Best Money-Borrowing Apps of May 2024 (2024)

SoFi is a fintech company that offers various products through its website or app, including student loans and personal loans. Borrowers here can request $5,000 to $100,000 from both.

Pros and Cons of SoFi

Pros Possible same-day funding: If approved, you can receive funds as early as the same business day. Flexible repayment terms: You can choose repayment terms from 24 to 84 months. Co-borrowers allowed: SoFi allows you to apply with a co-borrower — someone who agrees to be equally responsible for repaying the loan. Cons Good credit is required: SoFi’s minimum credit score requirement is 680. Higher starting loan amount: There are better options than this lender if you need funds to cover a small expense since its minimum loan amount is $5,000. Co-signers aren’t allowed: Although SoFi allows joint applications, you can’t apply with a co-signer — someone who agrees to repay the loan if you can’t make payments.

SoFi Eligibility Requirements

To qualify, you must have a credit score of at least 680, be employed and be an eligible permanent or non-permanent U.S. resident.

MoneyLion

MoneyLion offers several financial products, including investment accounts, checking accounts and cash advances. With MoneyLion’s cash advance product, you can borrow up to $500.

Pros and Cons of MoneyLion

Pros No credit check: MoneyLion doesn’t perform a hard or soft credit check when you apply. No monthly fees: Unlike some other money-borrowing apps, MoneyLion doesn’t charge monthly fees. No interest: MoneyLion doesn’t charge interest on its cash advances. Cons Fee for instant transfer: MoneyLion charges a Turbo fee, or transfer fee, that ranges from $0.49 to $8.99 for instant transfers. Up to five days for standard transfers: The regular cash advance funding speed to external accounts is up to five business days. Checking account is required: You need a checking account with a history of regular deposits to qualify.

MoneyLion Eligibility Requirements

You need a checking account that’s at least two months old with regular deposits and a positive balance to qualify. In addition, MoneyLion must be able to verify that you’re the owner of the account.

Brigit

Brigit is an app that offers budgeting tools, software that can analyze your spending habits, credit-builder loans and cash advances of up to $250 without a late fee.

Pros and Cons of Brigit

Pros Flexible repayment terms: If you need additional time to pay your advance, Brigit allows you to request a free extension. Brigit reports payments: Brigit reports your payment history to the three national credit bureaus — Equifax, Experian and TransUnion — which means on-time payments can help improve your credit score. No interest or tips: Brigit doesn’t accept tips or charge interest on its cash advances. Cons Monthly fee: Brigit requires users to pay a monthly subscription fee that ranges from $9.99 to $14.99. Express funding fee: If you want instant funding, it’ll cost you from $0.99 to $3.99. Relatively low advance amount: Brigit’s maximum cash advance amount of $250 is lower than competitors like MoneyLion or Dave.

Brigit Eligibility Requirements

To qualify, you must connect a checking account that is at least 60 days old and has been used daily for at least a few weeks. Your account must also have a balance greater than $0 and a minimum of three recurring deposits from the same employer.

Chime

Chime allows its members to overdraw their checking accounts by $200 withoutpaying overdraft fees. Plus, members might receive direct deposits up to two days before your actual payday.

Pros and Cons of Chime

Pros Possible early payment: You can get paid up to two days before your payday. Overdraft protection: Chime allows you to overdraft your checking account by up to $200 without paying a fee. SpotMe Boosts: You can receive a SpotMe Boost from someone, which temporarily increases the amount you can borrow by $5. Chime users can each send four “Boosts” a month. Cons Chime bank account needed: You must bank with Chime to qualify. Lower limits depending on eligibility: Some Chime members may only overdraft their checking account by up to $20 but may be offered a higher limit of up to $200 in the future based on various factors such as their spending behavior and how often they receive deposits. Some third-party fees apply: While Chime doesn’t charge fees on its cash advances, you may run into ATM fees or similar charges.

Chime Eligibility Requirements

To qualify for Chime’s SpotMe service, you must have a Chime account that has received at least $200 in qualifying direct deposits over the past 34 days.

Earnin

EarnIn is a fintech company that offers credit monitoring and cash advance products that allow users to borrow up to $750 per pay period.

Pros and Cons of EarnIn

Pros No credit inquiry: EarnIn doesn’t perform a credit check to review your credit history when you apply. No mandatory fees: Paying a fee with EarnIn is voluntary, provided you’re willing to accept a slower funding speed. You’ll usually get your money in one to two business days, but you can pay a fee to get the money within minutes. Cons Instant transfer fee: EarnIn charges an instant transfer fee that ranges from $1.99 to $4.99. Low borrowing limit: You can only borrow $100 per day during your pay period. Tips: Paying an optional tip can increase your borrowing costs.

EarnIn Eligibility Requirements

To use EarnIn, you must be employed and have consistent direct deposits, have a primary residence in the U.S., be at least 18 years old, have a bank account and have a valid cell phone number.

Dave

Dave offers cash advances up to $500. It doesn’t charge interest or late fees, but you have to pay a $1 monthly membership fee. In addition, the cost of instant transfers ranges from $1.99 to $13.99.

Pros and Cons of Dave

Pros No credit check: Dave doesn’t check your credit score or credit history when you apply. No late fees: If your payment is late, you won’t have to worry about paying a late fee with Dave. Budgeting tool: You can control how much you spend once you transfer money from your bank account to a Dave spending account. Cons Fee for instant transfer: Dave charges an instant cash advance fee that ranges from $1.99 to $13.99. Monthly membership fee: You have to pay a $1 monthly membership fee. Must open a checking account: Applicants must open a Dave checking account.

Dave Eligibility Requirements

To qualify, you must open an Extra Cash spending account and pay a $1 monthly fee.

Possible Finance

Possible offers personal loans up to $500, which it advertises as a payday alternative loan. The company doesn’t disclose any minimum credit score requirements but says that applicants with bad credit can qualify. Once approved, you can receive funds within minutes.

Pros and Cons of Possible Finance

Pros Potential quick funding: Once approved, funds may be deposited into your account within a few minutes. Can help you build credit: Possible Finance reports payments to two of the three major credit agencies, which means repaying your loan on time can potentially boost your credit score. No late payments: If you make a late payment, Possible Finance won’t charge you a fee. Cons High APRs: Possible Finance’s APR range is higher than most personal loan lenders — 150% to 250%. Not available in all states: Loans are only available in 15 states. Possible slow funding speeds: Although loans can be funded in a few minutes, in some cases, it can take up to five days to receive your funds.

Possible Finance Eligibility Requirements

Possible Finance requires applicants to be at least 18 years old and have an active checking with three months of history. Plus, your checking account must receive at least $750 per month in deposits and have a balance above $0.

Jerry BrownContributing Writer

Jen Hubley LuckwaldtEditor