Payday loans give you access to extra money quickly. In fact, payday loan apps make getting a payday loan easier than ever before.
In the past, you would’ve had to apply for a payday loan in person. at a brick and mortar location.
Now, many modern lenders let you apply for short-term loans through mobile apps. This makes it easier to get cash when you need it, but also opens the door to identity thieves, scammers, and predatory lenders.
Let’s take a closer look at the payday loan apps available, how to spot scams and what apps let you borrow money instantly.
Tired of predatory fees? Try a Possible Loan.
A payday loan app is an application you can download on your mobile phone or device to access payday loans or cash advances. Most apps let you apply for loans and get the money almost instantly via debit card transfer or direct deposit.
Although payday loan mobile apps differ between payday lenders, the features are similar. You can apply for a new loan on the app, manage a loan you already have, and pay back your loan.
Expect to provide banking and identification information, however.
If approved, you can manage your account in the loan app, like paying it back on your next payday. As an alternative option to payday loans, the Possible app lets you reschedule your payment date as well as pay your loan back over a longer period of time than a traditional payday loan.
Like any mobile banking or personal finance service, it’s important to understand the risks involved.
Some of the safety concerns to look for in a payday loan app include:
Be sure to look at reviews of both the app and the payday loan lender to evaluate a lender. You can look at sites like the Better Business Bureau to see how a company is rated as a lender.
Modern payday loan companies and lenders help protect you by using multi-step authentication and security checks within their apps.
For example, Possible Finance never asks for your checking account number. Instead, we have you log in to your bank directly through a secure connection.
This keeps your account information safe from data thieves while still allowing us to lend you money.
Use these quick tips to help you avoid giving your personal information to a scam or fake payday loan app:
Predatory payday loan lenders are not technically scams, but can still cause financial harm.
When comparing payday and cash advance apps, watch out for:
We found five of the best options for instant payday loan apps. Take a look at our analysis to help you find the best option for your financial situation.
Possible Finance offers payday loan alternatives with lower fees and longer repayment schedules. You can apply for up to $500 and won’t have to pay the full amount using your next paycheck.
Installment loans are reported to credit bureaus, making it a good credit builder option without needing a credit card.
Brigit is an app that gives you access to up to $250 early access to your next paycheck with a paycheck advance, including automatic advances to avoid overdraft fees.
You are required to repay the full amount upon your next pay period.
There’s no credit check, but you’ll pay a $9.99 monthly fee.
See our full review of the Brigit app.
This payday loan app offers payday loans with fast funding. While a credit check is required, CashNetUSA uses more than your credit score to make its funding decision.
Be sure to check that your location is supported by the app before applying.
PayDaySay works differently than other instant payday loan apps. It connects borrowers with lenders who offer payday loans.
This can be a good option if you want to compare lenders in one place. However, some loan issuers may not send funds until the next business day.
Net Pay Advance is a payday loan app for residents of California, Kansas and Texas, only.
Although limited to residents of these three states, the requirements are generally lower than other apps.
Depending on your location, you may be able to get up to $1,000.
When you need to get cash fast, modern technology can help. There are legitimate payday loan and payday advance apps that offer cash fast, but be sure to do your research.
You can also apply for an alternative to a traditional payday loan, like a personal loan from Possible Finance.