Everyone needs emergency cash once in a while to bail themselves out of a tight corner or whatever the case may be and getting a loan may be the only option out. A lot of people chicken out on acquiring loans because they feel that since they’ll be getting it from a bank it’ll be a strenuous process, they fear that they might not get it as quickly as possible and are scared of the interest rates.
Well, don’t be! It’s good to know that you don’t have to worry about the process and paperwork, lol, ’cause you can get a loan right in the comfort of your home, it’s even better if you know the fastest ways to.
Loan apps, digital lending, and digital banks are innovations and technologies that increase the accessibility of financial services to everyone, reducing stress and increasing efficiency.
Financial Technology (FinTech) brings about these technologies by vying against the conventional ways of getting and offering financial services. FinTech is what makes it possible to transfer and receive money from your smartphones. It is responsible for mobile banking.
Digital Lending comes down to literally borrowing money digitally, with the use of the internet and digital gadgets, such as your smartphone, laptops, computers, iPads, etc. Loan Apps help you out with small-dollar loans when you need quick cash, allowing you to borrow against your next earnings with little or no interest or fees.
Loan apps are great for supplying the little cash needed for start-up in your new business or to fix up rent issues quickly.
Most loan apps also do not affect your credit score.
We’ve selected the top digital lending apps and the fastest loan apps in the United States:
- Affirm
The Affirm app offers online services, lending services, and in-store purchases by spreading the cost over a period of time making it easy to pay.
Affirm doesn’t charge any fees for loan applications or overpayments. Affirm has interest rates of up to 30% , there are also loans with zero interest and unlike other loan apps, might affect your credit score if you miss a payment.
We recommend Affirm for individuals who want to make large purchases and are financially capable to cover the expenses over time by making monthly payments.
You can get it on Google Play for Android and App Store for iOS.
- Cleo
Cleo loan app allows customers to manage their personal finances while providing a sense of security with their lending services. It allows for salary advances, you pay a fee of $5.99 every month – salary advances of up to $100, you also get a cashback of up to 7% when you do shopping at specific stores like Nike, Starbucks, and Airbnb.
The app is on Google Play and App Store Cleo loan
- MoneyLion
MoneyLion is a fantastic choice for you if you want to save money, borrow money or invest your profits. The MoneyLion app offers advances of up to $250, larger amounts are only available to MoneyLion checking account customers. MoneyLion does not collect interests or fees, rather you pay a fee to get your loan faster or an optional tip if you want an advance.
It takes three to five working days for non-account holders to get their loans, but 12 to 48 hours for account holders.
MoneyLion is on Google Play and App Store.
- Better
Better offers mortgaging and refinancing services at no extra fees at all. Better helps people acquire loans to become homeowners and makes it easy to pay by removing lender fees and commissions and spreading payment over a long period of time depending on the amount.
It is on Google Play and its website.
- Varo
Are you looking for a bank that is so digital with stellar traditional banking services like browser access and an application. Varo Money is your best bet, having a Google play rating of 4.6 from more than 11,000 users and a 4.7 star rating on The App Store from 30,000 users.
- SoFi
Social Finance Inc. or SoFi is a mobile lending app that provides a variety of financial services such as student loans, personal loans, mortgages, refinancing and personal loans amongst others.
SoFi offers flexible down payments – from 10% to 50%. Even though your credit score is quite low, SoFi has got your back. It is available on Google Play and App Store.
- Empower
Empower is a Financial Technology (FinTech) application that gives you loans and advances that are interest-free and customer-friendly while waiting for payday. Empower empowers you with up to $250 and deducts it on payday.
It is available on Google Play and the App Store.
- Dave
The Dave app allows you to borrow money (a small amount, a maximum of $100) to cover up your spendings till your next paycheck arrives thereby avoiding bank overdraft fees.
It takes roughly three days to get your loan on Dave, although if you pay an express fee, you may get it within 8 hours. Payment is whatever the date you get paid as default although you can change it.
An interesting feature is the “Side Hustle” on the Dave app which is an avenue to find gigs if you want to make some extra cash, also most fees paid for being on Dave are optional, ranging from monthly subscription fees to tips, to express fees (less than $10) which speed up the arrival of your loan.
It is available on Google Play and App Store.
- Brigitt
The Brigitt app allows you to lend up to $250 before payday, and as with other loan apps, to qualify for instant transfer of funds you have to pay an optional fee of around $10. Brigitt automatically sets a schedule for your next payment when it’s your payday. A lovely feature on the Brigitt app is the “Brigitt Score” which helps you track your credit and measure the health of your account by measuring spending behavior and your earnings.
It is available on Google Play and App Store.
- Earnin
The perfect option for a loan app with low fees, Earnin can serve as a paycheck advance app that allows you to lend money till you get paid. Earnin allows you to borrow up to $500 and also has a unique feature that informs you when your bank account balance is low, offering to top it up.
Earnin’s fees are easy to deal with, most of them being optional or voluntary, for example, a $14 tip at maximum when acquiring a loan. It takes 1-3 working days to get a loan, you could pay for the “Lightening Speed” feature though to get it immediately. When it’s payday, Earnin withdraws the money directly from your bank account.
It is available on Google Play and the App Store.
- Viva Payday
Viva Payday is a Financial Technology (FinTech) application that offers credits to its customers. They also run a merchant program that allows customers to buy now and pay later. This app is among the top-rated loan apps in the United States, it approves your loan almost immediately and deposits into your account the next day.
It is available on Google Play and their website
Chime and LandingTree are also great picks in case you prefer a wider range of options to choose from.
Final Verdict
Peradventure you find yourself cash-strapped before payday, there’s our list of Top 11 apps that let you lend money in the USA. Find yourself one that works for you or any of your friends and save yourselves from ever being penniless.
We believe this article has helped you in one way or the other, we would love to hear your thoughts and answer your questions in the comment section below.
