The Possible Finance app has gained an impressive userbase in a short period of time. It’s easy to see why that’s the case.
It’s estimated that about 91 million Americans can’t access money when they need it the most.
And bad credit can make that situation even worse. Predatory lenders often take advantage of people in a vulnerable financial state.
Even worse, this even occurs when people want to use that money to get out of their bad financial situation.
Possible Finance helps turn that all around. It provides loans of up to $500, regardless of someone’s credit history.
The loan can come through in a matter of minutes. And the whole process actually helps people improve their credit history thanks to Possible Finance’s reports to credit bureaus.
But as great as Possible Finance is, there are quite a few apps that offer impressive variations on its service.
We’ll take a look at fifteen Cash Advance Apps that are similar to Possible Finance so that you have more choices regarding your personal financial situation.
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Dave Cash Advance (like many other apps) offers a cash advance option that’s fairly similar to Possible Finance. However, the amount offered is considerably smaller.
Dave Cash Advance maxes out at a $200 advance on your next paycheck. Taken on face value this might make the app seem a lot less impressive in comparison.
But one of the main points of Dave Cash Advance is the additional features.
For example, the app acts as a freelancing hub to connect people to “side gigs”. These side gigs are often an easy way to make money on a recurring basis.
The app also partners with LevelCredit to help improve the overall credit score of people using the app. It also protects users against overdraft fees and ATM fees.
Earnin offers a similar monetary limit when compared to Possible Finance. Users can use the Cash Out feature to withdraw up to $500 against their paycheck (there are max amount limits of course).
It’s also important to keep in mind that this is a recurring system. Users can keep getting that $500 advance for as many pay cycles as they want. The pre-requisite is to pay back successfully the whole amount.
All of that comes with no interest and no mandatory fees. Though users are encouraged to use its tip system if they enjoy the service.
MoneyLion sits solidly in the mid-tier for the amount it offers on cash advances. The app gives users up to a $250 cash advance with 0% APR. They also don’t apply any interest on the advance (provided you pay back the amount on time etc).
The app also goes above and beyond with its willingness to support people with bad credit. MoneyLion doesn’t just have lenient standards. The company doesn’t perform any credit checks at all.
On top of this they also provide loans to people who want to build up their credit.
This feature obviously has more strict criteria than a cash advance. But if people qualify then they can get a loan of up to $1,000.
The value of the loan will instantly start to apply to their credit score. The company monitors this loan through TransUnion and updates on a weekly basis.
Chime takes a slightly different approach to their cash advances than the apps we’ve looked at so far.
One of their most popular services, SpotMe, works alongside a standard debit card.
Consider a case where someone had $150 in their bank account but spent $200. This would normally put a card into overdraft and incur additional fees on top of the remaining balance.
But Chime would cover that excess up to a total value of $200. This keeps a bank account safe from going into an overdraft.
Chime also offers a direct deposit service. This gives users the ability to combine a direct deposit with the app.
In doing so one can essentially get paid up to two days earlier. Over time this process will also help improve the user’s credit score.
FloatMe also offers help for people worried about overdraft fees. The app’s claim to fame in that regard comes from the sheer number of banks they’ve been able to partner with. Their current count includes over 10,000 different institutions.
FloatMe also offers cash advances. They don’t apply any interest to the cash advances and it all comes without any credit checks.
However, the amount users can withdraw is a little on the smaller side when compared to most other apps. The total value offered to users is just $50.
The smaller cash advance is balanced by the app’s extra features. Their expenditure calculations are particularly noteworthy.
The app examines a user’s expenditures and creates graphs to help show how they can better allocate their income. It essentially works hand in hand to help users improve their credit score and save money.
Klover provides a moderate cash advance for its users. The good news is that users don’t have to worry about interest, credit checks or any type of hidden fee.
The app also makes the process extremely easy for anyone to use. With that in mind, the cash advance limit is on the smaller side. Users can only borrow up to $100 through a cash advance when they start using the app.
Klover does have some compelling features to make up for the smaller initial cash advance limits.
As people use the app they can earn points. These points can be leveraged for a variety of different benefits.
One of the most useful involves using points to increase cash advance limits. But there’s a lot of fun alternatives.
For example, a user can invest points in a daily sweepstakes. And users can even increase their points through activities as simple as watching ads or scanning receipts.
Branch is a more specialized app than most of the cash advance focused apps seen so far.
It’s primarily aimed at employers working with contractors and gig workers. However, it’s important to keep in mind that this is also a huge benefit for both parties.
Employers benefit from a fast and easy way to handle payments. On top of this the system is able to offer a high level of transparency when needed. This makes it easy to work out total expenditures during a project.
Employees benefit from being able to receive funds almost instantly. There’s no need to worry about cashing checks, dealing with slow transfers or worrying about banking holidays.
The built-in EWA system also makes it easy to access a part of their earned income before the payment has been finalized.
Brigit’s best known for its cash advance feature. Similar to the other apps seen so far, it provides people with the ability to withdraw up to $250 with no credit check or interest.
But what really differentiates the app from the competition is its secondary tools. It provides an impressive level of insight when analyzing spending trends.
This makes it much easier to see where spending deficits are occurring. This is intelligently sorted into categories like food, services and community.
On top of this, the app can also help connect users with job prospects. Users can find both full and part time work through the app’s system.
Empower provides up to $250 cash advance with no interest. The app also gives users the ability to use over 37,000 ATM locations without the standard usage fees.
On top of this users are given other opportunities to save money on their normal transactions. The most impressive of these is a 10% cashback option on a number of different products and services.
Lenme is typically used to access far larger amounts of money than most apps similar to Possible Finance.
The app typically works with loans ranging from $50 to $5,000. However, the larger cash value also means it has more rules and restrictions than the competition.
This is due to the fact that it operates more as a connection to traditional lenders.
With that in mind, the lenders are typically far more willing to work with any given credit score than the competition.
On top of that, it doesn’t take much time to reach out through the app to the various lenders.
If one lender isn’t interested then it typically only takes a tiny amount of time for users to try another.
Payactiv isn’t as easy to classify as most of the other apps. This is due to the fact that it’s tightly integrated with a user’s workplace.
Integration with an employer means that the amount of money users can withdraw is directly tied to their employer’s limits.
This tight integration makes figuring limits out in advance much trickier. However, it also provides features which would otherwise be impossible.
For example, the app is able to show company announcements, shifts that a user can pick up, and alerts.
12) Kora Cash
Kora Cash offers a much higher monetary limit than most of the competition. Users can get anywhere from $25 to $2,000 through the app.
However, as is usually the case this larger value comes with more stringent criteria for qualification.
The most significant requirement stems from its ties to academia. A qualifying user needs to currently attend or be a recent college graduate.
The app’s service is currently also only available in 21 states. Kora Cash also differs from similar apps by having interest on the loans.
The final interest rate will differ on a case by case basis. But in general, users can expect anywhere from 15% to 20% APR. However, that’s still considerably lower than the average APR on a credit card.
CashNetUSA offers payday loans that can range up to $300. This places them well above the average for total value offered. However, the app does run a credit check on users.
They generally offer service to people with relatively bad credit. But it’s important to note that these criteria mean that not everyone will be accepted by CashNetUSA.
In addition to payday loans the app also provides some secondary methods to save money.
These extras include exclusive coupons and some built-in tools to manage a budget.
One of their most unique options involves financial education courses. Users can get an in-depth education on how to create a budget, balance finances and plan for the future.
Current integrates with debit cards and bank accounts to provide overdraft protection. It provides an easy to monitor interface which protects people from overdraft fees that are at or under the $100 point.
However, in order to use this feature one needs to use a direct deposit service with that app. The deposit value will need to be over $500 per month.
People who make use of the direct deposit feature can also get access to their funds far in advance of normal banking schedules.
The app will inform users when they can use the deposited cash. This notification typically occurs about two days ahead of the normal banking schedule for direct deposits.
Cleo provides users with a cash advance of up to $100. However, the interest paid on this value will change depending on how it’s processed. An advance can come from a credit card for example which might incur interest rate.
If a Cleo user takes money out through the Salary Advance feature then it’s used with an incoming direct deposit or potential overdraft fee. These advances don’t come with any interest. However, they are limited to $100.
Cleo also offers user friendly tools to help users create and stick to a budget. This includes some of the most in-depth categorizations of any app considered up to this point.
The categorization includes common options such as eating out or shopping. But it also analyzes more uncommon situations such as holidays and vacations.
This makes it far easier to see where both weekly and yearly expenditures are chipping away at a budget.
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