Over the past decade, traditional cash advances for bad credit with 400% APRs have gone by the wayside, sparked by an onslaught of new 0% interest cash advance apps and sub 35.99% APR personal loans for bad credit from reputable lending networks like Money Mutual and FundsJoy. If you have bad credit and are looking for an instant cash advance loan, you have come to the right place.
Have you previously taken out traditional cash advances you immediately regret? If so, you will definitely benefit from the loans listed below.
Review our marketplace to find the best instant cash advance loans online for bad credit of April 2024.
Best Instant Cash Advance Loans Online for Bad Credit of April 2024: Key Findings
The best instant cash advance loans are short-term loans starting at $100 with APRs up to 35.99%, repaid within two to four weeks, although longer repayment terms are possible.
Online cash advances from MoneyMutual and other top lending networks offer more favorable rates and terms than traditional cash advance options with 400% APRs and excessive fees.
Most top instant cash advance companies offer same day approval and next business day funding as long as your loan request is submitted by a daily 5 pm cutoff.
You can get a loan with bad credit but expect higher interest rates and fees.
You must earn at least $800 a month or demonstrate proof of employment (direct deposit-collecting bank account) to use cash advance apps like Earnin and Brigit to access instant cash advance loans.
Best Instant Cash Advance Loans for Bad Credit of April 2024
Best cash advance app for bad credit and same day funding
Why Should You Trust ElitePersonalFinance’s Guides?
For over ten years, ElitePersonalFinance has advised consumers on how to make the best financial decisions on various loan products and services, including instant cash advance loans online for bad credit.
All of our recommendations come after hours and hours of meticulous research. For every guide, we evaluate more than 20 direct lenders, cash advance apps, and online marketplaces, grading them on several key criteria, such as APRs, repayment terms, and other metrics with the goal of narrowing our options down to a few select highly rated providers.
Whether looking for a small business loan or a quick $300 emergency cash loan, ElitePersonalFinance offers expert guidance and an acute eye on reputable direct lenders with safe business practices and favorable rates/terms. Have all the confidence that ElitePersonalFinance will steer you toward your next legit funding opportunity.
MoneyMutual
Loan Amount:
$200 – $5,000
APR:
Up to 35.99%
Min. Credit Score:
0
Approval:
5 Minutes
Terms:
Varies
Fees:
Loan origination fees vary by lender.
Late payment fees vary by lender.
Most lenders don’t charge prepayment fees.
Qualification Criteria:
Be at least 18 years of age.
U.S. citizen or permanent resident
Minimum monthly income of $800 a month
Active checking account
Completed application through the MoneyMutual website
Average Borrower Profile:
MoneyMutual connects borrowers with personalized financial product offers from banks and other lenders.
Financing options are available if you have bad, fair, good, or excellent credit.
MoneyMutual has long been one of the leaders in the short-term lending market, offering bad credit borrowers access to quick and easy alternative cash advance loans for all of life’s smaller unexpected expenses.
Borrowers on MoneyMutual can take out loans from $200 to $5,000 from a network of 120+ legit direct lenders. Most offer up to 35.99% APRs, an excellent alternative over predatory 300% and 400% APRs offered by traditional payday, auto title, and pawnshop loans. With instant cash advance loans online from MoneyMutual, one can forget paying up to $30 for every $100 borrowed.
Another benefit to using MoneyMutual is its quick and easy five-minute online application form. Once submitted, you will be matched with a network of participating direct lenders competing for your business. Be sure to review all rates and terms before signing loan documentation.
Highlights:
Offers loans from $200 to $5,000
Competitive APRs up to 35.99%
An extensive network of legit participating direct lenders
256-bit encryption and member of Online Lenders Alliance (OLA)
Deposits to your bank account in as little as 24 hours
Eligibility:
18 years of age or older
U.S. citizen or permanent resident
Minimum monthly income of $800 a month
Active checking account
Completed application through the MoneyMutual website
How to Apply: It is very easy to get started with MoneyMutual. On the homepage, click the bright orange “Get Started” button and complete all details, including your residence, desired loan amount, and deposit instructions. Before continuing, agree to its Terms of Use and Privacy Policy.
Fees:
No origination fees or prepayment penalties
Late and insufficient funds fees vary depending on the lender
Pros:
Best for bad credit, no credit check loans
Excellent loan range from $200 to $5,000
Solid APRs up to 35.99%
Easy qualification criteria for bad credit borrowers
No origination or prepayment penalties
Funds to your bank account in 24 hours
Five-minute online application form
More than 2MM customers to date
SSI, pensions, disability, and other benefits count as qualifying income
Cons:
Not a direct lender
Requirements vary based on the lender
Need to earn a minimum of $800 a monthly
Terms:
MoneyMutual offers a variety of loan products and services, including but not limited to bad credit personal loans and instant online cash advances. It offers loans from $200 to $5,000 with up to 35.99% APRs. Each participating direct lender determines origination, prepayment, late, and other fees. To get an idea of what you can expect to pay in interest and finance charges, consider the following loan example: a 28% APR, $4,000 loan on a 3-year repayment term with no finance charges will result in a total payment of $5,956.36, of which $1,956.36 is the total interest paid. Of course, your loan offer APR will depend on several factors, such as your desired loan amount, debt-to-income ratio, and any state regulations.
The Impact of Covid-19
Unfortunately, MoneyMutual offers no forbearance or hardship programs. It is not a direct lender, but a lending network connecting borrowers with legit direct lenders. For hardship options, please consult with the direct lender.
ZippyLoan
Loan Amount:
$100 – $15,000
APR:
12% – 35.99%
Min. Credit Score:
0
Approval:
5 Minutes
Terms:
6 Months – 5 Years
Fees:
Loan origination fees vary by lender.
Late payment fees vary by lender.
Most lenders don’t charge prepayment fees.
Qualification Criteria:
Be at least 18 years of age.
Have recurring employment income or government benefits.
Fill out your information through ZippyLoan’s online portal.
Average Borrower Profile:
ZippyLoan connects borrowers with personalized financial product offers from banks and other lenders.
Financing options are available if you have bad, fair, good, or excellent credit.
ZippyLoan is one of the more reputable instant cash advance loan providers for people with bad credit out there.
Its expansive lending network is full of direct lenders offering between $100 and $15,000, all with same-day approval and next day funding. They are much more advantageous than traditional cash advances with 12% to 35.99% APRs and longer repayment terms of up to 60 months, providing greater flexibility with monthly payments.
Another benefit to using ZippyLoan is its loose qualification criteria. Like traditional cash advances, it only requires that you are 18 or older with a minimum monthly income of $800 and a valid email, home address, and bank account. We also appreciate ZippyLoan’s commitment to security with a secure 256-bit SSL encrypted online form and Online Lenders Alliance membership.
Highlights:
Loans from $100 to $15,000
Competitive APRs up to 35.99%
Repayment terms of up to 60 months
Network of 100+ qualified and legit lenders
Secure, 5-minute online application form
Eligibility:
18 years of age or older
U.S. citizen or permanent resident
Government-issued photo ID
Minimum monthly income of $800 a month
Valid bank account
Completed application through the ZippyLoan portal
Not a New York, West Virginia, Oregon, or District of Columbia resident
How to Apply: It takes less than five minutes to submit a loan request using ZippyLoan. Click the “Get Started” button on the homepage and enter your desired loan amount, zip code, and email address. From there, you will be prompted to answer questions, including depositing information. Once your loan request is submitted, expect to be matched with at least three direct lenders offering competitive rates and terms.
Fees:
No origination fees or prepayment penalties
Late and insufficient funds fees vary depending on the lender
Pros:
Best payday alternative for bad credit, no credit check loans
Loans from $100 to $15,000
Competitive APRs from 12% to 35.99%
No origination or prepayment penalties
Member of the Online Lenders Alliance (OLA)
Quick and easy five-minute online application
Repayment terms up to 60 months
Cons:
No dedicated customer support line
Financial hardship/forbearance programs not available
Not available to New York, West Virginia, Oregon, or District of Columbia residents
Terms:
ZippyLoan offers a variety of loan products and services, including but not limited to bad credit personal loans and instant online cash advances. It offers loans from $100 to $15,000 with APRs (Annual Percentage Rates)up to 35.99%. Each participating direct lender determines origination, prepayment, late, and other fees. To get an idea of what you can expect to pay in interest and finance charges, consider the following loan example: a 31% APR, $11,000 loan on a 2-year repayment term with no finance charges will result in a total payment of $14,897.22, of which $3,897.22 is the total interest paid. Of course, your loan offer APR will depend on several factors, such as your desired loan amount, debt-to-income ratio, and any state regulations.
The Impact of Covid-19
As ZippyLoans ‘is not a direct lender, it offers no hardship or forbearance programs. However, you can email support@zippyloan.com or call 1-844-379-8621 if you have any questions regarding the service.
FundsJoy
Loan Amount:
$200 – $5,000
APR:
5.99% – 35.99%
Min. Credit Score:
0
Approval:
1 Day
Terms:
1 – 5 Years
Fees:
A loan origination fee of 1% to 5%
Late payment fees vary by each lender
Insufficient funds fees vary by each lender
Qualification Criteria:
Be at least 18 years of age
Be employed, have recurring income, or government benefits.
A valid email and SSN number.
A United States citizen or a permanent resident.
Fill out your information through FundsJoy’s online portal
Average Borrower Profile:
FundsJoy doesn’t disclose the average borrower profile information.
FundsJoy is a well-rounded online lending network with direct lenders offering best cash advance loans from $200 to $5,000.
We appreciate how well-rounded FundsJoy is, starting with excellent APRs (5.99% to 35.99%) and healthy repayment options from one month to 60 months. Like all of our recommended bad credit instant cash advance loan providers, no minimum credit score is required. All you need to provide is a government-issued photo ID and proof of income (e.g., pay stubs or electronic timesheets).
One of the downsides of FundsJoy is that some lenders charge origination fees of up to 5%. However, there are no prepayment penalties, and all late and insufficient funds fees vary by lender. If you’re looking for quick cash for emergency expenses, then FundsJoy is highly recommended.
Highlights:
Loan origination fees of up to 5%
Solid APRs between 5.99% and 35.99%
Generous borrowing amounts ($200 to $5,000)
Flexible repayment terms of 1 to 5 years
Available in almost all 50 states
Eligibility:
18 years of age or older
U.S. citizen or permanent resident
Recurring monthly income
Completed application through the FundsJoy portal
How to Apply: FundsJoy offers an intuitive way to submit a loan request. On the homepage, click the purple “Get Started” button and answer all request forms truthfully, entering your desired loan amount and financial and contact details. Successful applicants will receive a list of qualified lenders offering favorable rates and terms in less than five minutes. Then, perform all necessary research before signing off on any loan documentation.
Fees:
Origination fees of up to 5%
No prepayment penalties
Late and insufficient funds fees vary depending on the lender
Pros:
Maximum borrowing limit up to $5,000
Approve bad credit loans with no credit check
Excellent interest rates from 5.99% to 35.99%
Same day approval and next business day funding
Quick and easy online application
No minimum required credit score
Flexible repayment terms (up to 60 months)
Cons:
No forbearance or hardship options
Lower maximum borrowing limit ($5,000) than competitors
Loan origination fees of up to 5%
Terms:
FundsJoy offers a variety of loan products and services, including but not limited to bad credit personal loans and instant online cash advances. It provides loans up to $5,000 with APRs of up to 35.99% and origination fees of up to 5%. Each participating direct lender determines prepayment, late, and other fees. To get an idea of what you can expect to pay in interest and finance charges, consider the following loan example: a 34% APR, $2,000 loan on a 1-year repayment term with no finance charges will result in a total payment of $2,387.16, of which $387.16 is the total interest paid. Your loan offer APR will depend on several factors, such as your desired loan amount, debt-to-income ratio, and state regulations.
The Impact of Covid-19:
FundsJoy is not a direct lender. It offers no debt management or financial hardship options. Please consult each participating direct lender directly to explore all of your options.
Upstart
Loan Amount:
$1,000 – $50,000
APR:
4.6% – 35.99%
Min. Credit Score:
300
Approval:
1 – 7 Days
Terms:
3 – 5 Years
Fees:
Loan origination fee of 0% – 12%
Late payment fee of 5% of the amount due, or $15, whichever is greater, after a 15-day grace period
Insufficient funds fee of $15
Paper documents fee of $10
There are no prepayment fees
Qualification Criteria:
Minimum age: 18
Residing in the United States (don’t have to be a citizen or permanent resident) (exception for military)
Minimum credit score of 300 in most states
No bankruptcies or public records on your credit report
No accounts that are currently in collections or delinquent
Living in the 50 US states
Average Borrower Profile:
Borrows roughly $8,600.
Incurs an APR of 23.98% on a five-year term
Achieves approval nearly twice as often than traditional lenders with a FICO Score of 620 to 660
The CFPB found Upstart’s AI risk model approves 27% more borrowers and they incur APRs 16% lower than traditional lenders
Terms: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.44% and a 8.64% origination fee of $864, for an APR of 22.88%. In this example, the borrower will receive $9136 and will make 60 monthly payments of $257. APR is calculated based on 5-year rates offered in March 2023. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. It is important to review your promissory note for these details before accepting your loan.
When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.
The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical credit-score only model used in Upstart’s analysis was developed in connection with the CFPB No Action Letter access-to-credit testing program and was built from a traditional credit score only model trained on Upstart platform data. APR for the scorecard was averaged for each given traditional credit score grouping.
While automated recurring payments are easy to set up, payments by check or one time electronic payments can also be used to repay a loan. Borrowers have the flexibility to choose the repayment method that works best for them.
This information is based on actual borrowers as of 4/1/2023 who identified “credit card refinancing” as their primary use of funds and paid off at least 51% of their outstanding credit card debt within 3 months of taking out the loan. Out of these actual borrowers, some could have experienced an increase or decrease in their credit score. This information reflects the overall average change in credit score points experienced by this group of borrowers as identified above.
The majority of borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry. Loan processing may be subject to longer wait times if additional documentation is required for review.
Unlike ZippyLoans, FundsJoy, and MoneyMutual, Upstart offers personal loans for bad credit, not cash advance loans. Upstart is one of the best personal loans for bad credit. We decided to list Upstart here, because it works great for most of you here with bad credit. All you need is a minimum 300 credit score.
Unlike virtually all banks, credit union, and online bad credit personal loan companies, Upstart uses a proprietary AI-based decision engine to qualify bad credit borrowers based on variables outside of credit score, such as employment history, cash flow, and education.
Thanks to its AI risk model, Upstart offers excellent bad credit personal loans, good alternatives to cash advance loans from $1,000 to $50,000 at favorable 4.6% to 35.98% APRs. Repayment terms go from three to five years. As for fee structure, origination fees of up to 8% apply. However, there are no prepayment penalties, although there are late payment fees (5% of the amount due or $15) and a $15 insufficient funds/paper documents fee.
Overall, we highly recommend Upstart for any bad credit borrowers looking to avoid traditional cash advances with 400% APRs in favor of a lower interest rate and lengthier repayment term option. Although it specializes in providing loans to those with bad credit, all credit types are welcome to apply.
Highlights:
Excellent borrowing range from $1,000 to $50,000
Strong APRs from 4.6% – 35.99%
Innovative AI risk model
Minimum 300 required credit score
Good for low credit score and high DTI consumers
Eligibility:
Be at least 18 years of age
U.S. citizen or permanent resident
Minimum 300 credit score
Debt-to-income ratio not exceeding 50%
No delinquencies and less than six credit inquiries on your credit profile
Completed application through the Upstart website
How to Apply: Getting started with an Upstart application is very easy. On the homepage, you will see several loan products and service options, including consolidating debt, paying off credit cards, and refinancing your vehicle. Click on any of your desired options before entering a desired loan amount and completing all contact/depositing details. Rates will be available in less than 5 minutes with no prepayment and penalty, promising 43% lower rates than underwriting criteria that apply credit scores.
Fees:
Origination fees from 0% to 12%, automatically withheld when loan proceeds are sent to you
No prepayment penalties
Late fee of $15 or 5% of past due amount (whichever is greater)
Pros:
Best personal loans for bad credit
AI-based risk model offers loans up to $50,000
Generous APRs from 4.6% to 35.99%
No prepayment penalties
Easy, five-minute online application
Same day approval and next business day funding
Forbearance options are available to those experiencing hardship
Cons:
Repayment terms limited to three or five years
A minimum credit score of 300 required
DTI ratio must not exceed 50% (excluding rent and mortgage)
Strictest qualification criteria of all five lending networks reviewed
The Impact of Covid-19
Many forbearance options are available to Upstart borrowers. To explore your options, contact Upstart’s customer service team at 1-855-451-6753.
Upgrade
Loan Amount:
$1,000 – $50,000
APR:
8.49% – 35.99%
Min. Credit Score:
560
Approval:
1 Day
Terms:
2 – 7 Years
Fees:
Loan origination fee of 1.85% – 9.99%
Late payment fee of $10, after a 15-day grace period
Insufficient funds fee of $10
There are no prepayment fees
Qualification Criteria:
Be at least 18 years of age
Have a credit score of at least 560
Have a DTI ratio that doesn’t exceed 75%
Have recurring employment income or government benefits
Fill out your information through Upgrade’s online portal
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% – 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36 – month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early.
Upgrade provides legit unsecured personal loans for many credit card refinancing, house renovations, and debt reduction. The APRs offered by Upgrade range from 8.49% to 35.99%, and loan durations span from 24 to 84 months, with sums ranging from $1,000 to $50,000.
After completing the provider’s verification process, loan funds may be available within one working day. Borrowers may be subject to high annual percentage rates and origination fees ranging from 1.85% to 9.99% from the lender.
Highlights:
Competitive rate loans from $1,000 to $50,000
APRs from 8.49% to 35.99%
Minimum 560 required credit score
Origination fees between 1.85% to 9.99%
Repayment terms from 24 to 84 months
Eligibility:
U.S. citizen or permanent resident at least 18 years of age
Minimum 560 credit score
DTI ratio of 75% or less
Recurring monthly income
Completed application through the Upgrade portal
How to Apply: Upgrade makes it very easy to take out a loan. Navigate to its personal loans homepage and enter your desired loan amount and Loan purpose before checking your rate. Checking your rate will not affect your credit score. If you agree to the rates, proceed with completing an online application.
Fees:
1.85% to 9.99% origination fee
No prepayment penalties
$10 fee for failed electronic/check payments
Late fee of up to $10 if full payment not received 15 days after due date
Pros:
Loans up to $50,000
Best for fair credit
APRs from 8.49% to 35.99%
More favorable terms than cash advance places/debit card cash advance
Secured and cosigner loan options are available
No prepayment or origination penalties
No ATM, account, or transfer fees with Rewards Checking program
0.5% auto pay discount for qualified borrowers
Easy and quick online application form
Hardship options available for those struggling to make on-time payments
Cons:
Stricter qualification criteria than competitors
Minimum 560 credit score required
Loan origination fees of up to 9.99%
Higher minimum borrowing limit ($1,000) than competitors
The Impact of Covid-19
Upgrade does offer hardship options if you are having trouble making payments. To learn more, sign in to your Upgrade account. We also appreciate its extensive resource library with plenty of helpful articles on managing credit and government relief options, all good-to-know information for tough times.
SoFi
Loan Amount:
$5,000 – $100,000
APR:
5.74% – 20.28%
Min. Credit Score:
680
Approval:
1 – 7 Days
Terms:
2 – 7 Years
Fees:
There are no loan origination fees
There are no late payment fees
There are no closing fees
There are no prepayment fees
Qualification Criteria:
Be at least 18 years of age
Have a credit score of at least 680.
Be employed, have an employment offer that starts in 60 days, or have recurring income from other sources.
Fill out your information through SoFi’s online portal
Known for their ubiquitous direct mail campaigns promoting rock bottom interest rates, SoFi is one of the newer entrants in the alternative cash advance loan scene, an excellent provider of personal loans for good credit borrowers. Although Sofi is not a cash advance company, we decided to list them here as a top personal lender for those that have good credit who can qualify for their credit rates.
For starters, SoFi offers personal loans starting at $5,000 up to $100,000 with excellent APRs from 5.74% to 20.28%. Repayment terms also go from two to seven years. It is important to note that SoFi has stricter eligibility requirements starting with a minimum 680 required credit score and current employment. Although its personal loans are not an alternative to cash advances, they can meet short-term emergency cash needs on much bigger bills (e.g. overdue hospital invoices), just as long as you are willing to borrow a minimum of $5,000.
With over five million members, SoFi is one of our list’s more formidable personal loans for good credit providers. However, if you can stomach SoFi’s stricter qualification criteria and high minimum borrowing limit for larger expenses, it’s a done deal.
Highlights:
Loans between $5,000 to $100,000
Generous APRs from 5.74% to 20.28%
No origination or prepayment penalties
Excellent unemployment protection program
Rates are offered in as little as 60 seconds
Funds will be sent to your account as soon as the same day
Eligibility:
18 years of age or older
Minimum 660 credit score
Employed for a minimum of 60 days
Completed application through the SoFi website
How to Apply: Like Upgrade, SoFi asks that you view your rate in a minute without affecting your credit score. Visit the personal loans page and enter your first name, last name, state, and email address before consenting to SoFi’s consents (ESIGN Act, GLBA, Terms of Use, and Arbitration Agreement). From there, SoFi will ask for your desired amount and contact details before presenting a rate. Take all the time you need to carefully review our rates before committing to a loan.
Fees:
No origination fees
No prepayment penalties
No late fees
Only interest charges on all personal loans
Pros:
Highest maximum loan borrowing limit of $100,000
Best for good credit
Strong APRs from 5.74% to 20.28%
More than 5MM members with $34B in paid off debt and $73B+ in funded loans
Rates available in 60 seconds or less (soft inquiry)
No origination or prepayment penalties
Unemployment protection available for those experiencing financial hardship
Extra benefits such as financial planning tools and 24/7 account monitoring
Cons:
No secured loan options
Minimum of 680 required credit score
High minimum borrowing amount ($5,000)
SoFi Special Handling Team for hardship options
Terms:
SoFi offers a variety of loan products and services, including but not limited to bad credit personal loans and instant online cash advances. It provides loans up to $100,000 with APRs Annual Percentage Rates (APRs) from 5.74% to 20.28%. Each participating direct lender determines origination, prepayment, late, and other fees. To get an idea of what you can expect to pay in interest and finance charges, consider the following loan example: an 8% APR, $21,500 loan on a 3-year repayment term with no finance charges will result in a total payment of $24,254.35, of which $2,754.35 is the total interest paid. Of course, your loan offer APR will depend on several factors, such as your desired loan amount, debt-to-income ratio, and any state regulations.
The Impact of Covid-19
SoFi does have a dedicated Special Handling Team focused on borrowers struggling to make on-time payments. One of its biggest draws is unemployment protection, which modifies your payments until you secure a new job. If you are experiencing financial hardship, give SoFi a call at 1-855-456-7634.
First Tech Credit Union
Loan Amount:
$500 – $50,000
APR:
7.7% – 18%
Min. Credit Score:
660
Approval:
Not disclosed.
Terms:
5 – 12 years.
Fees:
No origination fees.
No prepayment fees.
No late fees.
Qualification Criteria:
Be 18 years old and above.
The minimum credit score of 660.
A valid Social Security Number.
Employer information.
Fill in your credentials at the First Tech Federal Credit Union’s online portal.
First Tech Federal Credit Union is an excellent choice if you strongly prefer enlisting with a credit union over cash advance places or an online lending network for an instant cash advance loan.
First Tech Federal Credit Union offers two types of loans – personal loans and payday alternative loans, both decent cash advance alternatives. Its personal loan program has higher borrowing limits (up to $50,000) with longer repayment terms, whereas its PAL program acts more like a traditional cash advance service, offering up to $2,000 for smaller cash needs. Borrowing limits start at $500 upwards of $50000 to favorable 6.7% to 18% APRs. We also appreciate its two to seven-year repayment terms, offering greater monthly payment flexibility. However, First Tech Federal Credit Union does have stricter qualification criteria, starting with an active membership, a minimum 660 credit score, a 50% DTI ratio, and minimum credit history on two active accounts.
Although First Tech Federal Credit Union is more advantageous for higher dollar loans, its minimum of $500 is an excellent go-to for bad credit borrowers looking to pay emergency expenses like past due electric bills or a broken vehicle tail light preventing you from going to work every day.
Look to First Tech Federal Credit Union if you’re looking for exceptional customer service, a good mix of short term (PAL) and long-term (bad credit personal loans), as well as excellent rates/terms.
Highlights:
Excellent borrowing limits from $500 to $50,000
Generous APRs from 7.7% to 18%
No origination, prepayment, or late fees
Lending decisions made within 24 hours
0.25% APR autopay discount
Eligibility:
18 years of age or older
U.S. citizen or permanent resident
Minimum 660 credit score
Completed application through the First Tech Federal Credit Union website
How to Apply: First Tech Federal Credit Union offers a quick and easy online application. Visit its Personal Loans page and select from one of two options: Check My Rate or Apply for Personal Loan. Checking your rate will not affect your credit score.
Fees:
Late fees vary
No prepayment penalties
$5 monthly fee for non-active membership savings accounts (6 months or more)
$5 minimum balance to become a First Tech Federal Credit Union member
Returned check fee of $28
Pros:
Loans from $500 to $50,000
Excellent two to seven-year repayment terms
Available in all 50 states, including Washington D.C.
Strong customer service and top notch support
Easy pre-qualification process, even for first-timers
Joint, co-signed/co-borrower loan options available
Cons:
Returned check fee of $28
No automatic payment rate discount
Only reports on-time payments to Experian
Minimum credit score of 660 required
Minimum monthly income of $700 ($1,500 for homeowners)
Terms:
First Tech Federal Credit Union offers several personal loan products and services for good to excellent credit borrowers. It offers loans from $500 up to $50,000 with APRs Annual Percentage Rates (APRs) from 6.7% to 18%. Each participating direct lender determines origination, prepayment, late, and other fees. To get an idea of what you can expect to pay in interest and finance charges, consider the following loan example: a 17% APR, $14,000 loan on a 2-year repayment term with no finance charges will result in a total payment of $16,612.60, of which $2,612.60 is the total interest paid. Of course, your loan offer APR will depend on several factors, such as your desired loan amount, debt-to-income ratio, and any state regulations.
The Impact of Covid-19
Any First Tech Federal Credit Union member experiencing financial hardship can benefit from its Emergency Assistance Program. However, its primary focus is its mortgage product. To explore your options with a First Tech representative, call (855) 855-8805.
Brigit
Loan Amount:
Up to $250
APR:
0%
Terms:
Repay manually or with your next paycheck
Fees:
$9.99 monthly membership fee
Credit Check:
No
How to Qualify:
Have at least 60 days of checking account activity and maintain a balance above $0
Have a cash surplus every two weeks after receiving your paycheck
If you prefer using a cash advance app over a lending network ior cash advance places, then Brigit is an excellent option.
With over 4 million members, Brigit users can request advances of up to $250 with 0% interest and no minimum required credit score. All you have to do is enroll in Brigit Plus and pay a monthly $9.99 membership fee to take out as many advances as you want (one at a time). Along with Express Delivery, you can receive cash advances in minutes. There’s also the option of a no-fee two to three-business-day turnaround.
In terms of accolades, Brigit has received a largely positive reception with 250K+ App Store/Google Play ratings, endorsements by top celebrities, and more than $435MM worth of fees saved from members since launch. We also appreciate its third-party data information policy (no selling) and bank-level 256-bit encryption for data security.
Highlights:
Cash advances of up to $250
$9.99 monthly membership fee for unlimited advances (one at a time)
A proprietary scoring system from 40 to 100
0% interest and no credit checks
Funds to your account as early as 20 minutes
Excellent customer service through Jess, its automated 24/7 chat
Eligibility:
Membership fee of $9.99 a month
No minimum required credit score
60 days of checking account activity
’40 to 100′ Brigit score
How to Apply: It is very easy to get started with Brigit. Download the app from the App Store/Google Play store and follow the on-screen instructions to connect your account to a valid direct deposit collecting bank account before determining your Brigit Score and submitting an advance request.
Fees:
$9.99 monthly membership fee
$0 – $14.99 per advance (depending on plan)
No overdraft protection or automatic savings fee
Pros:
0% interest on all cash advances
No credit check loans offered
No late fees or penalties
250K+ App Store/Google Play ratings
Innovative Brigit score qualifies borrowers based on balance status/fees and account activity
Up to $1MM in identity theft protection (Brigit Plus)
Cons:
$9.99 monthly membership fee
Joint banking accounts not eligible
Requires three recurring deposits from the same source
Need an active checking account for a minimum of 60 days
Terms:
Brigit offers a paycheck advance service for bad credit borrowers. It provides cash advances of up to $250 at 0% interest in exchange for a monthly $9.99 membership fee. There are no origination or prepayment penalties. To understand what you can expect to pay in interest and finance charges, consider the following loan example: a 0% APR, $250 advance on a 2-week repayment term with no finance charges will result in a total payment of $250. Your advance offer depends on Brigit’s proprietary scoring system that grades you based on variables such as cash flow and checking account activity.
The Impact of Covid-19:
If you are experiencing financial difficulties, Brigit’s customer service events are ready to help you explore your options via live chat from Monday to Thursday from 11:00 a.m. to 3:00 p.m. ET. You may also visit www.hellobrigit.com/faq.
What Are Instant Cash Advance Loans?
Also known as payday loans, instant cash advance loans are short-term loans of two to four weeks, capped at $500. They are marketed towards bad credit borrowers (think 300 to 580 credit score range) as an emergency source of quick cash with looser eligibility requirements than traditional bank loans.
Typical expenses covered using instant cash advance loans include unpaid medical bills, past due credit card bills, or past due debt consolidation late fees accruing interest by the day.
Although traditional cash advance loans offer a quick and easy application process (with same-day approval and funding to a bank account as early as the next business day), their drawbacks far outweigh the positives.
For starters, cash advance places offer APRs north of 400%, or up to $30 for every $100 borrowed. With outrageous fees, snowballing $40 rollover fees, and often predatory collection practices, we advise borrowers to avoid traditional cash advances at all costs. However, thanks to 0% free instant cash advance apps like Earnin/Brigit and reputable lending networks offering sub 35.99% APRs, traditional cash advances should quickly be a thing of the past.
Because instant cash advance loans typically offer a small amount of money for bad credit borrowers with high interest rates, most do not run credit checks. Some can still check your credit, but they will approve you even if you have bad credit.
How Do Instant Cash Advances Work Online?
It is straightforward to explain how traditional online cash advances from cash advance places work.
For starters, you must meet basic eligibility requirements. All payday loan applicants must provide proof of income, a valid bank account, a government-issued photo ID, and one of two ways lenders can withdraw loan proceeds from your bank.
The first way is by issuing a post-dated check. The second way is to offer payday lenders access to your bank account for automatic withdrawals.
As for repayment, payday loans require that you repay all proceeds (plus finance charges and other fees) on your next payday, anywhere from two to four weeks out. Rolling over the loan will charge additional fees (typically up to $40) and interest.
Thanks to predatory lending practices and disjointed post-check issuing at traditional payday loan stores (often in undesirable neighborhoods), we highly recommend against conventional cash advances and opting for 0% interest free instant cash advance apps or alternative cash advance loans from reputable lending networks like MoneyMutual and ZippyLoans.
Please note that traditional cash advance loans differ from credit card cash advances. Unlike traditional cash advances, credit card cash advances imply a percentage of your overall credit limit, withdrawn from an ATM or bank with immediate interest accrual and no grace period.
Pros and Cons of Cash Advances
Here are the pros and cons of traditional cash advances:
Pros:
Instant Access to Cash. Arguably the number one benefit of traditional cash advances and an online cash advance is quick access to funds, dispersed same day (cash advance apps) or next business day (lending networks e.g. ZippyLoans). Quick turnaround offers a vital lifeline for those looking for emergency cash.
No Minimum Required Credit Score. Traditional cash advances offer no credit checks, allowing those with limited to no credit to obtain funding. However, whether you have a 300 or a 580 credit score, a sub-35.99% APR cash advance with no origination/prepayment penalties and repayment terms of up to 60 months is easily achievable.
0% Interest Opportunities. Over the past decade, a new slate of free instant cash advance apps offering 0% interest on advances of up to $100 per day/$750 per pay period has taken effect. In addition, they make it a lot easier to apply, as all you need to do is connect a valid direct deposit collecting bank account to a smartphone app before requesting advances.
Cons:
High Fees. Traditional cash advances are known for notoriously high fees. For perspective, consider a $500 cash advance on a two-week repayment term. With a $15 fee for every $100 borrowed, loan proceeds would be 575 ($500 principal plus $75 in fees), translating to a 390% interest rate. Fortunately, an online cash advance from a reputable marketplaces offers virtually no fees.
Low Borrowing Limits. Unlike traditional personal loans, cash advance limits typically exceed $500, with few exceptions (e.g., Earnin’s $750 per pay period borrowing limit). Although suitable for paycheck gaps or small unpaid utility bills, larger expenses are best served with a bad credit personal loan or payday alternative loan (PAL) from lending networks offering up to $40,000 (e.g., NextDayPersonalLoan and MarketLoans).
Vicious Debt Cycle. Arguably the number one predatory type of loan, a cash advance is notorious for rollover fees, which are charged for extending loan terms. Rollover fees typically comprise a percentage of the loan amount up to $60, quickly adding up new fees and interest charges.
ElitePersonalFinance Guide to Get the Best Cash Advance Loans for Bad Credit Instantly
It is not that difficult to find legitimate cash advances for bad credit. Here are our top suggestions:
Perform Research. Use our guide to vet at least three lending networks/best cash advance apps focusing on positive third-party reviews.
Reviewing Credentials. All credentials by lending networks are explicitly stated on website disclaimers. Ensure that they are licensed to operate in your state and in full compliance with all applicable laws. Bonus points for any lending network that is a member of the Online Lenders Alliance (OLA), an organization committed to preventing consumer fraud and best lending practices.
Study All Loan Terms. Before signing the dotted line, carefully study all loan terms and conditions. Pay attention to APRs, fees, repayment terms, and extra fine print regarding late and insufficient funds fees. This practice provides a better picture of the total cost of the loan and estimated monthly payments.
Don’t Avoid Alternatives. If you are uncomfortable with the rates and terms offered at lending Networks, consider alternatives such as a payday alternative loan (credit unions), 0% interest cash advance apps (e.g., Earnin), or even borrowing a small sum from a family member or friend.
Avoid Payday Loan Places. Avoid all the marketing hype with your local payday loans places, turning your head on any reference to guaranteed rates, special promotions, and other heavy-handed marketing tactics. Instead, your focus should primarily be competitive rates, fees, and repayment terms.
By following the above suggestions, you can increase the likelihood of finding a legitimate cash advance place to provide you with the quick emergency cash you need.
Understand Online Cash Advance APRs
To explain how online cash advance APRs work, consider an example of a $500 advance and $75 finance charge.
Assuming a two to four-week loan term (pay down the borrower’s next payday), the effective interest rate is calculated by dividing the finance charge by the number of term days (14 days). A 14-day, $500 loan with a $75 finance charge produces an interest rate of $391%.
Converting the interest rate to an APR requires borrowers to multiply the $391% interest rate times the number of 2-week loan terms in a year (26), which comes out to a whopping 10,166%.
Calculating traditional cash advance APRs is more complicated than credit card cash advances, as credit card cash advances imply a percentage of the amount borrowed (e.g., $5) or a $10 flat fee per transaction, expressed as a daily rate.
As with all loans, we recommend considering all costs and risks of taking out cash advances before signing on the dotted line. At any point, you should not worry about securing high interest rate loans any further. Today, there are more options than ever, starting with personal loans for bad credit up to 35.99% APR, 0% interest cash advance apps, and bad credit personal loans/payday alternative loans from reputable credit unions.
What Are Our Favorite Cash Advance Loan Alternatives?
You can get the best installment loans for bad credit from our list above or by following these steps:
Fortunately, there are plenty of traditional and online instant cash advance alternatives for bad credit. Reasons for pursuing cash advance loan alternatives include taking advantage of lower rates, lengthier repayment terms, or 0% interest with options like Earnin and Brigit.
Personal Loans for Bad Credit. Personal loans for bad credit are geared toward individuals with limited to no credit history., good for up to $50,000 (e.g. Upstart ). Unlike traditional banks and credit unions, personal loans for bad credit providers acknowledge that other qualification criteria outside of credit score may be just as critical. Benefits include quick access to funds, higher borrowing limits up to $100,000, 15% to 35.99% APRs for bad credit, long repayment period, flexibility, and improving one’s credit score with reported on-time payments to credit bureaus.
Payday Alternative Loans from Credit Unions (PALs). Offered by credit unions, payday alternative loans are an excellent alternative to traditional instant no credit check cash advances. Borrowing limits typically range from $200 to $2,000, with APRs capped at 28%, repaid within one to 12 months. Unlike bad credit cash advances, PALs are fixed installment loans repayable over a longer period.
We appreciate PALs’ lower interest rates, flexible repayment terms, and widespread availability. Recommended credit unions offering PALs include Navy Federal Credit Union, First Tech Federal Credit Union, Alliant Credit Union, and Pentagon Federal CU (PenFed).
Cash Advance Apps. Exploding in popularity over the last ten years, free instant cash advance apps like Brigit, Earnin, and Dave have received critical acclaim for their easy access to short-term no credit check loans offering 0% interest in exchange for advances up to $100 a day or $750 per pay period. A borrower repays these cash advances on their next payday. You must only link your bank account/mobile wallet to the app for quick funds disbursement to qualify.
Benefits of free instant cash advance apps include convenience, no credit check, same day approval, and easy qualification, even for those with abysmal credit. Do not expect any origination or late fees either.
Credit Cards. If you are looking to access funds quickly, then no credit check credit cards are an excellent way to do it. They almost always have lower interest rates and cash advance loans. However, paying only part of the balance by your statement date will incur interest and finance charges.
As for borrowing amount, it all depends on your credit card limit. They can be as low as $5,000 upwards of $40,000. How much of that credit limit you wish to spend towards emergency expenses and other short-term needs is up to you. Remember, your credit card will not run a credit check, offering the same convenience as no credit check loans and cash advance apps.
By exploring alternative cash advance loan options, you can maximize your chances of getting the money you need quickly.
Are Cash Advance Loans No Credit Check?
One of the main draws of an online cash advance is that most do not run credit checks. However, you should still expect no credit check lenders to review your income and credit history to determine your loan repayment ability. Main qualifying criteria include a government-issued photo ID, US citizenship/permanent residency, a valid bank account, and proof of income through pay stubs or electronic timesheets.
For example, no credit check lending networks like NextDayPersonalLoan and MarketLoans require that you earn a minimum monthly income of $800 a month. So anyone working a minimum wage job at McDonald’s or Burger King on a full-time 40-hour-a-week schedule can help you qualify for no credit check loans.
Are Cash Advance Loans from Direct Lenders?
An online cash advance/cash advance no credit check can come from all sources, not just direct lenders:
Direct Lenders
Banks. Popular for credit card cash advances, banks typically charge fees from 3 to 5% of the amount withdrawn and interest rate of up to 26% on credit cards. Cash can be withdrawn by visiting a branch or using an ATM. Remember that interest starts accruing immediately with no grace period, so we encourage you to pay off the bank by your card’s next due date.
For perspective, expect cash advance no credit check APRs on Chase credit cards anywhere from 19% to 25%, subject to change based on market conditions. With today’s rising cost of inflation, credit card cash advances are becoming increasingly expensive.
Credit Unions. Long known for payday alternative loans (PALs), credit unions offer a viable option with capped 26% APRs on loans up to $2,000 with one to 12-month repayment periods. Like lending networks, credit unions pay less attention to credit scores and more attention to proof of income.
Cash Advance Apps. Most cash advance apps like Earnin, Brigit, and Dave are technically classified as direct lenders, although they operate more as paycheck advance services, since loan proceeds actually come out of your next paycheck. They are good for up to $100 per day or $750 per pay period. However, there are some limitations, primarily with its repayment terms which are only valid anywhere from two to four weeks. An offshoot option is peer-to-peer (P2P) lending platforms, which rely on investors to fund loans to borrowers who have difficulty qualifying at traditional banks and credit unions.
Bad Credit Personal Lenders. Non-lending networks like Upstart and Upgrade offer loans up to $50,000. Although they are reputable options, we find lending networks like MoneyMutual and ZippyLoan much more appealing since they offer access to hundreds of legit participating direct lenders offering comparable rates and terms. Why setting for one direct lender when you can access several under one platform?
Non-Direct Lenders
Lending Networks. Our recommended online marketplaces like MoneyMutual and ZIppyLoan offer access to a network of legit direct lenders offering an online cash advance as little as $100. Most offer no origination or prepayment penalties, although late and insufficient funds fees apply. Review all rates in terms before committing to any direct lender.
Remember, direct lenders offer loans directly to borrowers, whereas non-direct lenders act as middlemen, earning commissions by matching borrowers with direct lenders.
As always, we highly recommend comparing at least three direct and non-direct lenders, carefully reviewing all rates, terms, and fine prints to find the cheapest rates for your financial situation.
Are Cash Advances Unsecured, Secured, or Cosigner Loans?
Cash advances are unsecured loans, so they do not require the use of collateral such as vehicles or jewelry. Instead, borrowers are assessed based on proof of income (e.g., pay stubs and electronic timesheets).
In limited circumstances, cash advance no credit check lenders may allow co-signers, especially notable if borrowers have limited to no credit history.
For reference, secured loans require pledged collateral versus cosigner loans, which use a friend or family member with good credit to co-sign loan agreements with equal joint responsibility if the primary borrower defaults.
Here are some common types of unsecured, secured, and cosigner loans.
Unsecured
Personal loans
Credit cards
Student loans
Small business loans.
Payday loans
Secured
Auto loans
Home equity loans
Mortgage loans
Secured credit cards.
Secured personal loans
Boat/RV loans
Cosigner
Student loans
Mortgage loans
Auto loans
Personal loans
Small business loans
Understanding Cash Advance Loans from Credit Unions
One often overlooked source of low APR cash advance loans comes from credit unions.
Like a traditional ‘cash advance near me’, cash advance loans from credit unions typically consist of two options – bad credit personal loans and payday alternative loans (PALs). Ranges start at $200 to $2,000 (PALs), upwards of $50,000 for bad credit personal loans, repaid within a few weeks or months with max 28% APR caps. Credit union members enjoy lower interest rates, no credit checks, fast loan approval, and extra membership benefits like added checking and savings accounts.
Here are four highly recommended credit unions offering cash advance loan alternatives:
Pentagon Federal Credit Union (PenFed). PenFed offers personal loans up to $50,000 with rates as low as 7.74% APR, repayable up to 60 months with no prepayment or origination penalties. It operates similar to a lending network in that one can select for multiple pre-approved offers with funds disbursed in as little as one business day.
First Tech Federal Credit Union. First Tech offers loans up to $50,000 with APRs as low as 8.99%. One of the best things about it is that you can borrow as little as $500, all with no origination, application or annual fees. Plus it’s online application is just as fast as Money Mutual and FundsJoy with funds to your account by the next business day.
Alliant Federal Credit Union. Alliant Federal Credit Union offers rates as low as 10.49% APR on loans from $1,000 to $100,000 with no annual fee and repayment terms from one to five years,. APRs drop the longer the loan term, with qualified borrowers enjoying 10.49% APRs on 12-24 month terms and 12.49% APRs on 48-60 month terms. It includes a generous credit card rewards program where you can earn 2.5% cash back on your first $10,000 in eligible purchases. It also offers a Visa Signature credit card that allows you to cash advance 25% of your credit limit in exchange for a 3% (minimum of $10) cash advance fee. This does not include ATM fees.
Navy Federal Credit Union. Navy Federal Credit Union makes it easy to take out a personal loan from $250 to $50,000.. APRs are capped at 18% (7.49% to 18% APRs on terms up to 36 months versus 14.79%-18% APRs on 37 to 60-month terms. Its Navy Federal Credit Union Platinum credit card offers APRs between 10.24% and 18%.. Its personal loan services are also top notch with members enjoying 7.49% to 18% APRs on $250 to $50,000 personal loans up to 36 months (and 14.79% to 18% APRs) for loans with terms between 37 and 60 months.
Cash Advance Loans from App Lenders
One of the greatest innovations in the world of cash advances is 0% interest online cash advance apps like Earnin, Brigit, and Dave. Download the app, create an account, enter personal information, and connect the bank account/debit card before applying for a cash advance through the app for instant or same-day deposits. Most cash apps are no credit check and approve bad credit.
All offer generous borrowing limits with no fees based on an optional, voluntary tip or monthly membership fee pricing, an excellent alternative to traditional payday loans.
Here are our six favorite cash advance apps:
Earnin. Arguably the No. 1 cash advance app out there, Earnin offers the highest borrowing limits($100 per day or $750 per pay period) for a small $3.99 expediting fee or no fee for standard processing. As of this writing, it has achieved more than 230K positive App Store reviews and 197K+ Google Play reviews, thanks to its speedy processing, no fees, and no credit check.
Brigit. With Brigit, there is no need to type ‘cash advance near me’ into Google anymore. Brigit is good for cash advances up to $250 in exchange for a monthly membership fee of $9.99, as long as they are taken out one at a time. Like Earnin and Dave, it comes with 0% interest and is repaid manually or with your next paycheck. All you need is a checking account with at least 60 days of activity, a cash surplus every two weeks, and a 40 to 100 Brigit score, calculated based on variables unrelated to credit scores, such as incoming cash flow and payment activity.
Dave. Founded in 2016, Dave offers cash advances of up to $250 at 0% interest in exchange for a $1 monthly membership fee. Same day deposits incur small $1.99 to $5.99 fees (depending on the amount advanced) with free standard 3-day funding. Other features include overdraft fee protection, expense tracking, bill alerts, and budgeting tools.
Albert. Calling itself ” the simple way to bank, save, and invest,” Albert allows cash advances of up to $250 with no overdraft fees. Included features include automatic savings and a built-in investment tool so you can purchase stocks with as little as $1. Compared to Earnin, Brigit, and Dave, Albert offers more robust functionality, helping its members save and invest more than $1B dollars to date.
Chime. Chime offers cash advances of up to $200 with an early paycheck program, offering users their paychecks up to two days before their payday. This service comes with no overdraft, minimum balance, or monthly fees. However, it works differently because you cannot link an external bank account with an extensive process required to qualify for $200 advances.
Cleo. Cleo is good for cash advances of up to $100 at 0% interest in exchange for a $5.99 monthly membership fee and a flat $3.99 rate cash advance. Unfortunately, like Chime, linking an external bank account is not possible. Other features include in-app coupons and cash-back shopping offers.
A cash advance credit card can be an excellent way to get quick cash. Cash advances on credit cards allow you to withdraw cash from a bank or ATM, with the amount withdrawn depending on your card’s credit and cash advance limit, with applicable fees based on the percentage of the amount borrowed.
Here are our top picks for credit card cash advance loan issuers with APRs ranging from 24.99% to 25.24%, along with fees of $10 or 5% of the transaction amount (whichever is greater)
Chase Freedom Unlimited. Chase’s Freedom Unlimited card offers several features, notably a 1.5% cash back option on up to $20 spent in your first year and higher percentage cash back opportunities when booking travel through its Ultimate Rewards program. Cash advance fees are generous, costing only $10 or 5% of each transaction amount (whichever is greater). APRs are also good at 29.49%.
Discover It Cash Back. Like Chase, Discover’s Cash Back credit card has a 29.49% variable cash advance APR with the same fee structure. In addition, cardholders enjoy all kinds of benefits, such as 5% cash back on up to $1,500 in purchases every three months, along with a 15-month 0% intro APR on purchases and balance transfers.
Citi Double Cash. The Citi Double Cash is a solid cash advance card offering 2% cash back on every purchase. Cash advance APRs are the same as the first two with no annual fee.
U.S. Bank Visa Platinum. The U.S. Bank Visa Platinum is one of the more generous introductory offers, with a 0% intro APR on purchases and balance transfers for 18 straight billing cycles. Starting on the 19th billing cycle, expect to pay variable APRs between 18.99% and 28.99%. Our only knock on the card is that this introductory offer does not extend to cash advances, Cash advance fees are 5% of the advance amount with a dollar minimum. However, this is partially offset by the fact there is no annual fee to use the card.
Instant Cash Advance Loans to Avoid
Unfortunately, the lending world is full of predatory ‘cash advance near me’ lenders charging outrageous 400% APRs and $60 rollover fees. With two or three consecutive paycheck requests, it’s common for interest and finance charges to exceed the actual principal.
Here are our top ‘cash advance near me’ -style loans to avoid:
Payday Loans. Payday loans are short-term unsecured loans of up to $500, typically repaid within two to four weeks. APRs run upwards of 400% with extension/rollover fees of up to $60. To qualify, borrowers must have proof of income and a post-dated check/bank account with authorized electronic withdrawal of loan proceeds (including fees and interest) by lenders on their next payday.
Auto Title Loans. Unlike payday loans, auto title loans are secured loans allowing borrowers to use vehicles as collateral, with loan amounts a percentage of the vehicle’s value. To qualify, borrowers must have proof of income and an active vehicle title with an optional spare key and GPS tracking device for title lenders to collect.
Defaulting an auto title loan will require the lender to repossess your vehicle and sell it to recover all loan proceeds.
Pawnshop Loans. Like auto title loans, pawn shop loans are 300%+ APR secured loans requiring valuable items as collateral (e.g., jewelry or televisions), which offer loan amounts a percentage of the value of the assets. Average pawn shop loan amounts are $150, although it’s common to see higher amounts. You must provide proof of ownership and an assigned contract agreeing to all loan terms to qualify.
To avoid a vicious debt cycle, carefully review your loan terms and conditions to ensure you can repay it by the due date. Also, remember 0% interest cash advance apps, bad credit personal loans, and credit card cash advances, known for lower interest rates and fees.
Tips to Get the Cheapest Cash Advance Loan for Bad Credit
Here are our tips to get the cheapest and best cash advance for bad credit:
Determine Your Loan Amount. For starters, consider your expenses. Are you looking for a quick $200 to pay a utility bill? What about $2,000 for a small to mid-sized home improvement project? Determine your loan amount to scout out lending networks that can offer them.
Consider Your Qualifications. Are you a rock bottom limited to no credit history borrower with a 300 to 580 credit score? What about a fair-to-good credit borrower with an annual income of $50,000+? If the former, online money networks specializing in bad credit like MoneyMutual and FundsJoy may be your best bet. If the latter, fair to good credit opportunities from Upstart and Upgrade with lower interest rates may be on the cards.
Shop Around. Once you have determined your loan amount and qualifications, identify a minimum of three lending networks, cash advance apps, cash advance credit cards, or traditional funding sources (e.g., banks) to seek out your cash advance. Then, carefully review all rates and terms with an eye on securing sub 35.99% APRs, lengthy repayment terms, and no origination or prepayment and penalties.
Bolster Your Future. Once you have paid off your first or second paycheck advance, quickly audit your finances. Ways to do so include saving up to six months of emergency cash, applying budgeting apps like Mint.com, and using standard and cash advance credit cards strategically as long as full balances are paid monthly to avoid finance charges.
Do Cash Advance Loans Offer Instant, Same-Day Loans?
Traditional cash advance loans/best cash advance loans can be used interchangeably with payday and instant same-day loans. However, they are geared towards bad credit borrowers looking for quick access to cash with a brief and simplified application process, where funds can be received in minutes or by the next business day.
Although cash advance loans require no minimum credit score, other qualification criteria apply. Expect verification of your income and employment (via pay stubs are electronic timesheets). Only complete documentation may ensure the loan approval process is completed on time.
Additionally, funding is done using direct electronic funds transfer or prepaid debit card. Payday loan stores may also issue checks for an extra fee.
Be sure to evaluate all cash advance rates and terms carefully before signing on the dotted line. Even a single misfire could put you on the hook for $740 interest charges and $150 rollover fees on a small $500 cash advance loan.
List of All Cash Advance Fees
Here is a brief explanation of the types of fees you can expect with each fast cash advance loan type:
Traditional Cash Advances
A traditional cash advance for bad credit may tag two or three fees on a single advance, ranging from origination to check cashing.
APR. Interest charges on traditional,quick cash advances typically start at 400% APR, with finance charges anywhere from $30 for every $100 borrowed.
Origination. Origination fees typically go from $10 to $50.
Late Payment. Late fees can range anywhere from $15 to $50 (or even more, depending on the circumstances)
Returned Check/Insufficient Funds. If your post-dated check bounces, expect to pay a return check fee by the lender ranging from $20 to $50.
Check Cashing Fee. If you prefer not to deposit any check, expect payday lenders to charge check cashing fees anywhere from 1% to 5% of the check amount or a $5 to $10 flat fee (whichever is greater)
Cash Advance Apps
Quick cash advance apps make money in two ways — voluntary tips and monthly membership fees.
Voluntary Tip. Only one of our recommended easy cash advance for bad credit apps, Earnin, bases its profit model on a voluntary tip basis (up to $14 for every advance) to help cover the app’s operating costs. It is not required, but it goes a long way toward paying Earnin’s overhead (notably payment processing fees). One reason why we consider it the best cash advance app ever.
Membership Fee. Two highly recommended easy cash advance apps (Brigit and Dave) base their business on a membership model. Brigit charges a monthly membership fee of $9.99. Dave offers two membership options: a free basic plan (with voluntary tips) and a paid Premium plan for $1 a month in exchange for added features such as automatic budgeting tools and identity theft protection.
Credit Unions
APRs. Credit unions’ payday alternative loans (PALs) usually cap at 28% for loans up to $2,000 on one to 12-month repayment terms.
Application Fee. Also referred to as origination fees, this is a fee for simply getting your loan application started. Expect to pay up to $20.
Prepayment Penalties. Compared to banks and other traditional lenders, credit unions tend to have minimum to no prepayment penalties.
Credit Cards
Interest. Expect interest rates on a cash advance credit card to be at least 25%. However, the kicker is that interest starts accruing immediately with no grace period, unlike regular credit card purchases.
Advance Fee. These are one-time, flat fees anywhere from 2% to 5% of the cash advance amount.
ATM Fee. On top of cash advance fees, ATMs charge separate ATM fees.
Do Instant Cash Advance Loans Online for Bad Credit Require a Direct Deposit?
Instant and easy cash advance loans online for bad credit may or may not need a direct deposit, depending on the lender’s terms. However, you should expect it to be required since it is one of the main ways lenders can verify your income and ensure steady cash flow hits your account.
Other lenders may opt for pay stubs, electronic timesheets, or bank statements over direct deposit to verify your income.
Be sure to carefully review all loan agreement rates, including whether a direct deposit is required.
A Word on “Cash Advance Loans Near Me”
Ever type the phrase ‘ cash advance loans near me’ into Google and run into a list of local stores? Long a staple of underprivileged and lower-income neighborhoods, local payday loan stores have been notorious for offering outrageous APRs north of 400% (up to $30 for every $100 borrowed) and excessive finance charges and renewal fees.
Not surprisingly, local payday loan stores use several marketing tactics to drive foot traffic, pitching easy and quick cash. Common marketing tactics used by payday loan stores include but are not limited to the following:
Special Offers. Payday loan stores are notorious for large banners, excessive window promotion shouting out reduced interest rates for first-time borrowers, fee waivers, referral bonuses, and a constant stream of slogans like ” no credit, no problem,” ” quick cash advance in one hour,” and similar wording tactics.
Advertising. In line with regulations, local payday loan stores could use several traditional advertising methods, including print, radio, and flyer ads around the neighborhood.
Location. Local payday loan places are notorious for setting up shop in heavy foot traffic areas. Not surprisingly, they are fixtures at strip malls, busy shopping centers, and similar places, making it much easier for bad credit borrowers to find their services.
Although traditional payday loan places are legit, they are much more expensive than instant online payday loans on lending networks like Money Mutual and FundsJoy. Outside of same day approval and next-business-day funding, lending networks offer an easy application process, flexible loan options, and easier transparency regarding representative loan examples, rates, and terms.
Direct lenders on these platforms offer sub-35.99% APRs on loans as little as $100 up to $40,000 with no origination or prepayment penalties. This allows borrowers to save as much money in finance charges, paying off debt sooner without raising additional fees.
We highly recommend that you carefully discern and reject any marketing offered by local Payday Loan places and opt for reputable funding opportunities with 0% list of cash advance apps or instant payday loans online from legit lending networks.
Tips to Avoid Getting Cash Advance Loans
If you have taken out two or more consecutive cash advance loans within a short period, it may indicate a larger issue. For example, it could be a lack of financial discipline or a high debt-to-income ratio.
Whatever the reason, here are our top suggestions for avoiding cash advance loans:
Set an Emergency Fund. One of the best ways to avoid getting a cash advance for bad credit is to set up an emergency fund with a minimum of six months’ worth of expenses. Amount saved may vary depending on your income, expenses, and willingness to commit more or less. One way to accumulate cash is with automatic bi-weekly withdrawals to a separate savings account. This pool of money can be a lifesaver for unexpected expenses such as auto repairs or medical bills.
Look to Governmental Organizations. One excellent source of quick cash is governmental organizations, such as Florida’s Temporary Assistance for Needy Families (TANF) program. This program provides monthly cash assistance to families meeting a certain household income threshold, paid for using block grants. They also offer other services to improve low-income family financial situations.
Use Credit Cards. For quick $200 or $300 expenses, using a cash advance credit card over taking out a cash advance for bad credit may be advantageous, as long as you pay the entire statement balance by the due date to pay zero interest charges.
Tips to Manage Your Budget While Repaying Loans
To be in the best position and repay your loans (including a cash advance for bad credit) and live well financially, we highly recommend that you adhere to the following tips:
Create a Budget. Creating a monthly budget is the first step to managing your monthly expenses and being better positioned to repay your loans. List your income and all fixed and variable expenses using Excel or a budgeting app like Mint.com. Fixed and variable expenses should include rent, mortgage payments, Netflix subscriptions, groceries, gas, electric bills, and much more.
Track Expenses. Using the same budgeting app, work to track your expenses. Doing this will allow you to understand where you are overspending and which expenses you can cut back on.
Prioritize Spending. Once you have created a budget for traffic expenses, prioritize your spending. Create a list of all your most important expenses (e.g., mortgage payments) and allocate your cash flow accordingly, paying for the fixed expenses before any other discretionary variable expenses. This helps ensure you are not overspending on non-essential items and can meet all your minimum payments.
Set Financial Goals. We recommend that you set short-term and long-term financial goals. Whether it’s paying down your mortgage or a down payment on a new leased vehicle, establishing goals will make you less reactive and more proactive and stick to a monthly budget. Keep checking progress throughout, adjusting as needed to get back on track.
Instant Cash Advances for Gig Workers
Fortunately, gig workers such as Uber/Lyft drivers, food delivery drivers, freelance writers, and other 1099 workers with often unstable or unsteady incomes can access quick cash using a cash advance for bad credit.
To qualify for gig worker instant cash advances, they do not need to collect direct deposits to a bank account. Other valid proof of incoming includes bank statements and tax returns. An excellent list of cash advance apps no direct deposit required gig workers that come to mind are Giggle, Lean, and Moves.
Giggle. Giggle provides cash advances up to $5,000 with no credit check required. In addition, all loan proceeds are automatically deducted from an earnings account in exchange for a modest service fee. The only strict requirement to remember is that you must have a minimum three-month employment period.
Lean. Like Giggle, Lean offers cash advances of up to $2,000, connecting a digital wallet to your bank account. Once you have completed a job, payment is posted to your account with no extra fees.
Moves.Moves offers gig workers up to $1,000 cash advances. To qualify, you must connect all your gig platforms to track earnings so that Moves can determine how much cash advance you qualify for. Funds can be received in as little as one business day.
How Did We Pick These Lenders?
To find an online cash advance for bad credit, we extensively researched more than 30 different lending opportunities, from a list of cash advance apps to lending networks like MoneyMutual and Upgrade. We assess them based on several criteria, including APRs, repayment terms, ease of use, transparency, and funding speed.
APRs and Repayment Terms. Under no circumstances do we accept traditional payday advance APRs of up to $30 for every $100 borrowed (400% APRs). Instead, we opted for sub-35.99% APR opportunities, ideally stretched over longer repayment terms than two to four weeks. The combination of lower interest rates and flexible payment terms are for greater flexibility and managing monthly budgets, long a pain point for many bad credit borrowers turning to cash advances.
Ease of Use. Unlike traditional payday cash advances, many of which require you to issue post-dated checks lenders cash out on your next payday, our preferred methods are direct funding to your bank account via a lending network or cash advance app.
In particular, payday advance no credit check apps like Earnin, Brigit, and Dave make it easy to connect a direct deposit collecting bank account to a smartphone app for advanced requests. Funds can be disbursed to your account in minutes (for a small expediting fee) upwards of three business days (free of charge).
Transparency. With practically little to no reviews in the most obscure traditional cash advance locations, we appreciate transparency. Whether it’s clear where to disclaimers on lending network websites offering representative loan examples or 250K+ App Store and Google Play reviews raving about Earnin’s Speedy transactions, an instant cash advance service must have its reputation out there for all to judge.
Funding Speed. Like traditional cash advances, lending networks or 0% interest cash advance apps offer quick funding (in a few minutes) for a small expediting fee. Even free-of-charge transfers are fast, taking anywhere from one to three business days. With cash advances long known for paying emergency expenses, every minute and every day counts.
Frequently Asked Questions
What is a cash advance?
A cash advance for bad credit/cash advance no credit check is a short-term loan, typically up to $500, repaid on your next payday. Widespread expenses covered with paycheck advances include unexpected medical bills, past due utility bills, and other urgent need items.
Like traditional loans, expect traditional cash advance services to charge upwards of 300% APRs on top of extra finance charges and rollover fees. Fortunately, better alternatives exist, such as bad credit loans and online cash advances with sub-35.99% APRs and longer repayment terms.
What is the easiest way to get the best cash advance loan?
The easiest way to get the best cash advance no credit check is through a 0% interest cash advances app like Earnin/Brigit/Dave or an online-only advance loan from reputable lending networks like MoneyMutual and Funds Joy. But unfortunately, they do not offer the same predatory rates and fees as traditional cash advances.
Both options offer same day approval and funding anywhere from several minutes upwards of three business days.
Are cash advances fixed or variable?
Depending on the lender and loan terms, a cash advance for bad credit/cash advance no credit check will be fixed or variable.
Fixed interest rate loans remain constant, whereas variable interest rate loans fluctuate based on market conditions, bumping monthly payments upward or downward over time. Review your loan terms and conditions to understand fixed versus variable interest rates, add-on fees, and charges.
What is a cash advance on a credit card?
A cash advance credit card allows you to borrow up to a maximum percentage against your credit limit. For example, a 20% limit on a $10,000 credit line offers advances of up to $2,000. Using your cash advance credit card, money can be withdrawn from an ATM or bank. Expect higher interest rates than regular credit card transactions plus a flat fee or percentage of the advance amount.
Although a cash advance credit card is not our first or second choice, they offer a decent way to access cash quickly. Just be sure to pay it as soon as possible, as interest accrues from Day 1 with no grace period.
Are cash advances for bad credit no credit check?
Many cash advances for bad credit require no minimum credit score. Traditional 400% APR cash advances and online cash advances that reputable lending networks ask for other qualification details such as proof of income (minimum of $800 a month) in the form of pay stubs or electronic timesheets.
On top of that, you must have a valid home address and bank account to disburse funds.
How much is the APR on traditional cash advances?
Regrettably, traditional cash advances charge APRs upwards of 400% or up to $30 for every $100 borrowed. This is an absolute debt trap compared to traditional credit cards, paying the alternative loans and bad credit personal loans with APRs not topping 35.99%.
No wonder more than 15 states outright banned traditional cash advances/payday loans with heavy restrictions regarding max APR, repayment terms, and amounts borrowed for the states that allow them.
Are cash advances revolving or installment?
Whether a cash advance for bad credit or a cash advance no credit check are revolving or installment depends on the type of cash advance.
Revolving cash advances refer to credit cards, where advances borrow up to a percentage of your credit limit. Advances ( including finance charges) must be repaid by a due date anywhere from the next day over several months.
In turn, cash advances are repaid and fixed monthly installments over months or years. All the traditional cash advances usually go up to $500 on 300% APRs, online money networks like MoneyMutual and FundsJoy make it easy to secure lower interest rates and longer repayment term cash advance opportunities.
What cash advance apps give you money instantly?
Out of more than ten cash advance no credit check apps we’ve researched and used, Earnin, Brigit, and Dave are our favorites. Earnin allows employed people to take out up to $100 per day/$ 750 per pay period (versus $250 for Brigit and $500 for Dave). Outside of cash advances, these cas/payday advance apps offer benefits, including budgeting tools, a job finder, identity theft protection, and even dedicated debit cards that allow you to get paid up to two days early (Dave).
Conclusion
If you are a bad credit borrower with scores in the 300 to 580 range, not all hope is lost in finding an affordable cash advance no credit check to cover paycheck gaps. Avoid traditional cash advance/payday loans with 400%+ APRs and go for more reasonable 0% interest options (our list of cash advance apps), small bad credit loans, or instant online cash advance loans from reputable direct lenders at online marketplaces you can trust.
Ray Prince is a finance writer for Elite Personal Finance. He specializes in writing long-form content and product descriptions for websites across multiple industries, including automotive and consumer technology. His work appears on sites such as Freeway Insurance, Auto Guide, Turn5, and Compare.com, with past and current roles as a digital operations manager at Pandora Media and iHeartMedia.
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