The fee to be paid for each loan you take will vary according to the state that you are in. However, the lender offers excellent incentives for anyone that makes timely payments consistently. For example, 24 consecutive monthly on-time payments will earn you a 50% interest rate on your next loan. Continue this up to 36 months and your next loan will cost just 36% interest.
- Offer large loan amounts of up to $5,000.
- Have relatively low APR of about 299%.
- Offer flexible repayment plans.
- Only available in 17 states throughout the country.
1. Earnin App | Best for workers with hourly wages
Earnin’s loan app has become one if not the most famous lenders in the market. The main reason for this is that the firm allows individuals who are paid by the hour to book the hours worked and get their money paid in advancements when needed. This is a great option on loan apps for individuals who are living paycheck to paycheck and that can not wait till the end of the month to get paid.
Even though the limit for advance loans is only $500 a month, millions of Americans have appreciated the service from this app during its time operating. Another important aspect of the app is the fact that instead of being charged a regular fee or a commission, the company allows individuals to tip for their service. Leaving the amount to be paid to their own personal judgment. While the entire market has taken a very minimalistic approach to their applications, not all of the firms have actually reached the level needed for it to work. Earnin has to be one of the few that truly mastered the simply layout without making the entire platform look and operate cheaply.
Just like most of the other names from this list Earnin allow for full integration of your bank accounts and the app. This will help you manage everything you have and what you owe directly within one single application. It is one of the main reasons why individuals who are not interested in payday loans take advantage of the app.
- The provider charges friendly fees and interest rates on borrowed amounts
- Earnin provides an easy to use platform.
- The maximum borrowing limit of $500 per month here may be considered limiting
- It is not perfect for freelancers and self employed individuals as the amount you can borrow depends on the hours already worked
2. Brigit Loan App | Best for Fast Funding
Brigit is not your traditional Payday Loan provider, instead, it is the perfect example of a great idea beautifully executed. Instead of simply having to deal with a firm whose only intention is to charge you obscene fees and interest rates, Brigit has proven to be a name that will take care of you and your Going Here finances with this loan app.
The entire offering of products circles around their smartphone app, not only it is a minimalistic and well-developed platform, but it is also one of the best options fast cash offering with amounts up to $250. Another point where this firm excels is at execution, to put it into perspective requesting a loan might get your funds in your bank account in less than four hours. One might say that walking out of a branch or office with cash in hand can be faster but definitely not more convenient and safer.
Another point where Brigit truly destroys their competitors is the fact that it tracks your spending and also your income. This permits individuals to forecast the balance they will have in their bank account at the end of the month, allowing you on a high level to prognosticate the requirement of cash. In those scenarios, you might even program for money to be transferred automatically once the forecast is showing a negative balance before the end of the month or before your next paycheck.