There may be times when you experience a shortage of money, and the quickest way to afford a certain thing is to get a loan. Traditionally, you can borrow money from an acquaintance or go for payday loans.
Payday loan is a small amount of money lent out at a high rate of interest. This can land you in such a debt that it becomes hard for you to pay back. To serve your necessities regarding various aspects with money, you can choose to apply online for getting a loan instead of payday loans.
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5 Best Loan Apps
Through this article, you will know about the 5 best apps to get loans easily.
1. Wealthfront Cash Account
In simple words, Wealthfront Cash Account provides a platform for you to pay bills, pay rent, withdraw cash, deposit cash and save for future use. It is basically a hybrid of checking and savings accounts that allows you to earn interest on any amount of money that is kept in your Wealthfront account.
You can set up your account easily and quickly with no requirement of fees. You can start the account with as low as 1 dollar. This account should not be confused with the stock market because there is an increase or decrease in the amount with respect to the market graph.
So you can say that Wealthfront serves as your one-stop destination for almost all services related to banking and payments.
2. Empower
Empower is a quite popular app for settling your finances. It is like a converging point for all your bank accounts. You have the power to track your expenditure and plan out savings accordingly. It has a number of features that enable you to set a budget for bills and other things you spend your money on.
It provides a 14-day free trial and then charges a small fee monthly. It also provides a bank statement every month and gives you a report at the end of the month containing your savings, income, and expenses. You can also earn interest through this application.
It does not force you to link all your accounts, and you can easily transfer cash from one account to the other anytime. Overall, it is a decent application for money-related stuff.
3. Earnin
Earnin basically serves as an alternative to a payday loan, the only difference being that it does not charge any fees. Through Earnin you are actually given a salary of up to 100$ based on how much you worked on that particular day. You also have the option to add a tip.
Although there are limits to how much you can borrow, and it is of no use to freelancers who do not work on an hourly basis, it is still better and more secure as compared to payday loans. It is also advantageous in one way because it saves you from crushing debt. It is a good app to get a loan easily.
4. DailyPay
If you are in need of cash but don’t have enough, DailyPay acts as a great help by letting you borrow money. Then on the day you get your paycheck, it cuts off the amount that was earlier withdrawn.
It charges a small fee for every transaction made. If you do not make any transfers, you receive the full amount of your payment without any deduction. This way of deducting the amount of money from the salary or earning helps you to keep a record of your expenses and lay down financial plans accordingly.
DailyPay is a fantastic payroll service for anybody who wants to access some cash that is not currently in their pocket.
5. Dave
Dave is like an online financing platform that allows you to set up a plan and manage your expenses along with promoting savings. This digital banking service does not require a minimum balance fee. It hands you in some extra cash before you receive your payment if you need it, but there is a limit of 100$ to it.
For up to 75% dollars, you don’t need to pay any interest, but a monthly fee is charged for the transfers. It also works as a social networking platform, thus, if you are a freelance worker, it gives you the opportunity of receiving gigs. It is a great option if you want to borrow some cash before your payrolls in.
Conclusion
Payday loans are not a very smart option of borrowing money, even if it’s a meager amount because the interest charged is quite high. Instead, you can go for applications like Dave, Earnin, Wealthfront, and others that allow you to take cash and charge little to no fees. The amount borrowed is deducted from your paycheck.
