A lot of people have a hard time paying their bills. There are a variety of different bills that people need to deal with. For example, 79 million Americans have a hard time keeping up with their debt or medical bills. When people find themselves dealing with tough times, they may turn to options like a payday loan to help them out. However, these loans are not a great opportunity for people to consider since they come with a lot of drawbacks. A better alternative to consider would be a paycheck advance app.
Paycheck Advance Applications (Apps): What Are They?
Paycheck advance apps provide users with the opportunity to get their paycheck earlier than their payday. It might sound tempting, specifically if you really need the money. There are many paycheck advance apps that users rely on each day. If you want to use a paycheck advance app, you only need to go to your phone’s app store and choose the app that can help you out. You should choose wisely when it comes to these apps. It might negatively affect your financial situation in the long run. You could end up in a revolving cycle of debt and paying off that debt if you aren’t responsible.
These paycheck advance apps will transfer advanced money from your next paycheck for you to access. This means that you will have less money on payday than you planned. If you want to prevent any financial risk, you will need to plan a budget and factor in the advance money from your paycheck.
Paycheck Advance Apps: Finding Out How They Work
These paycheck advance apps give you the chance to receive paycheck advances on the work you already completed. However, you need to remain cautious about other aspects that come with paycheck advance apps. In the end, you are still transferring money from your future paycheck. This means that the paycheck you will get on payday will be less than you planned. You might not be able to deal with your finances well through this assistance option. That’s why you will need to remain extra careful and keep track of the money that you are taking from the app every month you use it.
The Best Paycheck Advance Apps That You Should Think About Using
There are several apps that you will find on the App Store that offer the option of a paycheck advance. You will want to use a paycheck advance app that offers more features than only early access to your paycheck. There are other tools that you can benefit from with these paycheck advance apps such as online investing, online banking services, cash-back shopping, etc. With these financial tools, you will find that you can deal with your finances easier. This article will present a few of the best paycheck advance apps. These apps will not only provide a paycheck advance–they can help you with other financial tools, as mentioned above.
MoneyLion
One of the best paycheck advance apps in the market is MoneyLion. This app can help you get access to your paycheck early. Additionally, other features can help you out with your financial situation.
MoneyLion will lend a hand in controlling your financial situation and improving it. Features such as free fraud protection, budgeting tools, cash-back rewards, and more come on the app! If you have trouble keeping your finances in check, you should think about using MoneyLion. Besides receiving a paycheck advance, you could learn more about your financial situation or receive other beneficial opportunities.
Brigit
Another great option you can consider is Brigit. Known for its flexibility, Brigit is one of the best paycheck advance apps you can find. You have the chance to get an advance on your next paycheck within the next business day and you do not have to worry about a credit check. However, not everyone can qualify for a cash advance from this app. Instead, only those that meet the app’s requirements can benefit. The requirements of this app will look at an individual’s:
- Income
- Banking History
- Brigit Score
Empower
With Empower, you have the option of getting a paycheck advance without any interest. You do not need to worry about any late fees or go through any credit checks. They also have an option for an Empower card. These cards are designed with their users in mind. Some of the opportunities that come along with this card include:
- Up to 10% cash back
- Free ATMs
- Flexibility
Varo
Varo is an online paycheck advance app that allows you to gain access to your paycheck early. Unlike other paycheck advance apps, Varo can provide faster access to your paycheck. Varo deposits your paycheck directly to your Varo Account quickly. That means that you can get your paycheck up to 2 days earlier than others. When you get this app and open a Varo account, some benefits that also come along include:
- A Varo Visa Debit Card
- The Ability to Transfer to Other Varo Users
- Fewer Fees
- Automatic Savings Tools
Earnin
The first ever paycheck advance app was Earnin, which was formerly called ActiveHours. There are no fees that you need to pay if you want a paycheck advance with Earnin. You have the option of adding a tip, though. The tip can reach up to $14, but it is completely up to you. Besides being able to provide paycheck advances, other features come along with this app. These features include:
- Balance Shield
- Earnin Express
- Financial Calendar
Conclusion
If you think that it’s a good idea, you should start using a paycheck advance app. These apps give you the chance to get a part of your next paycheck earlier. If you are in a tight financial spot, then you can access a portion of your next paycheck to use at an earlier date. However, you need to keep track of your expenses with these apps. It could lead to a revolving cycle of debt if you are not careful. There are many paycheck advance apps that you can use. Additionally, these apps offer more than just paycheck advances. These services may be able to help your current situation even more!
