Money lending apps are a quick and hassle-free way of borrowing money. They approve applicants very easily and generally don’t bother with checking their credit score either. Additionally, most credit apps charge 0% interest. However, there are certain cons on the flipside as well. Most credit apps offer around $100 – $500, so you cannot expect any huge loans from them. Their repayment terms are also quiet tricky sometimes, with most apps requiring the repayment to be completed in a month. Additionally, instant credit apps charge their users a membership fee, generally $1 to $5 a month. Keeping the pros and the cons in mind, here is our list of the top 5 instant credit apps in the US that are supported on Android.
Dave is an instant credit app that offers loans ranging between $5 – $200 without charging any interest fees. However, it does charge users $1 every month as membership fees and mandates linking one’s bank account to their service. Users can choose between standard delivery and express delivery for receiving their funds. Transactions are without charges but the funds can take a maximum of three business days to reach an account. However, users opting for the express delivery can receive their funds in a mere eight hours by paying a fee of $1.99 – $5.99 for their transaction. To be eligible for a loan from Dave, a user has to have a stable income and have a record of positive balance in their bank account most often.
Keeping true to its promise of ‘Making Any Day Payday’, Earnin allows users to loan a maximum of $100 everyday from their upcoming paycheck without the burden of a heavy fee. Users can utilize the ‘cash out’ button to collect their credit, which the app withdraws from their bank account when they get their paycheck. Earnin offers a ‘tip’ option instead of charging interest, monthly memberships, or a fee for the transactions. Users can tip up to $14 for each withdrawal they make.
Although the service is only for users who are invited, Varo offers personal credit ranging between $1,000 – $5,000, which come with a mere 10% to 24% APR. The duration of a loan can last from three to five years and comes with a fixed APR. Users will have to open either a checking account or a savings account with the company in order to be eligible for the loan. Users can also keep tabs on their savings and checking account using the mobile app. Presently, Varo offers personal credit in twenty one U.S. states, with their late payment fees varying across the various states, ranging between $5% – $25%.
Vola is designed specifically for college-goers and offers loans between $50 – $500. It only requires a checking account accepting ACH transfers in order to accept applications loans. Upon downloading the app on their smartphones, users will first have to create an account and then answer some questions pertaining to their financial requirements. Based on this, Varo will calculate the required loan amount and the terms of repayment. If the application is then accepted, users can have their loan in a matter of hours. Varo also offers in-app restructuring of loans and has 24/7 customer support to resolve any issues users might face.
The instant cash app Avant offer loans between $2,000 – $35,000, and offers borrowing solutions to people with bad credit. Its mobile app allows users to manage their loan, change payment dates, and receive relevant information about their loan. At the beginning, users must pay 4.75% as a loan origination fee. They must also have a gross income of more than $20,000 annually. Most users, according to Avant, use their loan money for debt consolidation, which is permitted by the company after six months of timely payments. Avant’s personal loans can currently be availed in all U.S. states with the exceptions of Iowa, Vermont, Colorado, and West Virginia.