Often, if you feel like there’s so much money at the end of the month, you’re not alone.
More than 40 percent of American adults had difficulties making ends meet, according to the 2016 Nationwide Financial Well-Being Study conducted by the Consumer Financial Security Bureau. That’s one reason why payday loans in this country are such a big industry. Before your next paycheck, they promise a short and convenient way to tide yourself over. Yet in the long term, they just make the condition worse by applying to all the other payments a whopping interest charge.
There’s a simpler solution, thanks to new technologies. By giving you access to your paycheck a few days early, some famous personal finance applications assist you make it from one payday to the next. That means, if it’s mid-week and your car battery has just died, without paying high interest and taxes, you can get the money to fund maintenance.
How Payday Advance Applications Work
The service these applications offer is not actually a loan; it’s a paycheck advance. In other words, with the job you’ve already done, it’s a way to get paid a little early.
For any of the jobs you’ve already completed last week, a payday advance app rewards you, even though your paycheck is only some days out. The app moves, say, $100 to your bank account and the app takes $100 directly from it to offset the difference until the next paycheck comes.
A payday loan operates the same way, but with one important difference: there is no interest. All that comes out of it as you get your paycheck is the $100 you already got, without an additional $15 or so in interest. The apps raise money in a number of other forms from their producers, including tips and subscription payments.
The lack of interest, though, doesn’t mean that there’s no downside. You always pull money out of your next paycheck, forcing yourself to cover all the bills for still less. For several, that leads to another advance before the next paycheck, and after that, another paycheck. You’re caught in a loop, finally. The software and the advancements it provides to get you through the month are still behind and reliant on you.
Taking an advance paycheck is just a stopgap step. This month doesn’t help your small paycheck extend any more than last month did. To cope with an unforeseen one-time cost, use it for the urgent cash you need. It’s time to either gain more cash or tighten your belt a notch or two if you’re still behind.
Top Advance Apps For Payday
There is only one thing these payday advance applications do: give you early access to your paycheck. Most of them come with more functionality, though. Several applications include online financial options, cash-back shopping, online saving, and employer management resources for their employees.
Don’t ever use the first application you’re installing. Find out which one really has the characteristics you need and stick with that one.
Brigit is maybe the most flexible payday advance app. Within one minute, it provides up to $250 that you have already accrued to your account, with no credit check required.
When the next paycheck comes, Brigit takes the money out of your savings account immediately. For no late charge or penalty, though, you can stretch the due date up to three times. At any point, you can even opt to pay back the loan early.
If your account balance is running low, Brigit has the ability to alert you so that you can request an advance if you need it. Anytime the account balance is in danger of falling below zero to prevent bank overdraft penalties, you can even set up automatic advances to obtain a transfer. This bonus, though, comes with a $10 monthly fee.
Brigit isn’t simply giving cash advances to everyone. You must fulfill the criteria of the app for:
Earnings. Your monthly salary must be seen to be above a certain level, which they do not define on the web. In addition, all this money must come from a single stream that is stable. Before Brigit awards you an advance, you must prove that you have obtained at least three direct payroll contributions from the same employer.
For banking. You must have a bank account with a balance greater than $0, which is at least 60 days old. Furthermore, in your account, you must demonstrate “sufficient activity,” which means using it almost every day to make transfers, collect deposits, or check balances. Finally, on your payday, you must prove you have an ample end-of-day balance so that Brigit understands that without overdrawing your account, it will securely receive your check.
Score from Brigit. Of all future candidates, Brigit introduces a ranking system similar to a credit score. It’s focused on the actions of your earnings, expenses, and banking. The ranking varies from 1 to 100, and to earn cash advances, you must have at least 70.
At any time during your pay period, you will get an interest-free advance of up to $250 with the Empower app.* There are no late payments and no credit checks. You can get the money transferred to your external bank account immediately for a $3 fee or free of charge to your Empower checking account (discussed below).
Empower is more than just a payroll advance app, though. It’s a full account for online interest authentication that includes:
Checking preferences. For no monthly minimum balance, the Empower Checking Account costs 0.20 per cent APY^. It comes with a debit card that costs you annually for up to three ATM payments.^ It has no overdraft fees, has unlimited monthly transactions, and provides reminders for spending 24/7 to help you keep track with your money.
Savings automatic. Empower also has a feature called Automatic Savings. The app records your revenue and expenditures and moves money to your AutoSave Account using that information. When your balance is high and fewer when your expenses grow, it puts aside more capital. Every day, it continues to do this until you meet your assigned weekly savings goal.
Only budgeting. You may also use Empower as an app for budgeting. Based on your revenue, the app recommends a total spending cap, and you determine how much of that limit to commit to individual expenditure categories. When your spending in a certain segment is about to go over the limit, Empower sends you warnings. It also offers monthly reports that show how much in – segment you spent.
Tools for Savings. Empower lets you know about ways where you can actually save money, as it monitors your spending. It will tell you, for example, how much you pay on subscription payments and makes it easier to cancel subscriptions that you don’t need. It even shows you whether you should get better deals, such as phone and cable, on your monthly bills. It will even bargain on your behalf for lower rates.
For the first 14 days, Empower is free of charge. It charges a fee of $8 per month after that. You have to make daily direct contributions to your Empower Bank Account to apply for instant Cash Advance.* You will have to satisfy some account history and activity criteria.
3. Wealthfront Cash Account
An additional advantage is now provided by the Nextgen banking service Wealthfront: a savings account that processes the paycheck quicker. Depending on your payroll company, when you set up direct deposits on your Wealthfront cash account, the money will reach your account up to two days before your formal payday. In addition to making the cash available faster, this makes it two more days to receive interest on each pay cycle.
A generous interest rate (more than eight times the national average in 2020) and no deposit fees or recurring management fees are provided by the Wealthfront Cash Account. For no fee, you can make an infinite amount of transactions into and out of your account per month. You can also make transfers directly from your account or withdraw cash from a national network of 19,000 ATMs with no fees. And, unlike most banks, it guarantees up to $1 million in cash in your account, four times the amount covered by the Federal Deposit Insurance Company.
The Self-Driving MoneyTM vision is one special aspect of Wealthfront. Soon, Wealthfront would immediately be able to take care of all the financial commitments. Wealthfront will be eligible to cover all the expenses, replenish the savings fund, and add to a 529 college fund or savings account until you automatically spend your paycheck. And if you have capital left over, depending on your personal priorities, Wealthfront will automatically guide it into a tax-efficient savings account.
Varo is an online banking app that can allow you access to your paycheck more easily. When using direct deposit for your Varo account, as soon as your boss clears it, your paycheck reaches your account. Most employees send their payroll reports on Wednesday for a Friday payday, according to Varo, but up to two days early, using Varo will get the money into your hands.*
Such Varo Bank Account features include:
Debit Card Varo Visa®. A contactless debit card that carries the Visa brand label comes with the account. The app allows you the power to quickly lock this card whether it’s lost or stolen. For online payments, you can connect your debit card to your Apple PayTM, Google Pay, PayPal, Cash App, and Venmo accounts. You may also use Varo to Varo to pass money directly to someone who uses Varo at no charge from your Varo bank account.
Fewer tariffs. There is no recurring premium for Varo, no minimum balance, no deposit costs, no international withdrawal fees and no replacement debit card charges. In stores like Walgreens, Target, and CVS, it also offers fee-free connections to more than 55,000 ATMs on the Allpoint® network.
Notifications from Drive. Whenever money goes in or out of your Varo Bank account, Varo lets you know. It even advises you about using your debit card for both payments and cash withdrawals.
Cash on deposit. Using the Varo app, you can deposit checks remotely. At any of the more than 90,000 store stores that use Green Dot Reload @ the Register TM, you can also deposit cash into your account, but most retailers charge a fee for this facility.
Software for Automatic Savings. Varo provides a Varo Retirement Account and two automated savings tools to start up your nest egg. You will get a percentage of your paycheck moved from your bank account (similar to a checking account) to your savings account directly with Save Your Pay, and you pick the percentage that gets transferred. Or, you can round up any exchange to the nearest dollar with Save Your Change and it moves the balance from your Varo Bank account to your Savings Account.
Customer Support Live. During working hours, you can talk to a Varo customer service agent every day of the week. Eastern Time (excluding Public holidays), Saturday and Sunday, 11 a.m. to 7 p.m. Eastern Time, Monday to Friday, 8 a.m. to 9 p.m. (excluding Federal holidays). Reps are located in Utah and, except for federal holidays, are available every day.
The Chime app does not have the same paycheck advancements that some of the others on the list do. Instead, it’s an anonymous bank account that provides you with easier access to your pay. If you have a Chime account for direct deposit, the minute your boss transfers them into the account, your earnings become open to you. For most conventional bank accounts, before getting access to the money, you have to wait up to two days for the transfer to clear.
You may use Chime to transfer funds, email and deposit checks, and pay bills online. Chime is a full-service bank account. It also includes a number of other excellent advantages that most bank accounts do not, including:
No Secret Fees. Some brick-and-mortar banks load expensive bank fees into their accounts. Chime, on the other hand, imposes no overdraft fees, minimum balance fees, monthly operating fees, conversion fees or processing fees from overseas. It also includes a network of over 38,000 MoneyPass and Visa Plus Partnership ATMs for fee-free connectivity.
Alerts for Banking. By sending you a warning anytime it moves cash into or out of your account, Chime lets you keep track of your money. When your paycheck comes in, or when you make a transaction with your Chime debit card, the app notifies you. It even shows you just how much money you have in your account every single day.
Savings automatic. With built-in automated savings features, Chime provides a savings account. You should plan, for example, to have 10% of your paycheck moved directly to your bank account. There is also a feature for rounding up your debit card payments to the nearest dollar immediately and depositing the change into savings.
Blocking of Debit Cards. Avoid you from using it by removing it right in the app with one tap if your debit card is either lost or robbed. And if you see odd charges pop up while sitting at home in a foreign country, just shut down international purchases on the bill.
6. Axos Bank – Direct Deposit Express
Axos Bank is another online bank which provides quicker access to your paycheck. Direct Deposit Express comes with its fee-free Critical Checking account, a feature that helps you to access your paycheck up to two days early. Much like Chime and Varo, as soon as your boss submits payroll orders to the bank, Direct Deposit Express deposits your paycheck into your account. Everything you have to do is set up your account for a direct deposit, and the bank does the rest.
Other advantages are often provided through Critical Checking from Axos, such as:
Low tariffs. There are no recurring servicing costs for Critical Checking, no minimum monthly balance and no overdraft or inadequate funds fees. It also provides unrestricted payment inside the United States for ATM payments from other banks.
With mobile banking. To access your account from anywhere, you can use Axos’ mobile app for iOS or Android. Its functions include free deposit of mobile checks and payment of online bills.
Protection Features. In order to keep your account secured, Axos utilizes 128-bit Stable Socket Layer (SSL) encryption and frequently updated antivirus applications. To prevent intruders out of your account, it also requires two-factor authentication, that is, a security code or query in addition to your password. It constantly checks all accounts for signs of fraud and logs you out automatically if your online session has been offline for a while.
Switching-No-Hassle. It’s quick to set one up if you don’t already have an Important Checking account. To make converting over from your current bank as easy as possible, Axos offers a step-by-step checklist.
Nationwide My Checking is another Axos account that comes with Direct Deposit Express. Except that it needs an opening deposit of $ 100, this special checking account is close to Critical Checking.
There was ActiveHours, the first payroll advance app, which is now Earnin, before Brigit. Their developers say their aim is to make the financial system fairer by having employees break away from the wage cycle that keeps their money back.
Like Brigit, Earnin operates much the same way, but it just requires you to spend up to $100 a day. This service has no charge, but you can add a “tip” of any amount you want (the app recommends 4 percent ). Although the tip is voluntary, in May 2019, company founder Ram Palaniappan told Vox that many users of Earnin happily pay it to help keep the product running. Some also opt to “pay it forward,” leaving a smaller tip purposefully to offset the expense for those who do not afford it.
In addition to paycheck advances, Earnin offers many other features to support employees on a schedule, including:
Shield of Balance. You are covered from high bank overdraft fees by this feature. It keeps track of your bank balance and, if it goes below $100, it immediately gives you a $100 cash advance. If your balance fall below a certain sum that you want, somewhere between $0 and $400, the app will also warn you.
Rewards Cash-Back. Earnin also serves as a loyalty app for shopping. Only connect your credit or debit card to your Earnin account, run it as a credit card when you pay, and at participating local shops and restaurants earn incentives of 1% to 10% cash back. At any time, cash in your coupons and immediately pass them to your bank account.
The HealthAid. Earnin plans to carry out this new feature soon, supporting users dealing with large medical bills. Send a photo of the bill and encourage a HealthAid representative to bargain or hammer out a payment agreement at a reduced price. Whatever dollar price you feel is appropriate for the service, you pay Earnin.
Any of the functions of Earnin and Chime are merged with the Dave software. It’s an anonymous bank account with no minimum balance that also includes a cash advance without interest.
In other accounts, the bank pays out the money if you make a deposit that is higher than you have in your account and then threatens you with a stiff bill. Dave takes an approach that is different. It tells you that you are at risk of overbalancing and offers you the option to apply for a cash advance from your next paycheck of up to $100. There is no attraction, and a credit check is not appropriate.
Other features for Dave include:
Electronic Checking for Free
Fee-free connections to 32,000 ATMs across the world
The ability to freeze your card and unfreeze it using the app
Based on your monthly spending, automated budgeting
Reporting to the credit bureaus your rent payment to help you create credit without a credit card
A Side Hustle feature to connect you to your area’s money-making gigs
Dave’s got a monthly minimum fee. But you receive credit to cover the charge if you connect your debit card to the app and use it to make transactions at qualifying partner locations.
MoneyLion is another online banking service that provides cash advances. Its Instacash feature lets you borrow up to $250 with no interest and no credit check from your next paycheck. This function is available 24/7, and within seconds, the money appears in your account.
MoneyLion has two membership tiers. Its free membership with Key offers:
Checking Zero-Fee. No recurring payments, no minimum balance fees, and no overdraft fees are required for a MoneyLion checking account. It also provides you with fee-free access to over 55,000 ATMs globally.
Managed Zero-Fee Investing. It’s not just MoneyLion for investing. It helps you to move funds from your bank account into an exchange-traded fund portfolio designed to meet your risk tolerance. It is managed fully, but it has no management costs and no trading fees. There’s even an automated investment feature to make investing quick.
Payment Management for Free. A free credit-monitoring program comes with your MoneyLion Core membership. It helps you to access your entire credit report, review your credit score for free at any time, and see if it might be influenced by various acts.
Fraud Defense for Free. If it senses unusual usage on your account, MoneyLion sends you a warning. It also helps you, via the app, to lock and unlock your debit card.
Rewards Cash-Back. Soon, for debit card transactions, there will be a feature that lets you receive up to 12 percent cash back. In addition, credits can be received for good financial habits, such as monitoring your balance, paying bills on time, and keeping your credit use minimal.
Upgrade to a paying MoneyLion Plus membership and more features. It offers you the same perks as core membership, including access to credit-builder loans with low interest rates. Borrow up to $500 at just 5.99% APR, get accepted immediately, and promptly pay it back.
Another feature arriving soon offers prizes to Plus participants known as payouts for Lion’s Share. Each month, depending on how many days you log into the app and make purchases, you can receive up to $19.99 per month. Your Plus membership will pay for itself with this functionality.
PayActiv isn’t something that you use for your own, unlike other payday advance applications. Instead, it is given to you by your boss as a bonus. Its key feature is what it calls the right to receive your earnings as soon as you earn them, “earned wage access,” or EWA.
PayActiv helps you to receive up to 50 percent, up to a limit of $500, of the wages you have already received. Transfer the money to your bank account, use it online to pay bills, transfer it to a credit card, or even collect it from a special PayActiv ATM in cash. Every time you use it, the app costs a flat fee of between $0 and $5, based on the service of your boss.
PayActiv provides financial counseling for staff, along with EWA. It has resources to help you track your spending, make a schedule, automate your deposits, set up your bank direct deposit, and instantly pay bills. In order to help you minimize mortgage payments, it also provides free credit counselling. When your revenue or expenditures change, you will assess your progress towards your financial targets and make changes.
For employers as well, PayActiv has advantages. It helps increase employee retention, lowers morale, recruits more hires, increases productivity on-the-job, and also decreases health care costs due to stress. The program does not cost employees much and only takes two days to set up. Walmart is one of the biggest companies to use it, currently selling it to 1.4 million workers.
The FlexWage app operates a bit differently from DailyPay and PayActive for employees. You get a reloadable debit card for your salaries, which takes the place of a paper paycheck, when you sign up for the app as an employee. This grants you direct access, unlike a check you deposit at the bank, to your money on payday.
The OnDemand Pay feature lets you order an advance if you need money before payday arrives. It is up to the boss, though, to determine how much the functionality is available and what the advance cap is. The fee you pay for this service varies by employer as well.
Particularly for tipped workers, such as restaurant servers, an additional feature, called FlexPay, is. At the conclusion of their turn, it helps them to collect all their tips on their pay card automatically. It’s smoother than asking for credit card payment tips and smarter than leaving work with a big cash amount. FlexPay also encourages employers to pay contract contractors or make one-time payments to their regular employees, such as fees, bonuses, and per diem.
You are also granted access to a financial wellbeing service named Sum180 by FlexWage. It helps you to:
In one spot, connect and access all of your financial accounts
Create a budget for starts in seconds
Receive financial advice and challenges every day
Read more detailed details on interesting financial issues
Speak to a coach on financial wellbeing
Engage with a group online
FlexWage lets workers save money by eliminating the need for paper paychecks, in addition to enhancing workplace loyalty. From fast-food joints such as Burger King to high-end eateries such as Ruth’s Chris Steakhouse, many well-known restaurant chains use this app.
As a bonus, DailyPay is another app for employees to sell. It allows you priority, like PayActive, to a portion of the salary you received before payday.
You generate a credit in your DailyPay account for every hour you work, which you can then pass to your bank account at any time. To collect your money by the next business day, the app charges a fee of $1.25 per transfer or $2.99 to receive your money immediately. You collect your daily paycheck as payday rolls along, minus any advances you’ve requested. Often, DailyPay helps you to set up automated transactions at particular times.
DailyPay boasts that it will help workers recruit about twice as many job seekers, minimize unemployment by more than 40%, and boost the motivation of workers by more than 70%. The app doesn’t cost employees much and needs no updates to their regular payroll process. Vera Bradley, Westgate Resorts, and The Maids International have businesses that use it.
Another payday advance app built specifically for contractors is Branch. This keeps track of their workforce: who’s sick, who’s on leave, and who’s working the shift. To take time off, swap shifts, and collect schedule updates, employees use their cell phones. Managers will see how many shifts they have open for this knowledge so that they can reassign them or, if necessary, recruit temporary staff.
For jobs, Branch provides tactics to get ahead financially. Aside from engaging with other staff, the software allows you to:
Establish a budget
Early access to your salary
Create a profile to illustrate your talents as a worker.
Solicit additional shifts to gain extra cash
This free tool is used by several major corporations, including Target, Walgreens, Lowe’s, and McDonald’s.