Grain Credit has some characteristics of cash advance apps, but it’s a line of credit you can draw on repeatedly rather than individual advances. But, like a cash advance app, it doesn’t check your credit, and it also assesses your banking activity to determine the loan amount you qualify for.
It appears that credit limits can go as high as $5,000 — which is far more than cash advance apps — although it’s unclear if that’s as high as it goes. It also says it can help to improve credit as you build a history of timely payments. But, not only does it charge interest on your balance, it charges signup fees, annual fees and transaction fees.
It also has conflicting information on its website and numerous poor customer reviews. Between the excess fees and the unclear details about the credit line, you may want to consider some alternatives to Grain Credit.
Empower Thrive is a feature of the Empower mobile banking app that offers initial lines of credit up to $400 that can grow as high as $1,000 with a positive repayment history. Unlike the line of credit from Grain Credit, however, there aren't activation charges or transaction fees.
But it charges interest up to 35.99%, which is higher than the 15% Grain charges. Both apps charge a monthly fee to be eligible for a credit line, but Grain Credit says it may require a security deposit, whereas Empower doesn't.
Albert isn't technically a line of credit like Grain Credit, but it offers up to $250 in overdraft protection, which basically fills the same function. There are no fees for fast funding transfers like Grain has — Albert's are instant up to your limit. Albert charges a monthly membership fee, too, which is $14.99 a month. But it doesn't charge interest or late fees like Grain Credit does.
Available in all states
Pros
No fees for instant transfers
No interest or late fees
30-day free trial
Cons
Must have Genius subscription
Charges $14.99 a month
Smaller loan limits
Loan amount
$25 to $250
Loan Term
Within 6 days of overdraft, with possible 7-day extension
Turnaround time
Instant
Loan amount
$25 - $250
Turnaround time
Instant
Costs
$14.99 monthly subscription to access overdraft protection
If you need an occasional influx of cash but would rather not pay all the fees associated with a Grain Credit line of credit, consider Chime MyPay. It's a cash advance app that offers advances up to $500 with no mandatory fees, interest or late charges.
The only charge from Chime MyPay is a flat fee of $2 if you need the funds instantly. Or, if you can wait two days, transfers are free. But advance limits typically start small, it's not yet available in every state and you must have a Chime checking account and debit card.
If you're looking for a larger line of credit than Grain Credit, U.S. Bank offers lines of credit up to $25,000. Like Grain Credit, it charges transaction fees and interest, but U.S. Bank rates start at 12.5%, which is lower than Grain's 15% rate. However, it only offers lines of credit to existing U.S. Bank customers.
EarnIn is another cash advance app, but it gives you advances based on wages you've earned but haven't been paid for yet. And, unlike Grain Credit, you won't be charged any interest or fees unless you need an expedited transfer. It provides advances of up to $750 per pay period, which acts kind of like a line of credit.
But you only have access to up to $150 a day, which is less than you could probably get with Grain Credit. And you're only eligible for wages you've already earned, so you'll need to allow EarnIn to track the hours you've worked — or upload your timesheet — which may feel a bit intrusive. It also doesn't disclose instant transfer fees until you request an advance.
Not available in: Connecticut
Pros
Advances up to $750 per pay period
No interest or late fees
No monthly subscription fee
Cons
Can only access $150 a day
Advance amounts depend on your hours worked
Must allow app to track your hours
APR
0%
Loan amount
Up to $750 per pay period, but only $150 per day
Loan Term
1 to 4 weeks
Turnaround time
1 to 3 business days or instant for a fee
Loan amount
Up to $750
Turnaround time
1 to 3 business days or instant for a fee
Costs
Free to use or instant with a fee as low as $3.99.
If you prefer a lump sum loan rather than a line of credit, Upstart offers personal loans up to $50,000. This option might be good if you have a major purchase in mind or want to consolidate credit card debt. Like Grain Credit, it charges interest, but rates start as low as 7.4%, which is lower than Grain's 15% rate.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Grain Credit doesn’t really hold up well to the alternatives we’ve suggested. For one thing, it’s not transparent about its fees — which are numerous.
On its main page, it says there is a $3 monthly charge, but under the terms and conditions, it states that the annual service fee (charged monthly) is 8% of your credit limit. It also says it charges an activation fee of $5. But the terms and conditions state a “signup fee” — which sounds a lot like an activation fee — of $56.25 to $75.
It claims to help build credit because it reports to credit bureaus — and we suppose it may help your credit, assuming nothing goes wrong.
However, numerous customer reviews say the link to their bank account keeps breaking, resulting in late fees and negative credit reporting. This issue arises because autopay is the only option for making a payment. Disgruntled users also complain that getting in touch with someone from customer service to solve the problem can take weeks or even months.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf. See full bio
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