If you are looking for an app that will allow you to get paid as early as two days before your due date, the MoneyLion app could be a good option.
There is no credit check required, and you don’t pay interest. You may have to pay a fee depending on your membership level.
MoneyLion can be used to help you cover unexpected expenses or make ends meet between your paychecks. Other cash advance apps such as Chime or Dave, Earnin, and Branch might be worth considering.
We have compiled our top choices for apps like moneyLion so you can compare features and benefits to find the right app for you.
What’s MoneyLion?
MoneyLion was founded in 2013. It offers interest-free cash advances that help customers cover unexpected bills or make ends meet. MoneyLion is a popular cash advance app that offers cash advances up to $250 without interest, no monthly fees, and no credit checks.
Before accessing funds, download the MoneyLion App and link your checking account. MoneyLion’s “Instacash” feature allows you to request a cash advance for fuel, textbooks, or a night out.
Regular deposits or your recurring income increase the cash amount you have access to (from $50 up to $250). The amount you receive is automatically taken from your account on a due day determined by either your pay cycle or your recurring deposit cycle. All this with zero interest.
Apps Like Moneylion
- Chime
- Dave
- Earnin
- Affirm
- AfterPay
- Empower
- PayActiv
- PockBox
- Wealthfront Cash Account
- FlexWage
Chime
Chime, a personal finance app, gives consumers a complete view of their finances with just a few clicks. It is similar to Moneylion. The app allows users to access their money instantly, unlike traditional banks that require you to wait around two days to use your money.
Chime users can access their accounts via 38,000 ATMs without paying any fees. Chime provides real-time transaction notifications, allows users to block cards in the app and enables transactions through Google or Apple Pay. It also offers instant money transfer with Chime partner partners and sends balance alerts instantly and daily.
Chime is free of hidden fees, monthly charges, overdraft fees and additional fees for foreign currency transactions. Chime does not require a minimum balance.
Dave
This app has a unique name, and employees can get up to $100 advance on their next paychecks without interest. Users can also save up to $500 each year by using this app.
Dave is different from Moneylion because of its budgeting tools. The Dave app allows users to track their expenses and plan their budget for food, rent, or utilities. Dave also provides instant alerts to users if they exceed their budget.
Dave charges a monthly fee of $1 per user to access the powerful personal finance tracking features and tools. However, it is worth looking into if you don’t want to pay high-interest rates on payday loans or overdraft fees.
Earnin
Earnin, another Moneylion alternative, offers a variety of tools, including budgeting, instant money, options for medical bills, cashback on every purchase and much more. The Earnin app allows users to connect their debit cards and receive their money quickly without additional charges.
Earnin also has a Tip Jar that encourages users to save little by minor by tipping. You can tip yourself when you reach a goal, such as going to the gym or eating healthier. Earnin also offers the Financial Calendar. This allows users to keep track of their monthly expenses, such as bills, and create a budget.
Affirm
Affirm isn’t your average finance app. Affirm is a unique way to pay for what you want without spending your entire salary. Affirm users don’t have to worry about hidden fees, penalties or late fees when purchasing a product. Affirm is easy to use for new users.
You can use the app by going to your favourite retailer or store, adding your item to the cart and choosing the payment plan that suits your budget. Affirm lets you split your payments into monthly instalments. You can also pay online or in-person at a physical location using Apple Pay or Google Pay.
AfterPay
The app’s name says it all. AfterPay allows users to buy a product and split the payment into four equal instalments over two weeks.
The app can be used to make purchases without worrying about interest rates appearing on your bill. AfterPay allows you to pay through your smartphone. If you prefer to shop in a physical location, you can scan the barcode to pay the amount. The best part is that the item will be shipped to you once the first instalment is made.
Empower
The app’s name reflects precisely what it does for employees struggling to budget and get their paycheck in advance when needed. Empower allows employees to receive a $250 paycheck advance on their bank account. However, eligibility requirements may apply.
Empower also helps users to track their spending. It even offers an automatic savings plan that can be used by those who have difficulty saving or budgeting.
PayActiv
PayActiv offers more than alternatives to bank loans and payday loans. PayActiv is a financial counselling application that helps employees and others who have difficulty planning their finances. It also offers prescription discounts and lets users pay their bills directly from the app.
PayActiv has an attached debit card to each account that allows employees to access their money without worrying about fraud. Employers could subsidise this fee, but employees would have to pay $5 a flat fee if they want to access their paychecks early.
PockBox
PockBox is a mobile banking and finance app that can be used to track and loan money. It also acts as a marketplace for short-term money lenders, who can immediately lend up to $2,500. PockBox makes it much easier to get a loan than other apps and payday lenders. Fill out a few forms, and you’ll be connected to a lender that could give you a loan the next day.
However, the interest and charges you might incur when you take out a loan will depend on which lender you choose. PockBox is still a better option than payday lenders for loans.
Wealthfront Cash Account
Wealthfront offers banking products to customers and employees, including a cash account. Wealthfront is also a top Robo-advisor when it comes to finances.
Wealthfront’s most significant advantage is getting your money up to two days sooner than usual with its cash account. Although this may not be an option, it helps you budget and ensures your bills get paid promptly.
FlexWage
FlexWage is an app that offers comfort and relief for both employees and employers. It helps with the administration of paychecks and other administrative tasks. FlexWage allows employees to have access to their paychecks whenever they need them. For employees who have not received direct deposits but receive paper checks, FlexWage offers reloadable payroll debit card options.
Transferring the paycheck or using the debit card can incur fees. These fees are generally lower than a payday loan.
Bottom line
Personal finances management, tracking spending and getting loans when needed are complex tasks that employees or those who live paycheck to paycheck will have to face. Although the core principle of spending within your means is a key to improving your financial health, it can be challenging to put this into practice.
These apps can help you manage your finances and monitor your expenses. These apps can help you get financial assistance through loans or even increase your wealth through money-saving functions.
It was only a matter of a few clicks before you could save money, apply for loans, and keep track of your expenses. These apps, such as Moneylion, are worth exploring. Keep the ones that work for you.
