Sometimes life happens and we are left with $50. Regardless of whether you are looking to fuel your car or just put food on the table, $50 loan instant apps could be something that you might consider.
Instant loan apps are better than payday loans. They provide instant access to funds that you need and don’t charge interest.
What are 50 Instant Loan Apps and How Do They Work?
The best way to bridge the gap between paydays is with instant loan apps. Cash advance apps can be useful if you are facing an emergency and don’t know how to pay. Cash advances are usually short-term. However, a $50 loan instant application can make it possible for most people.
The best instant money apps offer not only quick access to your earnings but also a loan that can be used to cover you for the time between paydays. They work closely with your employer to track your earnings so that you have access to them before payday.
Many instant money apps require that you repay the loan within a few weeks of receiving your next paycheck. These loans are similar to payday loans but with no hefty fees.
This doesn’t mean that a money-lending application won’t charge fees. Payday loans can be expensive so make sure you read the fine print. Below are the most common money-lending apps. But make sure to double-check for hidden fees.
Top 10 $50 Instant Loan Apps
1. Albert
Sign-Up Bonus: $150
Amount: Up to $250
Fee: $0
Interest rate: 0%
Albert is a great payday lender option if you have immediate cash needs. They do not believe in overdraft fees and offer an immediate cash advance of up to $250 to help you. They don’t charge late fees or interest. You don’t need to have a perfect credit score to be eligible.
To receive the funds, you will need to link your bank account. If you wait for two to three days, the cash will be yours for free. If you need the money quickly, you can pay for an instant transfer for a small fee. You should receive the funds within a few hours.
This payday loan is available without a credit check. You can pay it back on your next payday.
Also read: Franchise Financing: 6 Best Options for Franchise Business Loan
2. Chime
Amount: $20 – $200
Fee: $0
Interest rate: 0%
Chime offers a checking or a spending account. There are no fees and you don’t have to maintain a certain amount. You can also access SpotMe, Chime’s instant money loan if you open a Spend Account.
You must make at least one $200 direct deposit to be eligible. You will then need to fill out an application. The information will be used for eligibility determination. They do not conduct a credit check but will use other resources to determine whether you are eligible.
SpotMe is free but only for Chime Checking accounts. Chime will “spot” your cash if your account is overdrawn. The cash advances start at $20. Based on your spending habits and bank account history, Chime could increase your limit.
3. Earnin
Amount: $100 – $500
Fee: $0
Interest rate: 0%
Earnin believes that you don’t need to wait for your earned funds. They help you access your earned funds quickly with an instant loan. Earnin allows you to get as much as $100 per day and $500 over a period of time. It’s also an interest-free cash advance.
The standard transfer time for their instant loan is between one and three business days. This is a great deal because there is no fee. It costs $2.99 for an instant transfer (or Lightning Speed transfer as they call it).
Earnin will automatically debit the funds due from your next paycheck if you link your bank account.
You must be employed to use the quick cash app. The app is free if you are able to time it correctly and request funds at least three working days in advance.
4. PaydaySay
Amount: $100 – $1,000
Fee: $0
Interest rate: Varies by lender
PaydaySay doesn’t offer a traditional instant cash advance app. It’s more like a marketplace or facilitator between the lender and you. Although they work with many lenders, it might increase your chances of approval but it could take more effort to obtain instant cash.
PaydaySay provides quick money loans up to $5,000. However, some lenders will lend more. Lenders will require more documentation to approve your loan application.
PaydaySay does not charge transaction or monthly fees. However, you might be charged by the lender you are matched with. Always ask before agreeing to a loan. PaydaySay has many lenders and payday loans, so it is important to carefully read the contract. The loans may be more expensive than traditional instant cash apps.
Lenders require that you repay the loan by your next paycheck. However, they do not automatically withdraw funds like some of the top money-lending apps.
You’ll be charged interest and penalties for late payments, just like any loan.
5. PayActiv
Amount: Up to $500
Fee: Free or $1 per transaction if you don’t have a direct deposit
Interest rate: 0%
PayActiv must be signed up by your employer and offered as a benefit. Earned money can be accessed immediately if your employer offers this benefit. The app links to your employer and tracks your hours. You can access 50% or $500 of your earnings unless direct deposit is set up.
You can access the funds in the instant cash advance application at any time. It is possible to leave the funds unutilized or transfer them to your bank account or debit card or Payactiv Visa card.
Payactiv automatically debits your next direct deposit with the funds. This service is free if your Payactiv card has been set up to direct deposit your paycheck. You’ll be charged $1 per transaction plus a $5 maximum fee for each pay period. Payactiv is not an instant loan. Instead, it accesses your earned funds. There are no interest charges.
6. MoneyLion
Amount: $25 – $250
Fee: $0
Interest rate: 0%
MoneyLion allows you to get instant cash if your MoneyLion account is open. MoneyLion requires that you have a MoneyLion bank account at least two months old. You must have regular deposits to the account and a solid banking history.
Instant cash can be obtained from $25 to $250. There is no interest or fee. Your loan amount depends on your banking transaction. MoneyLion does not conduct credit checks to obtain a loan.
MoneyLion can take up to 12 to 48 hours for your money to reach your MoneyLion account.
It may take up to five business days to send the funds to an external account. You can pay a fee to have the money transferred immediately if you need it faster. Costs vary depending on the amount and where you are sending the money.
7. Cleo
Amount: $20 – $70
Fee: $0
Interest rate: 0%
Cleo is one of the most user-friendly money lending apps. You can borrow between $20 and $70 the first time you use it. Once you are able to repay your loans on time, you might be eligible for $100.
It is only available in the iPhone App Store and is very easy to use. Cleo analyzes transactions and helps users manage their money better by linking their bank accounts to this app.
You’ll find ways to change your spending habits to improve your personal financial health in their section titled “Get to Know Your Money”. It’s then easy to borrow money online instantly if you have a money emergency.
8. Branch
Amount: Up to $500
Fee: $0
Interest rate: 0%
Branch is another money loan app that can only be accessed through your employer. If your company offers it, you can access up to $500 of your earn pay early. You can access the money however you want, as it goes to a mobile digital wallet and not your bank account.
Branch’s cash loan app is great for independent contractors as it pays them immediately after they have completed the work, rather than waiting for payment.
Employees don’t have to pay for this service. This is a benefit that employees get as a bonus.
Also read: Top 6 Banks for Small-Business Loans
9. Brigit
Amount: Up to $250
Fee: $0
Interest rate: 0%
Brigit is both a budgeting tool and an instant cash advance application. To monitor your finances, it can link to your bank account. The algorithm can automatically deposit funds if it notices that your account is going negative.
You can borrow as much as $250 with this cash loan app. Your bank history will determine how much you can get. Brigit will automatically set up a repayment plan, but you can choose to repay the loan earlier if necessary.
Brigit is like many other instant money apps. They don’t do a credit check and don’t charge interest.
10. DailyPay
Amount: Varies by employer
Fee: $0
Interest rate: 0%
DailyPay is a tool that allows employees to access their earned wages every day. Another app that works through your employer is DailyPay. DailyPay will transfer your loan to your bank account, or debit card. The money can be sent immediately for a fee, or it can take a few days before you receive it.
Transfer funds to the cash loan app anytime, even after your shift is over.
How to Choose the Best $50 Loan Instant Apps
Know what to avoid before you use instant loan apps. It is important to be aware of scams and what you should avoid.
What to look for
Here are some things to look out for when you need cash fast: instant loan apps
You want an app that is easy to use. You may need a loan for the short term, especially if you are stressed and in need of help. An app that is difficult to comprehend is not what you want.
Next, an app that is flexible in its approval process is important. You don’t need to jump through hoops because you only have a limited amount of money.
Pay attention to the fees and terms. Many instant loan applications require that you repay the loan by your next payday. You may be required to link your checking account so that they can withdraw your payment automatically on your next payday. Only work with an instant loan app that clearly discloses the fees and does not have hidden fees.
You want an app that allows you to get cash quickly. You don’t want to wait for weeks because you are likely in a tight spot. You may have another paycheck by then and not need the loan.
Also read: When and How to Refinance a Personal Loan
Red Flags to Avoid
There is always the risk of being taken advantage of by a fraudster. Here are some warning signs to look out for.
Check to see if the company has been listed with the Better Business Bureau. You might consider looking for another company if it isn’t. To determine if the company really is legitimate, check out the reviews and complaints if they’re listed.
Second, be sure to look for transparency. You should also look for transparency. Does the company clearly disclose the fees and APR? Or are there questions after you have read the terms and conditions? You might be charged hidden fees if you don’t receive a clear answer on the monthly interest rates or fees.
Also, consider how fast you will receive the funds. If you use instant cash advance apps, you want the money immediately. Avoid them if they don’t tell you when the money will be available, but they aren’t afraid to ask for your bank information.
Get Approved for the Best Instant Loan Apps
You don’t need to go through the stress of applying for a $50 instant loan. The funds are not used to buy a house or a car. Each app will approve you for the loan in a different way.
Many instant loan apps will look at your banking history, including your deposits and account history if you aren’t the first person to use it. Apps don’t conduct credit checks. Instead, they look at your bank account history to determine whether you can pay back the loan.
Apps might check your credit history. Don’t overlook the importance of maintaining your credit score, especially if your loan amount is more than $250.
Some apps are only available through your employer. The app must be signed up by your employer and offered as an employee benefit. The app is free to employees who sign up. It also gives you early access to funds that you have earned, but have not yet been paid.
