Payday advance apps: pros and cons Payday advance apps: pros and cons

Payday advance apps: pros and cons

It’s possible that you find yourself in a situation where you’re short on cash and your payday isn’t near. In this case, a Payday advance app can be a lifesaver.

When you’re buried up to your neck in debts and there are still a few days left until your payday, you can count on payday advance apps to have your back. These are different and even better than a traditional payday loan.

Payday loans require your stubs and income information. They lend you the money and expect you to pay them back as soon as you receive your next paycheck. However, they can charge ridiculously high fees and interest rates.

Payday advance apps are an interesting alternative, as they don’t charge any interest. Some of them include monthly fees that aren’t as hard on your wallet. They’re a way to avoid over-drafting your checking account or reaching your personal limit with your credit card.

Earnin is an app designed to loan money easily. They present themselves as a community-supported platform, whose goal is to bring fairness to the financial world. This is the reason why they don’t charge any fees or interests: they only suggest you leave a tip every time you get a loan.

Dave, on the other hand, asks you to pay $1 per month to support the app. It’s a very small price to pay for its high benefits: you can ask for loans up to $100 without any credit checks or interest.

All in all, you should stay under your budget and avoid relying too much on these tools. Try to control your spendings so as not to become dependent on them.

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