You’ve likely heard of a credit card cash advance before — it’s basically a short-term loan offered by your credit card issuer.
Another way to access money quickly and conveniently is simply through a cash advance app. With a cash advance app, you set up direct deposit and either receive a credit limit or access to a portion of your expected income before actual payday. You then pay the borrowed money back within up to a month.
If a cash advance app seems like a slippery financial slope, that’s because it is. Users can easily incur costs, whether it’s high interest, late/no payment fees, monthly subscription fees, instant cash delivery fees or optional service tips. For these reasons, cash advance apps should only be reserved for small funding needs (and not often), such as having a temporary gap in cash flow between paychecks or needing to cover a bill.
For the next time you’re in a bind, CNBC Select rounded up some of the best cash advance apps. Read on for our picks and our methodology.
When you have a true financial emergency and a cash advance is your last resort.
Best for borrowing small amounts of money
What to know: Varo doesn’t charge a monthly service fee, late fee or an instant delivery fee, so you can get cash fast without having to pay extra for expedited deposits. Varo does, however, charge a flat fee on each advance, depending on the approved amount.
Varo Advance
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Loan amounts
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Terms
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Fees
$1.60 – $40 based on loan amount
Pros
- Fees are based on how much you borrow so the less you borrow, the lower the fee
- No monthly service fee
- No late fee
- No fee for same-day or instant delivery
- No mandatory tip
- No credit check
Cons
- Must have an active Varo Bank account with a balance over $0 to qualify
- Borrowing limit is based on account activity so you can only unlock higher borrowing amounts over time
Best for borrowing larger amounts of money
What to know: Payactiv is an Earned Wage Access (EWA) service, so the advances you borrow through Payactiv are automatically repaid as deductions from your next paycheck. Advance fees depend on the type of EWA disbursement.
Payactiv
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Loan amounts
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Terms
Repayment is automatically deducted from your next paycheck
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Fees
No fee for ACH bank transfer; $2.49 without direct deposit of at least $200
Pros
- Lets you borrow money from your paycheck early
- Repayment is automatically deducted from your next paycheck
- Potentially no fees
- Option to transfer wages to your Payactiv Visa® Card but this may come with a fee
- Lets you borrow larger amounts of up to $1,500
Cons
- Real-time transfers come with a fee
- ACH bank transfers take up to 3 days to be completed
Best for no mandatory fees
Who’s this for? According to its website, Chime MyPay doesn’t have mandatory fees — you’ll pay a small $2 per advance fee if you choose the instant funding option. However, even without instant funding, you should be able to get your money in just 24 hours. Other platforms may make you wait up to five business days if you choose the standard funding option.
What to know: Similar to Payactiv, Chime MyPay gives you early access to your earned wages at no interest. Advances range from $20 to $500 per pay period, and you must set up direct deposit. MyPay is only available to eligible Chime members in certain states.
Chime MyPay
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Loan amounts
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Terms
Repayment is automatically deducted from your next paycheck
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Fees
Pros
- Lets you borrow money from your paycheck early
- Repayment is automatically deducted from your next paycheck
- Fee-free deposit option if you choose to wait 24 hours for funding
- No credit checks
Cons
- $500 limit is a bit low compared to limits from other EWA services
Best for low transfer fees
What to know: Users link the bank account where they receive a paycheck in the MoneyLion app, then select the amount of advance they want. There’s no interest, no credit check and no mandatory fees. MoneyLion automatically aligns your repayment with your paycheck schedule.
MoneyLion InstaCash
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Loan amounts
Up to $1,000 for RoarMoney℠ customers; up to $500 for all others
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Terms
Repayment is automatically deducted from linked bank accounts
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Fees
No fee for 1–5 business days; $0.49–$8.99 for instant transfers, depending on disbursement method
Pros
- Fee-free deposit option if you choose to wait 1–5 days for funding
- Relatively low instant transfer fees (on the lower end) compared to other services
- $0 monthly administrative fee
- Tips are optional
- No credit check
Cons
- $1,000 borrowing maximum is only available to RoarMoney℠ customers
How do cash advances work?
A cash advance lets you borrow a cash loan from your credit card limit or from your employee wages (this is called “Earned Wage Access”). The money you borrow may be subject to fees and even interest, and you’ll be expected to repay the amount usually within a few weeks since this is meant to be a short-term loan.
Pros and cons of cash advances
Pros
- Receive cash fast, usually in as little as 24 hours but sometimes within a few days
- Earned Wage Access services don’t typically charge interest
- Some cash advance apps don’t charge interest at all but do encourage leaving a “tip” for the service
- Doesn’t result in a credit check
Cons
- For immediate cash access, platforms may charge a fee
- Some platforms charge a monthly subscription fee
- Cash advances don’t help you build credit since activity is not reported to credit bureaus
FAQs
How do you borrow money urgently?
Cash advance apps make it possible to borrow small amounts of money (whether it’s $20 or $200) within minutes or by the next business day. Some apps may charge fees, but repayment terms are generally on the shorter side (think 15 to 30 days).
Who should use a cash advance?
Cash advances are best for people who just need a small amount of money to cover a temporary situation — like needing money to avoid an overdraft in their account or needing to supplement their cash flow until their next paycheck. Some cash advance apps automatically deduct money from your next paycheck, so it’s best to avoid biting off more than you can chew; lower paychecks may mean you need to eventually borrow money yet again.
Is a cash advance the same as a payday loan?
Cash advances and payday loans are not the same. Payday loans are often considered predatory lending because borrowers can end up paying six-figure interest rates to a lender. Cash advances allow individuals to borrow money from a credit card or their own employee wages — sometimes at no interest but borrowers may pay transfer fees.
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Our methodology
To determine the best cash advance apps, CNBC Select analyzed dozens of U.S. cash advance app offerings. We categorized our picks by best for borrowing small and larger amounts of money, best for no mandatory fees and best for low transfer fees.
When narrowing down and ranking the best cash advance apps, we focused on the following features:
- Eligibility requirements
- Funding timeline
- Transfer fees
- Any other fees, including tipping options
- Interest rate, if any
- Advance amounts
- Repayment terms
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Note that the rates and fee structures advertised are subject to change.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
