Fortunly's Guide
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The Best Money-Loaning Apps on the Market

Written By
G. Dautovic
Updated
July 03,2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

When borrowing money, your options include going to a bank or turning to friends or family. However, a new option is becoming increasingly popular: Money-loaning apps allow you to borrow quickly and easily without having to go through the hassle of dealing with a bank. In this article, we will review the best money-loaning apps on the market and help you decide which one is right for you!

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Top-Rated Money-Loaning Apps of March 2024

OVERVIEW

If you're looking for a quick and easy way to get a loan, Chime is the perfect app for you. The fintech company behind it works by issuing Visa debit or credit cards to users, earning most of its revenues from interchange fees. With its simple interface and fast approval process, you can get the money you need in just a few taps. And if you’re worried about interest rates, don’t be - Chime comes with no interest rates or overdraft fees. Read Review

  • All accounts are FDIC insured
  • No overdraft fees
  • Easy to qualify for
Learn More
On Official Website
Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$200
Funding time:
Up to five business days
OVERVIEW

Brigit is one of the best apps for lending money that offers users quick and easy access to cash when they need it. The app is designed to help users avoid expensive late fees and overdraft charges, and it offers the Free plan at no monthly charge and the Plus plan at $9.99 a month. Brigit is a great option for anyone who needs a short-term loan, and it is an especially good choice for those who may have trouble qualifying for a traditional bank loan. Read Review

  • No credit check
  • No interest or tip fees
  • Identity theft insurance
Learn More
On Official Website
Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$250
Funding time:
One to three business days
OVERVIEW

Dave is an app that offers short-term loans to cash-strapped individuals. Unlike many other loan providers, Dave does not require a credit check or collateral. Instead, the app uses data from your bank account to assess your financial situation and determine your loan amount. If you need quick cash, Dave is a convenient and accessible option. Read Review

  • $500 maximum advance
  • Low monthly membership fee
  • No late or hidden fees
Learn More
On Official Website
Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$500
Funding time:
One to three business days
OVERVIEW

The Earnin app allows people to access earned wages before payday, but avoid high fees and interest rates associated with payday loans. This app for borrowing money is free to download and use. There are no monthly fees or hidden charges. Read Review

  • Early paycheck access
  • No fees or interest
  • Fast funding
Learn More
On Official Website
Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$500
Funding time:
One to two business days
OVERVIEW

If you're looking for a convenient, affordable, and flexible way to get a loan, then you should definitely check out MoneyLion, one of the best apps for loaning money. With MoneyLion, you can apply for a loan anytime, anywhere - all you need is your phone. And because loans are based on your financial history and not your credit score, you’re more likely to be approved for a loan with MoneyLion than with a traditional lender. Read Review

  • Large free ATM network
  • 0% APR cash advance
  • No minimum balance
Learn More
On Official Website
Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$250
Funding time:
Up to two business days
Evaluation Criteria

How We Evaluate Money-Borrowing Apps

On our journey to find the best money-loaning app, we looked at a variety of factors.

First, we considered the interest rates that each app charges. We also looked at the fees associated with each loan and the repayment terms.

Finally, we took into account the customer reviews for each app to get a sense of what users think about their experience. Read on to find out why each of these factors is important.

Interest Rate

When choosing a money borrowing app, it's important to consider the interest rate that will be applied to your loan. The interest rate will determine the total amount of money you’ll need to repay, so it’s important to choose an app with a competitive rate.

There are a few factors that will impact the interest rate offered by a borrowing app, including your credit score and the length of time you need to borrow the money. In general, the higher your credit score, the lower the interest rate you’ll be offered.

And, the longer you need to borrow the money, the higher the interest rate will be. So, if you’re looking for a low-interest loan, it’s important to have good credit and only borrow for a short period of time. Otherwise, you may end up paying more in interest than you’d like.

Fees

When choosing a money-loaning app, it’s essential to consider the fees associated with each one. Typically, these apps charge a service fee, which is a percentage of the loan amount, as well as a late fee if you don’t repay the loan on time.

Some apps also have origination fees, which are charged when you first take out the loan. While these fees may seem small, they can add up quickly, so it’s important to choose an app that has reasonable fees. In addition, some apps allow you to choose how you want to repay your loan, so you can choose a plan that fits your budget.

Tips requested by some money-loaning apps from our list are another matter to consider, as they will affect the bill you will be footing when using these companies’ services. These optional tips reach up to 20% of the advance or can be capped at a certain amount.

By carefully considering the fees associated with each app, you can ensure that you choose the one that best meets your needs.

Loan Repayment Terms

When choosing a money-lending app, loan repayment terms are one of the most important factors to consider.

The repayment term is the length of time you have to repay the loan, and it can have a big impact on the overall cost of the loan.

A longer repayment term will typically result in a lower monthly payment, but it will also mean that you’ll pay more interest over the life of the loan. A shorter repayment term usually means a higher monthly payment, but you’ll save money on interest in the long run.

Ultimately, the best repayment term for you will depend on your personal financial circumstances and goals. However, it’s important to carefully consider all of your options before making a decision.

By taking the time to compare repayment terms, you can ensure that you choose an app that best meets your needs.

Maximum Loan Amount

If you’re interested in apps that loan money, the maximum loan amount is another thing you should take into account. This is because this amount will dictate how much money you can borrow at any given time.

If you need to borrow a large amount of money, you’ll want to make sure that the app you choose has a high maximum loan amount. Because if not, you may have to take out multiple loans or choose a different lender altogether.

Eligibility Requirements

Eligibility requirements are another essential factor we looked into while searching for the best money-loaning apps.

Even if you find the app with the best interest rate and the lowest fees, you won’t be able to use it if you don’t meet the eligibility requirements.

For example, some apps require that you have a certain credit score to qualify for a loan. Others may only be available to people who live in certain states. That’s why you need to read eligibility requirements carefully before choosing an app.

Application Process

If you wish to borrow money online instantly, you’ll want to ensure you can do it quickly and easily. The best loaning apps make it easy to apply for a loan. The application process should be straightforward, with clear instructions on how to complete it.

The app should also provide you with an estimate of how much you can borrow and the interest rate you will be charged. You should compare multiple lenders to check which has the most favorable terms before deciding which one to use.

Once you have found the money loans app for your needs, it is time to fill out the application. The process should be simple and easy to follow.

The lender will need some basic information about you, such as your name, address, and contact information. They will also need to know how much money you need to borrow and how long.

When you submit your application, the lender will review it and make a decision. If approved, you’ll be able to access the funds as soon as the next business day.

In-Depth Reviews of Money-Loaning Apps

Chime Review

Quick Facts
4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$200
Funding time:
Up to five business days

Chime is a mobile app that allows users to take out loans and earn interest on their savings. The app is available for both iOS and Android devices, and it’s one of the most popular money-loaning apps on the market.

Chime is an excellent choice for those looking for a convenient and easy way to take out loans and manage their finances. The app offers a wide variety of features, including the ability to track your spending, set up direct deposit, and more.

Chime comes with no monthly fees and no minimum balance fees, making it the best money loan app for those looking to save money. 

There are also no overdraft fees on debit card purchases. This Chime feature is called SpotMe. If you need help paying for an unexpected expense, Chime will spot you up to $200 on cash withdrawals and debit card purchases. The minimum amount you can withdraw is $20 and can be increased up to $200 based on your account history and activity.

If you need a lending hand and your payday is still a few days away, this early-payday app can help you out. The app offers to make a direct deposit to your online Chime checking account, allowing you to access your funds up to two days early.

Chime takes security very seriously and offers a number of features to keep your account safe. The app uses encryption to protect your personal information and transactions. In addition, all Chime accounts are covered by the FDIC deposit insurance of up to $250,000.

If you’re looking for a convenient, easy-to-use app that offers a variety of features, Chime is a great option. The app is free to download and use, and it doesn’t charge any fees.

It's a great solution for those who wish to avoid paying huge fees. However, if you wish to borrow money instantly, this app might not be the best choice as it takes up to five business days for the funds to deposit.

Reasons to Apply:

  • All accounts are FDIC insured
  • No overdraft fees
  • Easy to qualify for
+ Show more
Read Full Review

Dave Review

Quick Facts
5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$500
Funding time:
One to three business days

Dave is a money lending app that allows users to access short-term loans without hassle. The app launched in 2017 with the idea of helping people cover unexpected expenses and avoid overdraft fees that most banks charge.

To use the service, users must first create an account and link their bank account. They will then be asked to provide some basic information, such as their name, address, and Social Security number.

When it comes to apps with a cash advance, one of the most important factors is their ease of use. With Dave, you can easily access the funds you need with just a few taps on your smartphone.

The application process is simple and can be completed in just a few minutes. Once you submit the required information, Dave will review your information and make a decision within minutes. If approved, the loan will be deposited into your bank account within one business day.

One of the best things about Dave is that it comes with no interest or any unexpected fees. There’s only a $1 fee that is taken out of the user’s account on a monthly basis.

Dave’s ExtraCash™ feature offers loans of up to $500, which is a great way to cover unexpected expenses or make ends meet if you’re short on cash.

Using apps to borrow money has never been easier. Dave is available for both iOS and Android devices and has all the features you need to get a loan quickly and easily.

What’s also great about this app is that all user accounts are protected with advanced security measures and FDIC-insured up to $250,000.

With Dave, you don’t have to worry about overdraft fees, minimum balance fees, or ATM fees, as you can withdraw funds from 32,000 MoneyPass ATMs completely free of charge.

To summarize, Dave is a convenient and reliable way to access short-term loans. The application process is quick and easy, and users can receive their loan funds quickly. As one of the best money-loaning apps, Dave is an excellent option for those who need access to funds in a pinch and wish to avoid taking out cash advances from credit cards or drawing other kinds of loans, as they usually come with high interest rates and additional fees.

Reasons to Apply:

  • $500 maximum advance
  • Low monthly membership fee
  • No late or hidden fees
+ Show more

Earnin Review

Quick Facts
4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$500
Funding time:
One to three business days

If you’re looking for a quick and easy way to borrow money online instantly, Earnin is a great option. The app allows you to borrow up to $500, and you can repay the loan over an agreed-upon period of time. There are no interest or fees charged, making it an affordable option if you need cash in a pinch.

With this app, users can access up to $100 a day and up to $500 per pay period. And while most banks charge high fees for instant transfers, Earnin doesn’t charge any fees whatsoever.

If you wish to use the app before your payday, all you have to do is connect your bank account so that Earnin can see your direct deposit information.

The app will then advance the amount of money that you are set to receive in your next direct deposit. Once you receive your paycheck, the app will deduct the amount borrowed plus any fees from your account.

This cash advance app is available for both iOS and Android devices and can be downloaded for free.

To qualify for a loan, you must have a steady income and be employed at least part-time. You’ll also need to provide your bank account information so the funds can be deposited directly into your account.

Overall, Earnin is a convenient and affordable option for borrowing money when you need it. It’s a great option for those who need quick and easy access to cash.

However, if you’re self-employed or don’t have a regular income, you will probably have to look for some other advance money app.

Reasons to Apply:

  • Early paycheck access
  • No fees or interest
  • Fast funding
+ Show more

Brigit Review

Quick Facts
4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$250
Funding time:
One to three business days

Brigit is a money-loaning app that offers users up to $250 in cash advances. The app is designed to help people cover unexpected expenses, such as an emergency car repair or a last-minute bill.

Brigit is available to users in all 50 states and the District of Columbia. The app is free to download and use, and there are no hidden fees. To use the app, users must first create an account and link their checking account. Once the account is created, users can request a cash advance of up to $250.

One of the best things about this app is the fact that it doesn’t charge any interest or perform any credit checks on its users. This makes it a great option for people with poor or no credit.

Brigit has a bit different pricing structure than other cash lending apps on our list. It charges a $9.99 monthly membership fee for financial tools and funds.

With this membership, users get access to the credit builder feature, get instant deposits, and cash advances. In addition, Brigit promises to cover all their assets with $1M worth of insurance if they become victims of identity theft.

Brigit is an excellent alternative to traditional payday loans as it doesn’t require any credit checks, and you’re only charged when you use the app.

If you find yourself in a financial bind and need access to quick cash, cash advance apps are an ideal choice. With instant deposits and no interest or credit checks, Brigit is a viable option for those who can’t get traditional loans. Just be aware of the monthly membership fee.

Reasons to Apply:

  • No credit check
  • No interest or tip fees
  • Identity theft insurance
+ Show more

MoneyLion Review

Quick Facts
4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Interest:
0%
Minimum credit score:
None
Maximum loan amount:
$250
Funding time:
Up to two business days

MoneyLion is a loaning app that offers users quick access to cash when they need it. The app is designed to be used by people who may not have access to traditional banking products, such as credit cards or personal loans.

MoneyLion offers multiple products and features, and one of them is the Instacash℠ advance which allows users to get up to $250 anytime.

The thing that makes MoneyLion one of the best apps to borrow money from is that its cash advance comes with no monthly fee, no interest fee, and no credit check. This makes it a great option for people with poor or no credit.

In addition to all these perks, MoneyLion allows users to withdraw funds at any of the 55,000+ Allpoint® locations with no ATM fees. There are a few fees you might encounter, but MoneyLion is pretty transparent with those.

There is a 3% foreign transaction fee and an administrative fee of $1. You can check the full list of additional fees directly on the website.

Another thing we like about MoneyLion is that it offers its users a 0% APR cash advance. All you have to do to qualify for this is link your checking account to your MoneyLion account. Like other early-payday apps, MoneyLion can be used for anything from car repairs to medical bills.

This is a great option for people who are trying to improve their credit score but don’t want to pay the high interest rates that come with traditional loans.

RoarMoney℠ is another excellent feature that allows users to get paid up to two days early, without having to wait for their paycheck.

All things considered, MoneyLion is a decent option for people looking for an alternative to traditional banking products. The app is easy to use and offers a variety of features that make it a good choice for anyone who needs a quick emergency loan.

Reasons to Apply:

  • Large free ATM network
  • 0% APR cash advance
  • No minimum balance
+ Show more

FAQ

Are money lending apps legit?

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Yes, apps that lend money are legit. They are a convenient and easy way to access short-term loans. However, it is important to note that these apps come with different terms and conditions. Therefore, you should always get acquainted with all the details before agreeing to any loan.

What bank apps pay you instantly?

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There are a few bank apps that offer instant payments. These include the Cash App, PayPal, and Venmo. To receive your payments instantly, you will need to have a linked bank account or debit card.

Although this might be extremely convenient, note that there are fees associated with these services, and you should always carefully read the fine print before signing up to borrow money from an app.

Do you need a bank account for money lending apps?

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Yes, most money lending apps will require you to have a linked bank account. This is because the lenders will deposit the loan funds into your account and will also withdraw the repayment amount on the scheduled due date.

If you do not have a bank account, you might still be able to find a lender that offers alternative methods of repayment. However, these loans will likely come with higher interest rates and fees.

What is the best app to borrow money?

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We’ve found some of the best money-loaning apps out there are Dave, Earnin, Chime, Brigit, and MoneyLion, as all are reliable and trustworthy. Of course, you’ll need to do comparison shopping to select the right one for you, as these companies’ services differ in terms of interest rates, loan amounts, and eligibility requirements.