An app that loans money may help whether you need extra cash for an emergency before your next paycheck hits or want the convenience of a quick loan. We’ve ranked our top picks and why we believe they stand out.
- Best overall: Earnin
- Best for fast funding: Dave
- Best for flexible repayment: Brigit
- Best for suite of online services: MoneyLion
- Best for large loan amounts: SoFi
- Best for transparency: Payactiv
- Best for managing finances: OnePay @Work
- Best for early payments: Varo
- Best for overdraft protection: Chime
- Best peer-to-peer payments: Cash App
Best overall: Earnin
Why Earnin stands out: Earnin helps you access money you’ve already earned before your next paycheck. Standard transfers are available for free in one to two business days, and you can also use Earnin’s “Lightning Speed” option for a fee to get your money in minutes.
Pros
- No interest charges, mandatory fees or credit check — tips optional
- Advance up to $1,000 of your earnings per pay period
- Low balance alerts help you avoid overdraft fees
Cons
- Eligible only to people who receive their paychecks via direct deposit
- Withdrawals limited to $150 per day; limits vary by individual
- Fee for fast money transfers
Read our Earnin app review to learn more.
Best for fast funding: Dave
Why Dave stands out: Dave’s ExtraCash offers free instant transfers up to $500 if you have a Dave checking account. If you don’t want to open an account, you can pay 1.5% of the advance amount to receive transfers to an external debit card in about an hour.
Pros
- No interest charges or late fees
- No credit check
- Checking account helps you access your paycheck up to two days early
Cons
- Monthly membership fee of up to $5
- Service fee equal to the greater of $5 or 5% of the advance amount
Read our review of the Dave app to learn more.
Best for flexible repayment: Brigit
Why Brigit stands out: Brigit’s Instant Cash lets you borrow up to $500, and if you’re unable to make your payment by the due date, Brigit lets you extend your repayment timeline without penalty.
Pros
- You may be eligible for advances without a paid membership
- Tools to help you manage your finances, earn extra cash and reduce expenses
- Low balance alerts help you avoid overdrafts
Cons
- Monthly membership fee of $8.99 or $15.99 may be required for cash advances
- Free cash advances take two to three business days
- Additional fee may be required to get your cash quickly
Read our review of the Brigit app.
Best for suite of online services: MoneyLion
Why MoneyLion stands out: MoneyLion offers various financial products and services, including credit-builder loans, investment accounts, debit cards, credit monitoring and budgeting tools — as well as cash advances up to $500 for most people.
Pros
- No interest charges or mandatory fees
- No credit check required
- Advances of up to $1,000 with recurring direct deposits into a MoneyLion spending account
Cons
- May take up to five days to receive funds for free
- Fee required for instant access to cash
Read our MoneyLion app review to learn more.
Best for large loan amounts: SoFi
Why SoFi stands out: You can apply for a personal loan ranging from $5,000 to $100,000 through the SoFi app. When you get a loan from SoFi, you get access to member perks, such as financial planning resources, referral bonuses, member-only events and estate planning discounts.
Pros
- Funds may be available as soon as the same day
- No late fees or prepayment penalties
- Can help build credit with on-time payments
Cons
- Must borrow at least $5,000
- Interest charges apply
- Credit check required
Read reviews of SoFi personal loans.
Best for transparency: Payactiv
Why Payactiv stands out: Payactiv is a Certified B Corp with a simple fee structure and repayments that are deducted directly from your next paycheck instead of your bank account. Advances are free when you sign up for direct deposit of at least $200 per pay period to a Payactiv card. Otherwise, you’ll pay $1.99 to access your wages.
Pros
- Access up to 50% or $500 of your earned wages before payday
- Pay bills from the app
- Transfer money to a bank account, AmazonCash or pick up cash at Walmart
Cons
- Earned wage access only available if your employer offers Payactiv
- ACH bank transfers may take up to three days
- Fee for Walmart Cash Pickup and real-time transfers without direct deposit
Best for managing finances: OnePay @Work
Why OnePay @Work stands out: With the OnePay @Work app, you can track your earnings and spending, automatically transfer a percentage of your paycheck into savings and monitor your credit.
Pros
- Get up to 50% of your net earnings before payday with Instapay
- No interest
Cons
- Availability is limited to participating employers
- Fees may apply based on the transfer option you choose and your employer’s policy
Best for early payments: Varo
Why Varo stands out: Get your paycheck up to two days early with direct deposit and cash advances of $20 to $500 with no interest, credit check or late fees. Keep in mind your initial limit won’t exceed $250 and that larger limits require direct deposits that meet certain thresholds.
Pros
- Instant transfers with qualifying Varo account
- Send money to family and friends for free
- Offers a line of credit as well if you want to borrow more
Cons
- Cash advance fee varies depending on advance amount
- Requires a Varo account
Best for overdraft protection: Chime
Why Chime stands out: When you open a checking account with Chime, its SpotMe service provides free overdraft protection of up to $200 in debit card purchases and cash withdrawals. Chime checking accounts have no monthly fees or minimum balance requirements.
Pros
- Free cash advances of $20 to $500 available within 24 hours
- Wide range of products and services, including secured credit cards, high-yield savings accounts and fee-free ATMs
- Get your paycheck up to two days sooner with direct deposit
Cons
- Cash advances only available to existing customers with a Chime checking account who are signed up for direct deposit
- Fees of $2 to $5 for instant cash advances
Best for peer-to-peer payments: Cash App
Why Cash App stands out: You can send money to friends and family instantly without paying a fee.
Pros
- Borrow up to $500 with no credit check
- Free standard cash advances arrive within one to three business days
- Repay what you borrow as you receive cash, in weekly installments, or with a single lump sum
Cons
- Cash advance fee for instant transfers varies based on amount
What are apps that loan money?
Apps that loan money typically provide small amounts of cash to people who need to pay a bill or purchase essentials before their next paycheck. Most don’t charge interest or require a credit check, but they often charge fees and may require you to repay what you borrow on your next payday.
Some apps require customers to receive their paychecks via direct deposit and link their bank accounts to the app. Your cash advance limit is determined by your earnings, monthly spending and available bank account balance, and limits can fluctuate.
When you get an advance, you typically must repay it before you can borrow more money. Some cash advance apps deduct the amount you owe from your bank account when you receive your next paycheck. Monitoring these deductions is crucial to avoid overdrawing your account and getting charged overdraft fees.
When is an app that loans money a good idea?
An app that loans money may be a good option when you’re in a financial pinch and have a steady paycheck to repay what you borrow. But they should only be used occasionally for must-have purchases, not discretionary spending. If you frequently run out of money between paychecks, you may need to adjust your spending or find ways to earn more.
Because you generally need a consistent pay schedule with direct deposit to use these apps, they’re not a good option for people who are self-employed or receive a significant amount of compensation from commissions or other irregular pay.
Before using an app to get extra cash, consider the benefits as well as the potential drawbacks.
Pros
- Avoid high-interest credit cards, payday loans, and car title loans
- Often no credit check or interest charges
- Can help prevent you from overdrawing your bank account
Cons
- You’re borrowing money from your next paycheck
- Fees can be high
- Short repayment timelines
- Can result in overdraft fees if borrowed amount is automatically withdrawn from your bank account
Alternatives to apps that loan money
If you need extra cash, apps that loan money aren’t your only option. Here are a few alternatives to consider.
- Payday alternative loan: PALs are small-dollar loans available from some federal credit unions. Interest rates are capped at 28%, application fees can be no more than $20, and repayment terms range from one to 12 months, depending on the type of PAL you get.
- Credit counseling: If you’re struggling to make your paycheck last because of monthly debt payments, consider working with an accredited credit counselor. Credit counselors offer free services, such as credit report reviews, budgeting help and other resources to help you get your finances back on track.
- Buy-now, pay-later apps: If you need extra cash to cover essential spending, consider using a buy-now, pay-later app if it’s available as a payment option. These apps let you purchase items and pay for them over time, often in four installments over six weeks.
Our methodology: How we pick the best personal loans
Credit Karma’s editors evaluate the best personal loans by reviewing key features of dozens of popular lenders. Those features fall into three important categories:
- Affordability: We start by checking if a lender’s rates are competitive: are they higher than average or are they lower than many competitors? From there, we analyze if fees — particularly an origination fee — may make your loan more unaffordable. Last, we’ll check if the lender offers rate discounts for items such as automatic payments that may reduce your rate.
- Customer-friendly features: Taking out a personal loan is a big financial commitment, so we prioritize lenders that make things easier for you. For instance, do they offer a wide range of loan amounts for people with different borrowing needs? Do they offer at least several loan terms to give you more flexibility with your monthly payment? And, crucially, can they fund your loan quickly? A lender will also get bonus points for offering direct payments for debt consolidation or other customer-friendly features.
- Transparency: We believe personal loan terms should be easy to find and decipher. Prequalification, which lets you check what rate you may qualify for without a hard credit inquiry, is particularly important. We also check to see if a lender has been recently penalized by regulators.
Estimate personal loan costs
To better understand the total cost of any personal loans you’re considering, use an online calculator like Credit Karma’s simple loan calculator. A loan calculator can help you estimate your monthly payment and how much you’d pay in interest versus principal over the length of the loan.
FAQs about the best apps that loan money
Many apps, including Credit Karma, Earnin, Dave and more allow you to borrow money if you’re low on cash.
Most paycheck advance apps, including Payactiv, Brigit, MoneyLion and more, don’t require a credit check since you’re essentially borrowing money from yourself.
Limits vary depending on the app but you can generally get up to $500. Apps determine how much you can borrow based on the amount you earn, your spending habits and how much of a financial cushion you have in your linked bank account.
Cash advance apps let you access money you’ve already earned but haven’t yet received. Because you’re borrowing money from yourself, you don’t generally have to pay interest on cash advances, but you may need to pay a fee to receive an advance through the app. Payday loans are short-term loans that are typically due when you receive your next paycheck. They have exorbitant interest rates and fees that can make repaying them difficult.
Cash advance apps don’t typically charge interest, but they may charge membership fees, advance fees or instant transfer fees.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.