You are spoiled for options if you need to borrow, money apps come in all shapes and sizes

You are spoiled for options if you need to borrow, money apps come in all shapes and sizes

App to borrow money

Each app is slightly different in the way it works and you just need to find the app that meets your individual requirements. These are some of the apps we think you should take a look at:

  • PockBox app. With the app, you get access to amounts from $100 to $2,500. It’s ideal if you are short in cash until your next paycheck but it’s the not the type of money you need for a bigger goal. The process of getting the loan is quite sleek – just make sure to read all the conditions.
  • MoneyLion Plus app. You qualify for loans with MoneyLion by subscribing to the combined loans and investment product called MoneyLion Plus. With MoneyLion Plus you can borrow up to $500 without as much as a credit check. Note that MoneyLion Plus is an ongoing subscription service, and you will need to continue your subscription for as long as you have an outstanding loan.
  • Dave app. With Dave, you can easily borrow small amounts of $25, $50 and $75. It acts like an overdraft protection but without the associated fees. The Dave app is easy to download and install, just pop into Google Play or the App Store. You don’t pay interest with Dave, but there is a $1/month fee to get access to Dave loans.
  • Earnin app. For an easy way to get early access to your paycheck consider Earnin, formerly known as ActiveHours. Earnin is compatible with many employers but not all. If you can link Earnin to your timesheet you can easily get access to at least $100 a day without paying interest. Earnin makes its money via voluntary tips. Available on iOS or Android.
  • Avant app. Great for larger loans, Avant offers APRs as low as 9.95%, though poorer credit scorers could be looking at up to %. Avant is a traditional lender so your credit score will be checked when you apply, applications also take a few days to complete. However, you can borrow as much as $35,000 with Avant which is much more than many other apps offer.
  • LendUp app. A payday lender, LendUp can get you access to between $100 and $1,000 but the amount depends on the state you live in. In some states, it does not offer loans at all. Loans are expensive, with APRs again varying by state with rates as high as 917% APR not unusual. LendUp is an option if your credit score is poor, and if none of the other apps offer a solution for you.
  • LoanSolo app. You don’t need a great credit score to borrow from LoanSolo. Get as much as $2,500 by the next business day with LoanSolo. Applying is straightforward, just complete a quick form on the provider website. The LoanSolo app uses the information you provide to connect you to a suitable lender that can give you a fast decision.

Money app terms

Borrowing with a money app is a financial commitment and knowing what you are agreeing to is important. Understanding the terms used by money apps is a good first step. Here are the most important terms you should know about.

  • Your annual percentage rate is the interest you pay on a loan over a yearly period. Consistently comparing interest rates on an annual basis is important as interest rates can appear to be low when quoted on a daily or monthly basis, when in fact the rates may be comparatively high. Note that some apps charge no interest.
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