a cash advance app can have — yet very few have it.
The Dave app realizes not all workers have access to direct deposit and uses alternative ways to verify your income. Sure, you have to have a job, but instead of requiring direct deposit, Dave simply looks over your banking history to make sure you have money coming in.
The variety of cash advance apps can be overwhelming, and there are multiple issues to examine. But access to fast funding, minimal fees and added perks are some of the most essential features to consider before choosing the app that’s right for you.
Compare other cash-advance apps here
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