Cash Advance

How to Choose the Right Money Advance for You

Learn which factors to consider when choosing an option that’s right for your particular situation.

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You know the feeling. You’re hit with an unexpected bill and you need fast cash, or else your bank is gonna helpfully charge you “overdraft protection.” Heavy sarcasm on the “helpful” part.

With Cleo, you could get a cash advance of up to $250**. No credit checks. No interest. No stress.

If you’re in a situation where you need to access cash fast, choosing the right money advance for you can be a daunting task. So we’ve got everything you need to know in this blog.

The main factors to consider are:

  1. Interest rates
  2. Employment verification requirements
  3. The amount of money you can get
  4. Speed of access
  5. Credit checks

You may also want to consider other features such as budgeting tools to help you fix your financial health as you go. In this blog post, we’re gonna explore these factors in more detail and provide guidance on how to choose the right money advance for you.

1. Interest Rates

Interest rates are one of the most important factors to consider when choosing a money advance. Typically, the higher the interest rate, the more expensive it will be.

Luckily, there are plenty of cash advances available with 0% interest. Read our article on the top cash advances of 2023 to check out four different money advance options with 0% interest.

Here’s an example: a Cleo cash advance comes with 0% interest. So if you get $170, you repay $170. If you pay to access your money advance on the same day, you pay an additional $3.99. So you repay $173.99. It’s that simple.

2. Employment Verification

Some money advance providers require employment verification as part of their application process. This is to ensure that you have a source of income and can repay the cash advance.

For example, to qualify for Earnin, you must be employed in a physical location or have an electronic time management system.

Other apps like Dave don’t require employment verification but require you to have at least $1,000 worth of income a month deposited into your account.

If you are self-employed or do not have a traditional job, you might need to find a more chill alternative. (Like, ahem, Cleo, who doesn’t require any employment verification or minimum income. We see you, freelancers).

3. Amount of Money

The amount of money you can access will vary depending on the provider and your individual circumstances. Generally, cash advance amounts from money apps vary between $100 and $750.

It's important to understand how much money you need and whether the provider can get you the right amount for your situation.

You’ll also want to check whether this is available as money straight into your account. For example, you could get up to $200 with Chime, but this is only available as an overdraft service - not money straight into your account.

4. Speed of Access

When you need money quickly, the speed of access is super important. Obvi.

Some providers may be able to get you your funds within 24 hours, while others may take a couple of days to process your request.

It's important to understand the provider’s processing times and whether you need the money urgently. If you need the money quickly, you may need to consider a service that offers expedited processing.

“Expedited” just means that, usually for a small fee, you can access your funds sooner. Most cash advance apps can get your cash advance to you in a couple of days, and sooner for a fee of less than $5. At Cleo, the fee is $3.99.

5. Credit Checks

Some cash advance services do require credit checks as part of calculating your eligibility.

Luckily, most of the big cash advance apps (and we’re including Cleo in that bracket 👀) don’t require credit checks. Instead, these use other factors to calculate your eligibility, like your income.

If you have a bad credit score, you’ll want to make sure your cash advance provider doesn’t require a credit check.

With Cleo, you connect your main checking account and our super smart AI analyzes the information this gives it to decide your eligibility. So you don’t need a credit check or employment verification.

6. Budgeting Tools

Some money advance providers offer budgeting tools to help you manage your finances. These tools may include features such as budget tracking, expense categorization, and personalized financial advice.

If you’re looking to fix your financial health, you might want to choose a money app that provides free budgeting features so you eventually don’t need a cash advance.

With Cleo, you get:

💙 A personalized budget that works for your specific financial situation

💙 Auto-save, so you can watch your savings build

💙 Roast mode, so you can get roasted for your financial mishaps, and Hype mode, for all the good stuff you’re doing money-wise. Just type “Roast me” or “Hype me” into the chat and see what happens

Choosing the right money advance for you

Choosing the right money advance requires careful consideration of several factors. Interest rates, employment verification requirements, the amount of money you can borrow, the speed of access, credit checks, and budgeting tools are all important factors to consider.

By understanding these factors and comparing lenders, you can make an informed decision and choose the right money advance for your needs. Remember to read the terms and conditions carefully and only borrow what you can afford to repay.

Check out our top cash advance apps of 2023, or…

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference.

Big love. Cleo 💙

*Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (“Cash Advance”). Advance amounts will vary based on eligibility. If you don’t want to subscribe, you can also apply for cash advance by contacting our customer service at team@meetcleo.com. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms

**Eligibility requirements apply. Not all users will qualify. Advance amounts range from $20 to $250. Same day transfers subject to express fees. Visit meetcleo.com/terms for more information.

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