Originally known as ActivHours, Earnin is a great alternative to Dave for folks who do not want to pay a recurring membership fee. Instead, the app requires you to pay a tip that you think is fair for the service. The app offers paycheck advances of up to $100 per day that you have already earned, up to a maximum of $500 per period.
Earnin also offers other helpful features, such as Balance Shield Alerts that can notify you if your bank account balance dips below a certain threshold. There’s also a Cash Out feature that can automatically deposit up to $100 in your bank account to help avoid overdraft fees.
For all its positives, there are a few downsides to Earnin as well. To be eligible to receive paycheck advances, you must have a regular pay schedule (weekly, bi-weekly, semi-monthly, or monthly). Your employer must also have an actual physical work location or use time-tracking software for you to be eligible to use the service. Additionally, you must also send at least half of your paycheck to your checking account via direct deposit.
MoneyLion is an all-in-one mobile banking app that offers users an easy way to borrow, save, invest, and earn. It lets you borrow up to $250 of your next paycheck with no interest and no credit check. The company claims to transfer the money to your account instantly, irrespective of the time of day. Its RoarMoney feature also gives you access to your paycheck up to two days early.
The best part about MoneyLion is that it has no minimum balance requirement. The app doesn’t charge you any fees for standard transfers, foreign transactions, mobile check deposits, or card replacement.
Moreover, the app also helps with your investments by letting you transfer money from your savings account into exchange-traded funds custom-picked for your needs and risk tolerance. The app charges a monthly $1 charge for a basic subscription, while its ‘Credit Builder Plus’ membership, which offers access to loans of up to $1,000, costs $ per month.
One of the best cash advance apps like Dave, Branch, also offers personal loans in most countries it operates in. In the US, it offers a cash advance of up to $150 per day or up to $500 of your paycheck. It offers no-fee checking, a debit card, and free ATM access at more than 40,000 locations across the US. You can also receive money, transfer funds, and pay bills through the Branch app. It charges $2.99 to $4.99 for instant advances to your debit card, while standard advances to your bank account are free of charge and take up to three business days.
The branch app does offer helpful features but has stringent requirements for its cash advance facility. Firstly, you need to have received a salary for two consecutive months from the same employer. You should deposit it into a checking account at a supported bank and have a debit card for that account as well. Unfortunately, the app does not offer its services to remote workers. That means if your employer does not have a physical workplace, you will likely not be eligible to use the app.