LOC (line-of-credit) apps, also called cash apps, are quick and convenient ways for users to get relatively small loans that they pay back within a few days or weeks. While there are downsides to the idea of obtaining money this way, most of the apps are wildly popular with people under 30 as well as other age groups.
While all the companies that offer them try to make their products slightly different, most of the LOC apps have a lot in common with each other.
For example, all allow users to borrow a modest amount of money against an upcoming paycheck or government benefit, like Social Security. Some only offer the cash a few days in advance, while others have more generous timelines.
What’s the verdict? For folks who need some fast money in an emergency, the apps can serve a purpose. However, you probably should explore other ways to get short-term funding before forking over the one-time fees, tips, or charges that come with line-of-credit apps.
Here are more details about some of the most popular line-of-credit mobile apps in the niche.
The listing below is in no particular order. Also, you must do your own due-diligence and research before using any of the apps below.
Grain is quite different from other cash advance cards. There are no minimum credit scores. Approval for an initial amount is based on cash flow in your checking account, which the app links with.
The arrangement is for people who don’t want to use a traditional credit card to cover short-term payments with a 21-day grace period to pay off the modest balance. All this comes with a fixed 15% APR and easy account setup. Payment is set for the end of your bank’s billing cycle.
For a fee of $0, users of the Earnin cash advance app can get a loan of between $100 and $750 per pay period in about 2 days.
If you want fast funding, expect to pay between $1.99 to $4.99 extra for the service. Earnin focuses on tracking your pay, so they deduct the repayment directly from the next paycheck. They ask for tips, but the fast-funding option delivers cash to your bank within a few minutes.
Arro approves you without using traditional credit scores but bases their decision on your income. The company tries to give universal access to credit at a fair rate.
Applying is quick, and new customers can usually get approved for a small amount, like $50, pretty easily. The app is different in many ways, mainly because it rewards users with borrowing limit increases as they complete various lessons about credit and personal finance.
There are no member fees with MoneyLion, and you can borrow between $10 and $500 and then receive the cash in your account between 12 hours and 5 days.
Fees range from 49 cents up to $8.99. But note that users can only get cash advances if they have an existing, qualifying checking account with MoneyLion.
The app comes with access to financial tracking, investment accounts, credit-building loans, and mobile banking.
For a modest $8 monthly fee for subscribers, you can borrow between $10 and $250 and get the money within one day.
Faster delivery means having to pay between $1 and $8 extra. You’ll be billed the monthly fee unless you choose to opt out of the membership.
In addition to cash, Empower offers bank accounts and tools for budgeting. Instant delivery happens within one hour. You repay on a predetermined due date. There’s also a helpful savings function that can move money from your checking to savings each time you’re paid.
6) Brigit Card
For a monthly membership fee, you can get between $20 and $250 from the Brigit cash advance app within 1 to 3 days.
There’s a $9.99 monthly fee for subscribing and a one-time fast-funding fee (if you want cash faster than 1 to 3 days) of between 99 cents and $3.99.
Fast funding happens in about 20 minutes, and you repay via direct bank withdrawal of your next paycheck whenever it arrives.
Brigit never asks for tips and advertises itself as a budgeting app. Plus, with the free plan, users get helpful advice about their finances.
However, if you want to use the cash advance feature, you’ll need to become a member. Members get no-cost credit monitoring, overdraft protection, and access to cash advances.
Be ready for high interest rates if you borrow via this LOC app. However, in a dire emergency, the app does provide cash within a few business days to borrowers who have credit issues or no credit history.
The service is not available in all 50 states, but users can get between $100 and $600. The interest rate and loan fees vary depending on where you reside.
Most borrowers find that there is a flat fee on loans. Plus, expect to repay the LOC cash advance on your next payday or possibly a bit later than that.
With Dave, users can get fast cash in 2 to 3 days by paying a $1 subscription fee per month. Get money much faster for between $1.99 and $13.99, and borrow up to $500.
You’ll get fast cash in about an hour, and the Dave app will automatically withdraw the repayment when you get your next paycheck. You must open what Dave calls an “ExtraCash” account, but the app offers help with locating employment.
9) Solo Funds
While it does take about 3 days for approval, once you’re approved, you can get cash immediately. How much? Between $20 and $575, with no membership fee at a rate of 1.75%.
The company uses a P2P network, which explains the long initial approval time but offers relatively low fees.
Users get to pick their repayment date and must manually make the payment on or before that date. Tips and fees are optional in most cases. If you’re not in a mad rush to get cash, Solo Funds is an excellent LOC app.
10) Petal Card
There are two versions of the Petal Visa card, but neither one offers cash advances. However, Petal is designed for first-time card users who have trouble getting credit elsewhere.
For that reason, both the Petal 1 and Petal 2 Visa credit cards are worth looking at. There are no fees, but the rewards range from 1 to 1.5% on all qualifying purchases.
The best part for new users is that Petal reports to the major credit bureaus, which makes it easy to build a score if you pay each month’s bill on time.
With loan interest rates starting at 18%, Kissht is not the lowest-priced option for borrowers who need a quick cash infusion to cover a rough financial week.
Note: Kissht is available in India, and the borrowing limit on their personal loans is 2 Indian lakhs or about $2,400 USD.
All information verification is done digitally. The card’s LOC is designed for super-fast eligibility checks, and whatever amount you get approved for is deposited to your bank within 5 minutes.
After you download the app from the company’s site, choose the option entitled “Fast Card.” After verifying your identity, you can have access to your funds within 5 minutes.
MoneyTap offers standard and quick-cash loans to the Indian market. The app calls the arrangement an “instant personal loan,” but it works much the same way as the more popular cash advance apps and LOC apps.
Users who are approved can get a line of credit up to the equivalent of $6,000 but are only charged interest on the amount they withdraw from their approved balances.
With interest rates starting at 12%, cardholders can decide for themselves how much of the entire credit line they need to use. MoneyTap is the nation’s first-ever LOC that is app-based.
Be careful to not mistake the Beem Instant Cash Advance app for other products on the market with the same “Beem” name, in one form or another.
The LOC and cash advance app that is now called Beem was once called Line, but in 2023, the company changed its branding.
Advertising by the company claims they make LOC advances of up to $1,000 with zero credit checks, no interest, very low fees, no due dates, no income restrictions, and no tips.
In reality, the vast majority of quick-cash loans are for $500 or less. There is a modest monthly subscription fee, and you need to be a member to apply for a cash advance.
Users who provide a linked checking account can then gain access to a rapid advance based on the app’s analysis of their bank account deposit activity.
Note that while there are no formal repayment dates, the app will withdraw the repayment when it sees that you have enough cash available in your checking account.
If you like the idea of borrowing between $5 and $300 with no fees except for fast funding, then check out Klover’s LOC app.
If you want money in 3 business days, there are no extra charges, but the speedy funds fee is between $2.99 and $20.78. Klover is more like a survey site than an LOC app because you can access $100 with minimal red tape.
Then, you need to fill out quizzes and take surveys to gain access to more money via Klover’s point system. If data privacy is one of your concerns, consider another LOC app.
The issuer earns money on the collected and aggregated data it gets from applicants and members. Some users report that Klover requires them to fill out dozens of surveys to accumulate enough points to qualify for LOCs greater than $100.
The Cleo cash advance app comes with tons of budgeting and personal finance functionality for folks who want to learn to manage their money.
But it also comes with a cool quick-cash app that lets users get up to $250 without paying any fees or giving detailed info.
There’s no interest on the loaned funds, but the initial amounts for first-time users are in the $20 to $70 range.
For $3.99, you can get the funds in your linked bank account within 24 hours. Plus, you need to be a member to get a line of credit for cash advances.
There are no credit checks, but the membership will set you back $5.99 per month.
Choose a LOC or fast cash app based on your personal preferences regarding fees, speed of money transfer, membership benefits, time to repay the loan, and ease of use. There is no “one size fits all” cash advance app, so select one that closely matches your needs.