Best Apps for Borrowing Money


There are various loan apps available out there that allow you to borrow some money from your next paycheck. This is a quick fix that is often helpful whenever you need cash for an emergency situation. 

Unlike borrowing with your credit cards or taking personal loans from banks, loan apps don’t come with interest rates. Instead, the apps often charge expedited or subscription funding fees. 

The best loan apps approve your loan quickly and very easily. However, not all apps offer suitable terms to borrowers. Some offer nothing more than payday loans with terrible repayment terms. 

Here are four of the best loan apps that allows you to borrow some cash against your future earnings: 

1.Cash App

Cash App is a peer-to-peer payment platform that enables easy sending and receiving of funds. The latest Cash App feature allows you to loan money in advance against your next paycheck. 

This loan app is a convenient and fast idea as compared to conventional loan options. Most people have wondered how to borrow money from Cash App. After comprehensive testing, the borrowing feature is now accessible to many users. 

Funding of loans is almost instant with Cash App. You will be required to repay the loan within a month or less. 

How it Works

To qualify for a Cash App loan, you must deposit money regularly into your Cash App account. The borrowing limit increases the more regular your deposit is. 

It loans up to $200 and charges only a flat fee of 5%. You have one month to pay off loans from Cash App. 

Also, there is an additional week of grace before Cash App charges you any further interest. Cash App charges an extra 1.25% per week if you’ve missed the grace period. 


  • Offers loan amount of up to $200
  • The flat fee charge is significantly lower than payday loans
  • Suitable for multiple financial obligations 


Charges may build up over time

Extra charges incurred for late refunds


This loan app is another excellent loan app. Chime is a mobile company offering checking and savings accounts. 

They also offer credit-builder loans and allows customers to overdraw their accounts in small amounts. These amounts usually do not require any fees whatsoever. 

Chime uses the SpotMe feature, which provides more overdraft protection than the usual cash advance. At the same time, the company will ask if you would like to tip for their service. 

How it Works

You need to make regular deposits into your chime account every 31 days to be eligible for the loan. The limit begins at $20 and increases based on the activity on your account. The limit can grow up to $100. 

The loan is almost instant, and repayment is via the next direct deposit. This is usually on your next payday. If Chime lends you $50, you will repay the balance in a week with an additional $1 tip. Therefore, you’re getting a loan with an APR of 104.3%


  • Instant funding
  • No fees incurred
  • Better customer overdraft protection


It does not cover larger expenses


Dave is a reliable loan app that offers loans from $5 to $200. Like the apps discussed above, Dave also does not charge interest fees. 

This loan app only requires a monthly membership fee of $1 for compensation. You also need to link your bank account before you benefit from the service. 

An optional tip comes with the Dave app. Adding the optional tip would mean that your payment helps to access your earnings. Average tips are usually 0.05% per $200. 

How it Works

You need some form of constant income to be eligible for a loan in the Dave app. Most of the time, Dave will also require you to show a positive bank account balance. 

If eligible, you can get a load of up to $200. Receiving funds can be either by express or standard delivery. 

The transaction is free. However, it may take two to three working days for funds to get to your account. Express delivery incurs a charge between $1.99 to $5.99 for a transaction. This delivers your funds in less than eight hours. 

The default setting for repayment is your next payday. However, you have the opportunity to change it. 


  • No interest rates
  • Best suited for small advances
  • “Side hustle” feature for users to find gigs and earn more money
  • Flexible repayment date


Loan funding is not instant

The maximum loan is $200


The slogan ‘Make Any Day Payday’ says everything about Earning. This loan app bridges the gap between what you have earned already but haven’t collected. 

Earning allows you to borrow up to $100 from your next paycheck. This loan will not incur any exorbitant fees, as seen with payday loans. 

It will be best to note that the Earning app comes with advanced technologies. It allows you to borrow money that you feel you will earn within a stipulated period. 

Earning requests for a tip upon every transaction. Therefore, there is no problem with interests or charging fees. You can tip up to $14 depending on your choice. 

How it Works

The company requires you to know your workplace and your bank location. The app then uses its advanced algorithms to track your working hours. 

This way, Earning multiplies your work hours by your hourly rate. You can then use the ‘cash out’ feature to require the money earned on the day. 

When it is time for repayment, the app automatically withdraws the amount you received from your bank as soon as your paycheck gets deposited. 


  • Enables you to pay a tip you feel is fair
  • Lends up to $100 per day 
  • Great for low tips and fees


  • Tips may build up over time
  • The app tracks your location


Loan apps are customer-friendly options that let you collect funds quicker. They allow you to borrow small amounts until your next paycheck. 

Despite the added benefits, loan apps may subject you to privacy and security issues. Therefore, you must compare the various apps available and choose the one that best meets your needs.