Having access to quick cash when you need it can mean the difference between getting to work on time because of an unexpected car repair or avoiding a late fee on an overdue bill. A free cash advance app makes it easy to bridge the gap between paychecks, which allows you to get a small cash advance on your earnings without having to pay any expensive fees.
The best free cash advance apps below follow our data-driven methodology to ensure you only get the best of the best.
The 5 best free cash advance apps of October 2024
The right free cash advance app depends on what you’re looking for and your financial situation. Some of these apps are faster than others, while others are easier to use and have more flexibility. Here are the top five apps we recommend when you need cash quickly, with no unnecessary fees.
Minimum deposit requirements, fees, and other numbers in our list are up to date as of October 30, 2024, and are subject to change.
EarnIn: Best for up to $750 per pay period
Earnin is a fintech company with more than 15 million downloads of its app. It was founded in 2013 but didn’t launch the app until 2014 under its original name, Activehours.
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EarnIn
| Maximum advance limit: | $750 |
| Time to fund: | Minutes |
| Subscription fees: | None |
Why we picked it
Earnin users can access up to $750 of earnings per pay period, or up to $150 per day. This advance isn’t like a traditional payday advance, as there is no interest, credit checks, or mandatory fees. You can get instant access to the advance for a fee. Otherwise, transfers are free within two business days, which is far faster than most of the options on this list.
Earnin offers a nice way to access earnings on demand without having to worry about how it might impact your credit. This is ideal for people who need frequent, small cash advances to cover any unexpected expenses or time-sensitive bills.
What to consider before signing up
Before you can access an advance through Earnin, you must have a consistent paycheck from an employer, as well as a linked bank account. While its free transfers are quicker than other options, you’ll pay a small fee to get an instant transfer, and it isn’t available to everyone. Additionally, the maximum amount you’re able to borrow per day and pay period will vary based on your particular situation, so you may not be eligible for the full $750 limit.
Chime: Best for fast paydays
Chime is a financial technology (fintech) company with a variety of banking services, such as paycheck advances, credit builders, credit cards, and online banking. It was founded in 2012 and is headquartered in San Francisco.
Chime
| Maximum advance limit: | Up to $500^ |
| Time to fund: | Free within 24 hours, Instantly for a $2 fee.* |
| Subscription fees: | None |
Why we picked it
Chimes’ MyPay™ feature allows you to get up to $500 before payday using money you’ve already earned. You can receive the funds within as little as 24 hours for free or pay $2 to get it instantly. You won’t pay any monthly fees, there are no overdraft fees, and there are more than 50,000 fee-free ATMs if you use its banking features. It also has a credit-building card, which lets you improve your credit score over time, all within one platform.
What to consider before signing up
Before you can use Chime’s MyPay™ feature, you must set up direct deposits from a qualifying employer or benefits payer, such as Social Security. It’s not available in all states, and your credit limit depends on risk-based criteria and estimated income, so the maximum amount you can withdraw will vary from person to person.
Chime is a financial technology company, not a bank. MyPayTM line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).
^To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 – $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
*Free transfers within 24 hours or $2 fee applies to get funds instantly.
Current: Best for flexible access
Headquartered in New York City, Current is a fintech company that offers its customers products and services such as paycheck advances, credit building bank accounts, savings, and cryptocurrency investing.
Current
Great for: an advance on your paycheck.
About
With 4 million members, Current’s team of 200 employees helps customers save money, get their paychecks early, invest their income, and build credit with everyday purchases. It’s headquartered in New York City.
| Maximum advance limit: | $500 |
| Time to fund: | Instant |
| Subscription fees: | None |
Why we picked it
Current lets users get up to $500 of their paycheck early with its Paycheck Advance. You can get advances as frequently as you need. With a paycheck advance, there is no fee to get your advance within three business days. For a small fee, users can have instant access, which is ideal for someone with immediate needs. Because Current doesn’t report any of your withdrawals or repayments to the credit bureaus, it won’t impact your credit score.
What to consider before signing up
Before you can get a paycheck advance, you need a qualifying payroll deposit of at least $500 in your current account or an external account. The limit will vary based on your monthly payroll amount and can increase over time with regular deposits. Additionally, there is a fee for instant deposits.
Dave: Best for contributing to a cause
With more than 10 million members, Dave is an app launched in 2017 that helps members find side hustles, avoid overdrafts, build credit, and more. It’s publicly traded on NASDAQ under the ticker symbol DAVE.
Dave
| Maximum advance limit: | $500 |
| Time to fund: | 5 minutes |
| Subscription fees: | None |
Why we picked it
With Dave’s ExtraCash, you can get quick access to cash with no hidden fees or interest. Getting started is fast and, for a small fee, you can get instant advances, or a free transfer within a few days. Repayment terms are clear, and there aren’t any late fees, making it a solid choice for someone who wants transparent advance options. While it doesn’t charge any interest or other fees, there’s an optional tipping model that supports Feeding America, so you can contribute to a cause for every cash advance you take.
What to consider before signing up
To make an instant transfer to an external debit card, you’ll pay a 5% fee, or a 3% fee to transfer to a Dave Spending account. Advances are fee-free if transferred within a few days, which isn’t ideal for someone who’s cash-strapped and needs money now. The $500 maximum advance won’t apply to everyone as there are eligibility requirements. Additionally, all the ExtraCash advances are treated as overdrafts, which will give a temporary negative balance in the ExtraCash account until repaid.
In 2015, DailyPay launched to give employees more control over their paychecks—they can access their earned income before payday. It raised $5 million in Series A funding, $9 million in Series B funding, $500 million in Series D funding and is now headquartered in New York City.
DailyPay
| Maximum advance limit: | Varies |
| Time to fund: | Instant |
| Subscription fees: | None |
Why we picked it
Daily Pay operates slightly differently than the rest of the cash advance apps on this list. Employees get a DailyPay Visa Prepaid Card, which allows users to transfer earned income instantly, all without fees, or they can opt to transfer it to their bank account.
This app lets employees cover their expenses without having to wait for payday, which supports better financial management and offers more stability. There are other features, such as in-app financial counseling and savings tools, as well as access to 55,000 fee-free ATMs with the DailyPay card.
What to consider before signing up
One of the biggest drawbacks of DailyPay is the fact that the employer has to participate, otherwise employees can’t access advances. It can also be a very slippery slope to rely on advances, especially ones that give frequent early access to paychecks. This can impact long-term financial health if not managed responsibly.
What to know about cash advance apps
A cash advance app lets users access a portion of earnings before payday, all without high-interest loans or credit checks. People typically use them to cover emergency expenses, such as a car breakdown or unexpected medical bills. These apps usually charge little to no fees, especially if you’re OK with waiting a few days to access your funds.
While these cash advances are helpful in an emergency, they’re best used sparingly because frequent advances can lead to dependency, impacting your overall financial health. They can also make it difficult to pay your future expenses when you’re counting on a paycheck to cover them.
How to choose a cash advance app
Before using a cash advance app, consider both your spending habits as well as your financial needs. Some apps prioritize giving you fee-free access to your money and credit building options, while others offer instant cash transfers for a small fee. If your cash flow fluctuates or you need fast access, look for apps with instant transfer capabilities. However, factor in any fees, which can be up to 5% of the transfer amount.
You also want to check the eligibility requirements, such as the direct deposit threshold, as these can vary significantly and impact how much you are able to borrow. You also want an app that aligns with your financial goals and offers transparent terms so you understand what you’re getting into.
Our methodology
We compared over 20 cash advance apps to find you the best free options. We looked at factors such as:
- Loan amount per pay period (25%): The more you can access through the app, the better we rated it.
- Speed to access funds without paying a fee (20%): Instant and same-day transfer ranked better.
- Maximum loan amount per day (15%): Some apps have daily limits on top of limits per paycheck.
- Fast-funding fee (15%): Apps with fees for instant access ranked slightly lower.
- App rating (15%): Apps with higher ratings on the Apple App Store and the Google Play Store scored better.
- Monthly subscription fee (10%): Apps with subscription fees scored worse.
Frequently asked questions
Are cash advance apps safe to use?
Most cash advance apps are operated by fintech companies rather than Federal Deposit Insurance Corp. (FDIC)-insured banks. However, many of these companies have relationships with partner banks, allowing for pass-through FDIC insurance. They also offer encryption and data privacy policies to protect your information.
Do cash advances affect my credit score?
Generally speaking, no. Most perform no credit checks, nor do they report to credit bureaus, so these cash advances don’t impact your credit score unless stated otherwise.
Can I use multiple cash advance apps at once?
Yes, you can use multiple cash advance apps at the same time. However, you want to manage these advances carefully. Otherwise, you can create a cycle of debt by relying on borrowed funds, making it more difficult to pay your basic expenses.
