Generally, people run out of budget for routine needs like groceries, medication, or transportation before payday. Even numerous circumstances compel them to prioritize expenses and bills and connect with payday loan providers for quick cash.
According to a 2023 survey by Payroll.org, a staggering 78% of Americans live paycheck to paycheck. This means three out of four Americans struggle to save or invest after covering their monthly expenses.
Have you ever found yourself in a situation where your payday is just around the corner, but your finances are stretched thin? Yes? You would be happy to know that with the technical advancements, the digital landscape has already greeted various best apps, like MoneyLion, to meet their cash advance needs.
Whether you are an app user or a merchant looking to expand your instant cash business, a cash advance app can be a win-win situation for both parties. How?
This blog post will unveil all the basic facts you need to know, like what an instant cash advance app is, how the MoneyLion app works, the top 15 cash advance apps, steps to build a cash advance app like MoneyLion, the cost to build, and more.
Stay tuned to clear up your doubts!
What are Instant Cash Advance Apps?
Instant cash advance apps are like short-term loan providers just a tap away, providing users access to a predefined, limited amount of money. This helps them cover temporary gaps in their income.
Such apps that give cash advance can offer short-term loans like MoneyLion, repayment on the next payday, early access to paycheck, and more.
Cash advance app development includes creating a mobile app that permits users to borrow a small sum of money easily and quickly until their next paycheck.
MoneyLion Instant Cash App – Overview
MoneyLion instant cash app, one of the free instant cash advance apps, is a financial mobile application that offers users seamless access to small, short-term loans. It’s crafted to help users cover unpredicted expenses.
Key Features
- Flexible Loan Amount
- Quick and Easy Access to Funds
- No Credit Check
- Additional Financial Tools
Users leverage the MoneyLion instant cash app to beat financial emergencies. However, it’s essential to understand the associated fees and use them responsibly.
Best Cash Advance Apps – Latest Facts and Figures
The global cash advance app market stats are unexpectedly expanding. Watch some of the below to understand the scenario revolving around it.
- By 2032, the global cash advance service market will likely be valued at $138.5 billion, recorded as $73.7 billion in 2022. The surge is expected at a CAGR of around 6.6% from 2023 to 2032.
- A cash advance app allows quick access to funds instantly or within a day.
- By 2029, the global merchant cash advance market size is predicted to grow and reach $26.3 billion, with an annual growth rate of about 5.03% through 2019 – 2029.
The facts and figures above state how helpful a best cash advance app is for users and businesses. Next, we will discuss how an advance cash app works.
How Does A Cash Advance App like MoneyLion Work?
The advanced cash app works by providing a small loan amount. Let’s talk about the working in detail sequentially:
- Download the app and fill in every detail needed for a quick approval process.
For example, In MoneyLion, the users’ income deposits and account activity are checked.
- On approval, the users request an amount in advance.
For example, MoneyLion usually deposits the money into the users’ linked bank account with a repayment date for the next payday.
- The advance repayment (given) is made by automatically drawing the amount plus the applicable fees from the linked account on the set due date. Or a manual repayment can be made beforehand using the app.
This is the general workings of a cash advance app, and you can decide how your app would work by incorporating distinctive features and functionalities.
Top Instant Cash Advance Apps In The Market
What are good cash advance apps? What apps give instant cash advance?
Let you know there are a plethora of MoneyLion alternatives available in the market that offer instant cash advances.
1. Dave – Banking & Cash Advance
Downloads: 10M+
One of the best cash advance apps, Dave, allows users to borrow money after opening an account with them. They offer instant advance cash up to $200 without any extra fees. Instant cash advance like Dave, is usually opted for as it is well-recognized as a good advance loans app. This app is generally opted for because it offers instant cash advance no subscription charges.
Top Features
- $500+ amount in five minutes or less.
- No hidden fees
- Upto 2 days early payment
- Personalized savings
| Pros | Cons |
| No fee is charged for standard advances | Allow limited advance amounts |
| Easy-to-use interface | It may need to link a bank account |
| Budgeting and credit score monitoring | Potential fees for expedited advances |
2. Brigit: Borrow & Build Credit
Downloads: 5M+
Using one of the best cash advance apps that work, you can buy credit, track your spending, and save money when you connect with 4+ million users. Apps like Brigit let users apply for a 24-month loan and offer a credit builder service.
Top Features
- Build credit and save money.
- Get cash fast
- Protect your money
- Budget smarter
- Instant loan offers
| Pros | Cons |
| Permit budgeting and financial coaching | A monthly subscription fee is charged |
| Automatic advances | Limited to members with good financial habits |
| Up to $250 advance | It may demand linking a bank account |
3. EarnIn: Make Every Day Payday
One more cash advance app like EarnIn provides users access to about $100 of their earned wages every day before payday. They don’t have to pay an extra amount, interest, or hidden costs. Pay advance apps like Dave and MoneyLion, EarnIn offers round-the-clock support with
Top Features
- Speedy access to the amount
- About $750 per pay period
- Free credit score tracking
- 24/7 support
| Pros | Cons |
| Up to $750 per pay period | It may need to link a bank account |
| Allow early access to earned wages | Optional tips can raise fees |
| No credit check | Limited to employees of participating companies |
4. MoneyLion: Bank & Earn Rewards
Downloads: 5M+
For better money decisions, you can go for the app for cash advance like MoneyLion. It’s one of the top loan apps like Dave that permits access to personal financial resources, mobile banking, cashback rewards, and fast cash advances for extra money whenever needed.
Top Features
- Quick money advance access
- Rewards and cashback
- Credit builder loan
- Cashback on daily spending and significant financial decisions
| Pros | Cons |
| Instant cash advances | The monthly subscription fee for a few features |
| Credit score monitoring | Limited to users with good financial habits |
| Budgeting and investing tools | It may demand linking a bank account |
5. Klover – Instant Cash Advance
Downloads: 1M+
One of the top cash advance apps that loan you money same day, Klover provides varied financial tools and services. A standard cash advance of up to $100 can be offered to the users with a same-day option for an express fee. Apps like Klover are some of the best money borrowing apps that work.
Top Features
- Easy points scoring
- Daily money win
- Zero late fee
- Up to $100 daily
| Pros | Cons |
| Permit budgeting and credit score monitoring | It may mandate linking a bank account |
| No fee for standard advances | Little advance amounts |
| Easy-to-use interface | Possibility for fees for expedited advances |
6. Branch – Digital Bank & Loans
Downloads: 10M+
What other apps like earnin can help you with a quick small cash advance? The Branch is one of the best loan advance apps. Now, you can transfer and save money in the branch wallet and instantly pay your bills. Personal loans range between Ksh 500 to Ksh 300,000. It is one of the widely downloaded newest cash advance apps without subscription plans that demand no fee for standard advances.
Top Features
- No paperwork or office visits are needed.
- Easy access 24/7
- easy and quick sign-up
- Lower fees
- Flexible payment option as your reply
- Use your money per your wish
| Pros | Cons |
| No credit check | It may require linking a bank account |
| Early access to earned wages | Optional tips may increase fees |
| Budgeting and credit building | Restricted to employees of participating companies |
7. Affirm
Downloads: 10M+
More leading apps like the earnin app, with the buy now pay later option Affirm, allow users to buy goods without worrying about hidden costs, late fees, and fines.
Top Features
- Pay overtime at any store.
- Provide access to exclusive costs and discounts
- Manage account easily and make payments
- Open an account with no fees or minimums
| Pros | Cons |
| Buy now, pay later options | IVaried range of interest rates |
| Flexible repayment terms | Restricted to participating retailers |
| Up to $1,000 advance | May demand a credit check |
8. AfterPay – Buy Now, Pay Later
It is one of the new apps like Dave that’s gaining traction these days. As its name indicates, AfterPay is like MoneyLion, which permits users to buy anything and pay for it later. With its shopping app, users can browse the stores, products, brands, gift cards, and discounts across various items.
Top Features
- Exclusive shopping
- Sale and price drop alert
- Allow increasing spending limit
- 24/7 customer support
| Pros | Cons |
| Up to $1,000 advance | Late fees and extra charges may apply |
| No interest if the total amount is paid within 4 installments | Limited to participating retailers |
| Easy-to-use interface | May need a credit check |
9. Cleo: Budget & Cash Advance
Downloads: 10L+
AI money coach Cleo assists users in saving, budgeting, getting a cash advance, or building credit in low-balance moments. An app like Cleo that loan money is where AI meets money. It converts stressful money life into an easy chat where you can learn about your finances and ask questions. Cash Advance like Cleo is one of the top apps to get instant cash. Top 5 cash advance apps like Cleo that work with Chime offer varied benefits, like budgeting, debt management, and help in attaining savings goals.
Top Features
- Offers limitless budget
- Smooth approvals
- Lower interest rates
- Higher credit limits
- Credit builder card
| Pros | Cons |
| Allow budgeting and financial coaching | Monthly subscription fee |
| Instant cash advances | Little advance amounts |
| Easy-to-use interface | May need linking a bank account |
10. Payactiv
Downloads: 500k+
What apps give you money instantly? If you are looking for apps that provide front money, you can go for this one of the best cash advance apps 2024. Users are paid as they earn through employer participation. They get their wages from hours they have worked directly into their bank account or the Payactiv card.
Top Features
- Faster access to money
- Easy, instant, and free mobile payments
- Real-time insights on what’s possible to save.
- Banking without any hidden charges
| Pros | Cons |
| Early access to earned wages | Optional tips can raise fees |
| Up to $500 advance | Fixed to employees of participating companies |
| No credit check | May mandate linking a bank account |
11. Avant Credit
With this cash advance app, you can manage your credit or loan from anywhere. One of the top lenders like possible finance app, the Avant, eases users’ loan management. With this app, you can borrow better as it’s a leading online lending platform that offers access to credit through a simple and fast experience.
Top Features
- Better loan management
- Fast loan or card application through a website
- Simple payments management
- Alerts for account status
| Pros | Cons |
| Up to $3,500 advance | Interest rates vary |
| No prepayment penalty | Restricted to approved applicants |
| Flexible repayment terms | It may need a credit check |
12. Ingo Money App – Cash Checks
Downloads: 1M+
Ingo Money app is the top instant paycheck advance app that lets you borrow money instantly. This app even offers personal checks, business checks, cash paychecks, and almost every type of check, anywhere, anytime. Only a few minutes are required; apps for instant money offer users money in their banks, PayPal accounts, and prepaid cards.
Top Features
- Only approved money is funded.
- Approval review generally takes 3 to 5 minutes and, in rare cases, up to an hour.
- Guaranteed money
- No check cashing lines
- No take-backs
- No deposit holds
| Pros | Cons |
| Peer-to-peer payments | Limited advance amounts |
| Up to $100 advance | It may require linking a bank account |
| Easy-to-use interface | Potential for fees |
13. Possible: Fast Cash & Credit
Downloads: 1M+
Have you ever been to the best online places like possible finance? The Possible, one of the top 15 cash advance apps 2024, like MoneyLion, allows users to get cash faster with no late fees. It’s challenging to find apps that offer easy loans like Possible. Even with bad or no credit history, the users can get up to $500 in minutes. Existing Possible Card users can manage their cards using this app. Apps like Possible Finance are good cash advance apps.
Top Features
- Faster and convenient payment options
- No late fees or any penalty fees are charged.
- Allow payment to be rescheduled up to 29 days without impacting your credit score.
| Pros | Cons |
| Early access to earned wages | Optional tips can boost fees |
| No credit check | It may mandate linking a bank account |
| Up to $250 advance | Determinate to employees of participating companies |
14. Axos All-In-One Mobile Banking
Downloads: 100k+
Do you need money now app? Axos believes Your Money, Your Way is true. It delivers smart personal and business finance faster. You can plan on your terms Whatever you need, borrow, bank, or invest. You can even move and access your money with ACH direct deposits, transfers, and deposits. This is one of the top-rated cash advance apps that spot you money without direct deposit.
Top Features
- Track savings
- Manage accounts
- Pay bills
- Monitor credit score
- Early direct deposit
- One-time and recurring bill pay
- Wire transfers
| Pros | Cons |
| Up to $500 advance | May demand linking a bank account |
| Allow checking and savings accounts | Restricted to approved applicants |
| No fee for standard advances | Possibility for fees for expedited advances |
15. Empower: Advance & Credit
Downloads: 10L+
Your search for what apps let you borrow money until payday ends here. Being a financial tech brand for users, Empower provides a 14-day trial if you are a first-time customer. After the trial ends, this app charges an auto-recurring fee of $8 monthly. The user can cancel the subscription anytime before the end of the trial. The apps that give you money right away are ruling the market as people usually look for apps that lend you money till payday.
Top Features
- Get cash advance instantly.
- Boost limit to $1,000
- No security deposit or credit score to qualify
- Get eligible for an increased credit limit on successful payment of at least a minimum amount by the payday.
| Pros | Cons |
| Budgeting and financial coaching | Charges monthly subscription fee |
| Easy-to-use interface | It may require linking a bank account |
| Up to $250 advance | Limited advance amounts |
These are the top 15 legit cash advance apps like MoneyLion that you can opt for to meet your instant cash advance needs.
Top 15 Cash Advance Apps – Have a Quick Recap
A quick review of the apps where you can borrow money.
| App Name | Number of Downloads (Approximate) | Fees | Other Features |
| Dave | 10 million+ | No fee for standard advances, optional tips | Budgeting, credit score monitoring |
| Brigit | 5 million+ | Monthly subscription fee | Budgeting, financial coaching |
| EarnIn | 15 million+ | Optional tips | Early access to earned wages |
| MoneyLion | 5 million+ | No fee for standard advances, optional tips | Investing, budgeting |
| Klover | 1 million+ | No fee for standard advances, optional tips | Budgeting, credit score monitoring |
| Branch | 10 million+ | No fee for standard advances, optional tips | Budgeting, credit building |
| Affirm | 10 million+ | Interest rates vary | Buy now, pay later options |
| AfterPay | 10 million+ | No interest if paid in full within 4 installments | Buy now, pay later options |
| Cleo | 5 million+ | Monthly subscription fee | Budgeting, financial coaching |
| Payactiv | 1 million+ | Optional tips | Early access to earned wages |
| Avant Credit | 1 million+ | Interest rates vary | Personal loans |
| Ingo Money App | 1 million+ | No fee for standard advances, optional tips | Peer-to-peer payments |
| Possible | 1 million+ | Optional tips | Early access to earned wages |
| Axos All-In-One Mobile Banking | 1 million+ | No fee for standard advances, optional tips | Checking and savings accounts |
| Empower | 1 million+ | Monthly subscription fee | Budgeting, financial coaching |
Top Features of a Cash Advance App Like MoneyLion
To create the best advance cash app, you must include the features below that can make it worthwhile.
| Feature | Description |
|---|---|
| Cash Advances | Allow users to borrow a small amount (usually up to $500) until their next payday. |
| Automatic Repayment | Provide an alternative to set up automatic repayment from the user’s linked bank account on the due date. |
| Secure Transfers | Seamlessly integrates with secure payment gateways for quick or instant deposits to users’ bank accounts. |
| Fast and Easy Approval | Easy loan application process with quick decisions. |
| User-Friendly Interface | Intuitive and straightforward design for a smooth and easy navigation experience. |
| Overdraft Protection | The app can protect overdraft fees on their linked account. |
| Financial Tools | It may include spending trackers, budgeting tools, or financial education resources. |
| Reward Programs | The app may offer cashback rewards for app usage or debit cards for purchases. |
| Credit Building Tools | It may provide top features to help enhance credit scores, like credit score monitoring or secured credit card options. |
A cash advance app may include only some of the features mentioned above, but ensure that it incorporates essential ones to make your app worth downloading.
Advanced Features To Consider For Cash Advanced App Development
After you find your app thriving in the market, you need to realize that this is the time to append advanced features to your cash advance app. It will meet the unique requirements they expect from money borrowing apps and will make your app stay competitive.
We have curated a table of possible advanced features of instant pay apps.
| Feature | Description |
| AI-powered financial analysis | Leverage artificial intelligence to scrutinize user spending patterns and offer personalized financial advice. |
| Integration with other financial tools | Connects with other financial apps or services, like investment platforms or budgeting tools. |
| Real-time credit score monitoring | Tracks and updates users’ credit scores in real time. |
| Social features | Permits users to connect with community members or friends to share financial advice, tips, or support. |
| Gamification elements | Includes game-like elements, like rewards or challenges, to make financial management more interesting. |
| Personalized financial coaching | Offers tailored financial advice with perfect guidance based on individual requirements and goals. |
| Biometric authentication | Utilizes fingerprint or facial recognition to safeguard user accounts and secure sensitive financial information. |
| Voice-activated commands | Lets users interact with the app using voice commands. |
| Integration with wearable devices | Permits users to track their financial data and spending directly from their wearable devices. |
| Dark mode | Offers a dark theme for the app, which can be easier on the eyes in low-light conditions. |
While including advanced features for your apps that give you an advance on your paycheck, refer to this remarkable table.
How To Build A Cash Advance Mobile App – Steps to Follow
Now that you are aware of the reliable cash advance mobile apps that are ruling the market, it’s time to learn how you can build a basic cash advance app in easy steps.
Developing an instant cash advance app that offers installment loans like MoneyLion demands a multi-step approach; let’s elaborate below:
1. Deep Research & Planning
Start with market research, analyzing the digital landscape, identifying the target audience, and understanding users’ needs. Define your app’s USPs and business model for revenue generation.
2. Regulatory Compliance
Conduct research and ensure your applicable financial regulations in the target market. Remember to prioritize strong data security measures to safeguard user information.
3. App Development
A team of certified and professional developers builds the app’s core functionalities, like apps for loans, repayment options, secure payment processing, etc. A creative UI/UI designer crafts an intuitive, user-friendly interface for a smooth user experience.
4. Testing & Launch
The QA experts perform rigorous testing of your cash advance app, including testing all the security protocols and functionalities before the app launch.
5. Ongoing Maintenance & Updates
Consistent identification of bugs and releasing security updates maintain user trust.
Building the best payday loans app demands a perfect combination of technical skills, financial expertise, and a user-centric approach.
How To Choose The Best Cash Advance App?
What apps give you cash advance instantly? While picking the best instant cash advance app, you need to consider the top three aspects described below:
1. Loan Amount
First, determine your routine needs and decide which app holds the caliber to offer you the same amount.
2. Processing Time
On average, the processing time for money apps like MoneyLion takes 1-3 days. Choose the one that can offer quick delivery, even within a day.
3. Repayment Time
Some of the best get cash now apps offer variable payment dates, like Brigit, while most aim at upcoming paycheck dates.
If an instant cash advance app meets the above-mentioned factors, you can download it and reap the benefits of your advance cash needs.
Why Prefer Instant Cash Apps Like MoneyLion Before Payday Loans?
The ease of use and quickness make the real payday loan apps, like MoneyLion, win the race. It is a reliable app that gives you money before payday. The users only need to sign up to access instant advance cash. Of course, there are various apps you can find in app stores that provide fast delivery services to offer users the money right when they need it.
How are such quick cash apps better than payday loans?
We will take some aspects to state this fact:
1. Cost
As compared to payday loans, online cash advance apps charge a lower amount (commission). Payday apps demand high fees and interest rates.
2. Repayment
The former apps provide a short period to the user’s next payday or even manual payments (before the due date), which means flexible repayment options.
On the contrary, payday loans usually arrive with shorter repayment alternatives (around two weeks).
3. Transparency
Apps for payday advances usually have a transparent fee structure, while payday loan apps like earnin have hidden fees.
4. Effect on Credit Score
Instant money apps don’t directly impact credit scores (commonly), while payday loan apps perform a hard credit check that harms credit scores.
So, these aspects are enough to decide which are the best apps (instant cash advance apps no credit check or payday loan apps) to get cash advance.
How Much Does It Cost To Build A Best Cash Advance App Like Moneylion?
The exact cost to develop the top cash advance app demands details of some essentials, like the app’s type, complexity, number of features to include, UI/UX design, and much more. This states you need to be clear and put forth this information while consulting with a mobile app development company.
On average, the cost to make an instant cash loans app ranges between $20,000 and $200,000. The figure may fluctuate depending on the price parameters, like the app’s complexity, features, functionalities, region of the developers you hire, the platform you want your app to run, devices, mobile app development teams’ expertise, etc.
Why Start Your Cash Advance App Development Project with EmizenTech?
Are you looking to transform your instant cash app concept or any other fintech app idea into an authentic product? If yes, you should hire expert mobile app developers with the required knowledge in fintech app development and offer custom cash advance app development services meeting your distinctive requirements.
EmizenTech is a trusted mobile app development company backed by professionals with years of experience who have accomplished successful projects per clients’ expectations and objectives.
Key Highlights of EmizenTech
- Clutch Awarded (Clutch Champion for Spring 2024, Clutch Global Leader for Spring 2024)
- Free Consultation
- Competitive Pricing
- Agile Development Approach
- Team of Experienced Developers
- On-time Project Delivery
- No Hidden Cost, etc.
Conclusion
Developing an instant cash advance app can benefit your business because of the growing demand for a small cash amount, increased revenue generation, reduced overhead costs (compared to traditional loan services), automated tasks, improved user engagement, competitive advantage, etc.
The more cash advance apps benefit your business, the more they demand user data security and expected service delivery. Hiring app developers can help you with a seamless app development journey with a relaxed and stress-free mind.
You can scan the top 15 cash advance apps mentioned above, like MoneyLion, and integrate the features and functionalities you want into your app.
Contact a fintech app development company, like EmizenTech, to build the best cash advance app to thrive in this instant advance cash landscape.
Frequently Asked Questions
It takes 16 to 20 weeks to create a cash advance mobile application similar to MoneyLion. The timeframe may fluctuate depending on the factors affecting the cost, like the app’s complexity, type, development platform, etc.
Companies like Brigit generate revenue by choosing varied methods, like subscription fees, interest on loans, transaction fees, lead generation, etc.
You can hire a team of expert mobile app developers, leading fintech specialists, API developers, etc., from a reliable mobile app development company to build apps like MoneyLion.
If you ask which cash advance app is best, most of the answers will point to MoneyLion, an instant payday app. MoneyLion arrives with a broader range of financial services far ahead of cash advances, including credit score monitoring, budgeting tools, and investing options. That’s why it’s a more comprehensive financial solution than other traditional free payday advance apps that give you an advance on your paycheck.
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