FloatMe cash app review: Cash advances for members

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In a Nutshell

FloatMe is a cash advance app that lets people borrow up to $50 in between paychecks. There’s no credit check or interest, and you can get the cash you need in just a few minutes. But to use the FloatMe app you’ll have to pay a membership fee.
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Pros Cons
No interest Users must pay a membership fee
Ability to receive cash in minutes Paycheck direct deposit required
Can help build emergency funds Users can only borrow up to $50

What you need to know about a FloatMe personal loan

FloatMe is a cash advance app that lets people borrow up to $50 without interest between pay periods. FloatMe calls this advance a “float,” and you can use the money to help cover an emergency, unexpected expense or pay a bill.

Here’s what else you need to know if you’re considering using the FloatMe app.

No interest — and few fees

Since the cash you owe is taken out of your next paycheck, FloatMe typically doesn’t charge late fees or penalties. And if you’re short on cash when the money is due back, FloatMe will only deduct a partial payment to help you avoid overdrafting your bank account.

Plus, FloatMe doesn’t charge interest on the money you borrow.

Fast funding

Getting cash from FloatMe typically takes up to three business days. But if you need cash fast, you may be able to get funds from FloatMe in as little as 30 minutes, depending on your bank.

Low borrowing amount

While FloatMe can provide access to cash quickly, the borrowing amounts are small and generally range between $10 and $30 to start. But, if you qualify, you may be able to access up to $50.

Membership fee

In order to use FloatMe, you’ll have sign up to be a member. The membership will cost you $1.99 a month, but you can cancel anytime if you no longer need FloatMe’s services.

A closer look at a FloatMe personal loan

  • No credit check — FloatMe doesn’t review your credit history, so you won’t have to worry about a hard hit on your credit during the application process. 
  • Not available for the self-employed — FloatMe only approves people who are W-2 employees earning at least $200 per pay period. And the income you receive must come from having your paycheck direct deposited into a bank account. Payments from other sources, like PayPal, Venmo, Zelle or paper checks, won’t count.
  • Helps you avoid overdraft fees — FloatMe keeps tabs on your bank balance and will send you an alert when you’re getting low, which can help you avoid costly overdraft fees. 
  • Bank account access — Though the overdraft alert can be helpful for some, it’s worth noting that FloatMe will have access to view and comment on your bank account funds. FloatMe can also automatically debit your account when it comes time to pay your float back.
  • No credit-building potential — FloatMe doesn’t report payments to credit bureaus, so even if you pay on time every month, it won’t help improve your credit history.
  • Builds up your emergency savings — FloatMe helps people establish a savings by putting some cash aside as an “emergency stash.” Through the app, you can see when your next contribution will be and manually add or withdraw funds when you need them.

Who is a FloatMe loan good for?

If you need to borrow less than $50 to help make ends meet between paychecks, using the FloatMe app could help you get the cash you need — quickly. And it might be a less expensive alternative than turning to a payday loan.

But if you don’t want to pay the monthly membership fee or you’re looking for a loan than can help you build up your credit history, you might want to look elsewhere.

If you find yourself turning to a cash advance regularly to help make ends meet, it might be a good idea to take look at your monthly budget.

How to apply with FloatMe

To use FloatMe, you’ll have to download the app to your smartphone first. Then you can sign up by providing some personal information such as your address, cellphone number and email.

You’ll also need to verify your income and show that your paychecks are paid by direct deposit into a checking account and that you have at least three consecutive payments. 

FloatMe will also ask you to link the debit card you use with your checking account so it can send you cash and collect your monthly membership fee.

Not sure if FloatMe is right for you? Consider these alternatives.

  • Earnin: Cash advance app Earnin allows you to borrow up to $500 — up to two days before your next paycheck.
  • MoneyLion:  MoneyLion offers interest-free cash advances of up to $250 with no credit check.

About the author: Jacqueline DeMarco is a freelance writer based in southern California who graduated from the University of California Irvine with a degree in literary journalism. She writes about a wide range of topics, including fin… Read more.