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Varo wins for transparency and a straightforward fee structure
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Lindsay Frankel
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A freelance writer with more than three years of researching and writing about personal loans, insurance, credit cards, and more, Lindsay's work has appeared on sites such as Insurify, Bankrate, and The Simple Dollar.
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Updated March 15, 2024
Reviewed by
Anthony Battle
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Reviewed byAnthony Battle
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Anthony Battle is a CERTIFIED FINANCIAL PLANNER™ professional. He earned the Chartered Financial Consultant® designation for advanced financial planning, the Chartered Life Underwriter® designation for advanced insurance specialization, the Accredited Financial Counselor® for Financial Counseling and both the Retirement Income Certified Professional®, and Certified Retirement Counselor designations for advance retirement planning.
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Lars Peterson
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Fact checked byLars Peterson
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With nearly 15 years of experience as a writer and editor in personal finance and small business, Lars Peterson has written and edited for The Balance, Wise Bread, US News, and Amex OPENForum, among others. His 20+ years as an editor and writer have included roles in book publishing, marketing, technical writing, travel, and personal finance. Lars Peterson joined Investopedia in 2023 after four years as an editor with The Balance.
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After evaluating 10 leading cash advance apps and services across 22 criteria, we have chosen Varo as the best overall based on its fast funding, clear fee schedule, and lengthy repayment times. But if your employer offers Payactiv, that's probably a better choice for you. It offers a compelling combination of low cost, fast funding, and flexible loan amounts—but's it's only available through an employer. When choosing the best cash advance apps, we considered factors like loan amounts, fees, timeline for repayment, funding time, company reputation, and user requirements. While our top picks are all good options when you need an advance on your paycheck, some may meet your needs better than others. Best Cash Advance Apps of 2024 Best Cash Advance Apps of 2024 Bottom Line What Is a Cash Advance App? Pros and Cons of Cash Advance Apps Alternatives to Cash Advance Apps FAQs Methodology Investopedia's Rating 4.3 Key Specs Pros & Cons Pros No tips or subscription fees No risk of overdraft fees Highly rated mobile app Funding is instant Cons Mixed customer service reviews Requires an active Varo bank account May take time to unlock up to $500 Why We Chose It Varo offers a straightforward fee schedule, with fees capped at $40 for a $500 advance. Though you’re required to have a Varo bank account, this means the money will be available to you instantly, and there’s no risk of overdraft if you don’t have enough money in your account for repayment. Varo also requires that you have at least $800 in direct deposits this month or last to qualify. Varo also offers up to 30 days for repayment, longer than most other apps. However, you may not qualify for the maximum advance initially—you can unlock larger amounts as you repay smaller advances. Varo’s website is very transparent and the company offers multiple customer service options, including a live chat. Your Varo bank account also gets you access to unique tools, like an interest-free secured credit card, a high-yield savings account, and a free debit card. Service Details Investopedia's Rating 4.8 Key Specs Pros & Cons Pros Multiple free ways to access wages Access up to $1,000 if employer allows No tips or subscription fees Free instant funding with direct deposit Cons Only available through your employer Why We Chose It Payactiv would be our top pick for ease, speed, cost, and loan amounts, but you can only get Earned Wage Access through Payactiv if your employer is a partner. Borrowing limits are set by your employer, too. But you could potentially borrow up to $1,000 if you have direct deposit set up and up to $500 if you don’t. There are no tips or subscription fees, just express transfer fees. But there are also several ways to get your money at no cost, including ACH transfer and real-time transfers to a Payactiv Visa card if you have direct deposit set up. You can even use your earned wages to pay for Uber rides, Amazon purchases, or to pay bills without any fees. And repayment is deducted from your next paycheck, so you never have to worry about overdraft fees from using Payactiv. If your employer doesn’t currently partner with Payactiv and you believe you would benefit from the service, you can try recommending Payactiv to your human resources department. Service Details Investopedia's Rating 3.3 Key Specs Pros & Cons Pros High borrowing limits relative to the industry No obligation to repay if you want to cancel 24/7 customer support Excellent customer reviews Cons Your individual limit may vary Funding can take up to 5 business days Why We Chose It MoneyLion beats the industry when it comes to both customer reviews and borrowing limits. You may be eligible to get a cash advance up to $500, or up to $1,000 if you connect your RoarMoney account. However, you’ll likely unlock less to begin with. When MoneyLion sees recurring deposits in your linked checking account, your limit will increase, but your individual limit may still be less than $500. What’s more, funding takes two to five business days if you’re using a linked checking account, and Turbo Delivery costs up to $8.99. A tip is also suggested, but is entirely optional. If you choose to cancel, there’s no obligation to repay the advance, but you’ll need to repay if you want access to cash advances in the future. MoneyLion has the highest Trustpilot rating of the companies we reviewed and also offers 24/7 customer support. Service Details Investopedia's Rating 3.1 Key Specs Pros & Cons Pros Limits up to $500 In-app side hustle opportunities Offers a high-yield savings account No risk of overdraft Cons Express funding can be expensive Suggested tip is high (though optional) Why We Chose It Dave offers other ways to access instant cash beyond its ExtraCash feature, which offers up to $500 ahead of payday, depending on individual eligibility criteria. The app also offers side hustle opportunities, including real-time payments for completing surveys. And since you earn the money, it doesn’t need to be repaid. This gives Dave users more ways to get money when they need it. However, Dave charges a number of fees, including a $1 monthly subscription fee and express funding fees that can be expensive. For example, sending a $500 advance to an external bank account in less than an hour costs $13.99. You can get an ACH transfer that takes one to three business days free of charge, but there’s still a suggested tip of 15%. However, that tip is entirely optional and won’t impact your future eligibility. Repayment is automatic, but Dave will never overdraft a customer’s account, so you don’t have to worry about any additional fees from your bank. Service Details Investopedia's Rating 3.4 Key Specs Pros & Cons Pros Can get set up and funded the same day Tipping is entirely optional Can use your own bank account Free credit score monitoring Cons Mixed customer reviews May only access up to $100 per day Why We Chose It With Earnin, you can access up to $100 of your earned wages on the same day you sign up if you opt for Lightning Speed. Typically, that comes with a $3.99 fee for a $100 cash out, but your first Lightning Speed transfer is free. You won’t need to set up a deposit account with Earnin, but you will need to show proof of a consistent pay schedule, some state restrictions apply. Earnin suggests a tip based on your withdrawal amount, but tipping is entirely optional and doesn’t affect your eligibility for future access. Repayment is automatic out of your next paycheck, and while it’s rare that it would cause an overdraft fee, it can happen. However, in most cases, Earnin support can help you reimburse the fee. That said, Earnin has mixed customer reviews on third-party websites like Trustpilot and the BBB. The Earnin app is highly rated, however, and also offers free credit score monitoring. Service Details Investopedia's Rating 3.4 Key Specs Pros & Cons Pros No suggested tips or loan fees Use with any bank account Subscription includes other features Cons Express funding can be expensive Doesn’t guarantee overdraft protection Mixed customer reviews Why We Chose It We don’t typically recommend cash advance apps with a subscription model, since you shouldn’t make a habit of paying for cash advances. But the Empower app offers some other smart money features included with the $8 per month price, including credit monitoring, budgeting tools, and an autosave feature that identifies when to save based on your spending patterns. There are no suggested tips, either, but express funding can cost up to $8 for a $250 advance. And funding without a fee can take up to five business days. But you don’t need to open an account to use Empower, and the company just looks for consistent income when determining your eligibility. Service Details Varo is our top choice for the transparent fee schedule and long repayment terms, but the app requires a Varo bank account. If you’re looking for a cash advance from a company that doesn’t require you to set up a deposit account or pay a subscription fee, consider Earnin or MoneyLion. MoneyLion is also a top pick for customer service. If your employer partners with Payactiv, that’s your best bet for low-fee access to your earned wages. If you can use the other tools offered with the Empower app, the subscription fee may be worth it for you. The same goes for Dave—we particularly like the in-app side hustle opportunities. There are many different varieties of cash advance apps. Some provide interest-free loans (which typically come with other fees or a suggested tip) while others only offer you access to the wages you’ve already earned. In any case, a cash advance app is a way to get a small amount of money. Repayment typically occurs automatically on your next payday. Cash advance apps are a much safer alternative to payday loans, which come with APRs of nearly 400% and often trap borrowers in a cycle of debt. Cash advance apps often protect you from overdraft fees and don’t allow additional advances prior to repayment. But fees from suggested tips, subscription fees, and express funding fees can add up. It’s always better to build an emergency fund than to use a cash advance app. Evaluate your budget and consider automatic deposits into a savings account, so you’ll always have cash on hand. Pros Offer instant access to cash ahead of payday Often prevent overdraft fees No interest or late payment fees Don’t require a credit check Cons May charge subscription fees or express funding fees May suggest tipping Low borrowing limits compared to alternatives Often have other requirements, like a checking account with direct deposit Without prior enrollment or setup, Earnin or MoneyLion are the fastest cash advance apps, offering setup and funding the same day. If you already have Payactiv as a benefit through your employer, the app offers several ways to instantly access cash free of charge. Every cash advance app has associated costs, but some make money through suggested tipping only. If you opt not to tip, you can get a free advance from Earnin or MoneyLion. Chime also offers fee-free overdrafts to account holders, with only a suggested tip, and Payactiv offers several ways to get a free advance, but your employer must be a partner. If you have a Varo bank account and meet the qualifications, you can get a $20 advance free of charge. If your employer partners with Payactiv, you can access $500 of your earned wages ahead of payday. Cash advance apps like MoneyLion and Dave also offer up to $500 in cash, but you may not qualify for the maximum if it’s your first time borrowing. The quickest and cheapest way to borrow $500 is to ask a friend or family member, but if that’s not an option, you can also apply for a payday alternative loan if you’re a credit union member or take out a personal loan. Payday loans are another option, but these costly loans come with significant risks. The best payday loan alternative depends on your financial situation and your needs. A loan from friends and family is often best because it doesn’t come with requirements and may not cost you anything. Cash advance apps can provide a small amount that you repay out of your next paycheck, but if you need a little longer for repayment, a personal loan or credit union payday alternative loan will suit you better. To produce our list of the best cash advance apps, we researched and evaluated 10 leading services. We looked at a variety of factors in four broad areas, and assigned weights to each to generate our rankings: We also calculated an effective APR for each lender, which factored in costs like subscription fees and instant cash transfer fees, but we did not include suggested tip amounts. For all services we chose the maximum loan amount and for services that require payment “from the next paycheck,” we assigned a 14-day term. Both of those choices pushed the effective APR down. We did not include this calculated figure in our ranking. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Trustpilot. “Earnin.” Apple App Store. “Earnin.” Consumer Financial Protection Bureau. “CFPB Finds Four Out of Five Payday Loans Are Rolled Over or Renewed.” Consumer Financial Protection Bureau. “What Is a Payday Loan?” MyCreditUnion.gov. “Payday Loan Alternatives.” National Credit Union Administration. “Permissible Loan Interest Rate Ceiling Extended.” Consumer Financial Protection Bureau. “What Is a Personal Installment Loan?” Investopedia is part of the Dotdash Meredithpublishingfamily. Please review our updatedTerms of Service.Best Cash Advance Apps of 2024
Best Overall, Best for Fast Funding With a Low Fee : Varo
Loan Amounts $20 to $500 Fees $1.60 to $40, depending on amount Time to Repay 30 days Repayment Method Automatic Time to Fund Instant Additional Services Fee-free checking with free debit card Interest-free secured card High-yield savings account Effective APR, Without Tip 78% Runner-Up Best Overall, Best for Flexible Loan Amounts : Payactiv
Loan Amounts $1 to $1,000 Fees $0 real time transfers with direct deposit $2.49 for real-time transfers to Payactiv Visa Card (without direct deposit) $3.49 for Walmart cash pickup or real-time transfers to other debit or payroll cards Time to Repay Next paycheck Repayment Method Automatic paycheck deduction Time to Fund Many options are instant; ACH transfer takes 1 to 3 business days Additional Services Payactiv Visa Card, which allows you to get paid early Effective APR, Without Tip 8% Also Good for Flexible Loan Amounts : MoneyLion
Loan Amounts $10 to $1,000 Fees Suggested tip plus up to $8.99 express funding fee Time to Repay Next paycheck Repayment Method Automatic Time to Fund Without fee: Up to 5 business days. With fee: Within minutes Additional Services RoarMoney deposit account Investment account Effective APR, Without Tip 47% Best for Budgeting Tools & Resources : Dave
Loan Amounts $25 to $500 Fees $1 per month subscription
15% suggested tip
$1.99 to $13.99 express fundingTime to Repay Next paycheck Repayment Method Automatic Time to Fund Without fee: 1 to 3 business days
With fee: Less than an hourAdditional Services Side hustle opportunities
Dave spending account
High-yield savings accountEffective APR, Without Tip 78% Best for Lowest Suggested Tip : Earnin
Loan Amounts $1 to $100 per day (up to $750 per pay period) Fees Funding fees up to $3.99 Time to Repay Next paycheck Repayment Method Automatic Time to Fund Without fee: 1 to 2 business days With fee: Up to 30 minutes Additional Services Credit monitoring Effective APR, Without Tip 104% Best With a Subscription Fee : Empower Finance
Loan Amounts $10 to $250 Fees $8/month subscription fee
$1 to $8 express funding feeTime to Repay Next paycheck Repayment Method Automatic account debit Time to Fund Without fee: 1 to 5 business days
With $1 to $8 fee: Within 2 hoursAdditional Services Credit card
Autosave
Budgeting tools
Smart recommendations
Credit score monitoringEffective APR, Without Tip 167% Bottom Line
What Is a Cash Advance App?
Pros and Cons of Cash Advance Apps
Alternatives to Cash Advance Apps
Frequently Asked Questions
What Is the Fastest App to Borrow Money?
What Cash Advance Apps Are Free?
How to Borrow $500 Fast
What Is the Best Alternative to a Payday Loan?
Methodology
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