How To Get A Cash Advance

A Cash Advance Can Be a Real Life Saver

Ever been hit with a bill you weren’t expecting so your bank charged you a ton because you didn’t have the funds to cover it?

Nice of them.

In fact, banks can generally charge up to 6 overdraft fees per day per account.

And before you know it, you’re being charged fees on top of fees which you then need to pay back out of your next paycheck, leaving you short of cash for that month.

If you think you’ll find yourself in this situation again, a cash advance could be a better alternative until you’re able to build up your savings so you can begin to cover unexpected expenses yourself.

Time to break up with your overdraft fees, they did you so wrong 👋

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(PSA If you're looking for a cash advance today, we'll just mention that Cleo can spot you up to $250**. No credit checks. No interest. )

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‍What Is a Cash Advance?

There are many apps that give cash advances. They’ll let you borrow a small amount from them (usually between $20-$500) until you receive your next paycheck.

But before you take out a cash advance, it’s worth doing your research first to see which app is the cheapest to borrow from as subscription fees differ and some lenders may have interest charges and late fees 🙃

PSA: to get an cash advance, you usually have to pay an express fee. The standard time it takes to get a cash advance without paying an express fee is usually between one to three working days.

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Are Cash Advance Apps Better than Payday Loans?

Generally speaking, yes.

Why?

Because payday loans totally suck and they have ridiculously high interest rates.

In fact, the Consumer Financial Protection Bureau says a typical two-week payday loan with a $15 per $100 fee equates to almost 400% APR.

Money grabbers.

So if you’re looking for a payday loan alternative, a cash advance app could be a good shout.

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Do Cash Advances Hurt Your Credit Score?

Taking a cash advance from an app doesn’t always affect your credit score, but not paying it back potentially could.

So, if a cash advance sounds like it might be helpful, here’s a list of cash advance apps you could try.

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Some Cash Advance Apps You Could Try Today

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‍Earnin

Withdraw your wages ahead of time.

How Does Earnin Work?

You’ll need to connect Earnin to your main checking account where your paycheck is sent to. Earnin will ask for an electronic timesheet or a photo of one. If you don’t have one on hand, you should be able to give them your geographic location data so they can see you were actually at work.

Clever.

And slightly spooky.

To be eligible for a higher cash advance, certain things like making sure your bank balance is positive and spending less money than you make could help.

On your next payday, Earnin will automatically debit your bank account for the amount you borrowed or you can manually pay Earnin back via money order.

💵 Maximum amount: $750
🏦 Fees: Voluntary tipping and no late fees
🚀 Speed: One to two business days
✅Repayment: Typically your next payday
‍🔎 Credit check: No
📈 Interest: No

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Dave

How Does Dave Work?

Dave has a $1 per month membership fee which gives you access to account monitoring, notification services, and budgeting.

The cash advance should be with you within one to three business days but you can pay an express fee if you need it urgently (cocktails after a tough day at work don't count).

If you opt for cash, you’ll need to pay an express fee of $0.99 to $6.99 for Dave Spending Account and $2.99 to $11.99 for external transfers.

💵 Maximum amount: $500
‍🏦 Fees: $1 monthly membership and no late fees
🚀 Speed: One to three business days
✅Repayment: Your next payday
‍🔎 Credit check: No
📈 Interest: No

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Brigit

How Does Brigit Work?

Firstly, you’ll need to share details about your bank.

Once you’ve been approved for cash, you can request an advance up to your approved amount in the app. You’ll also need to choose your repayment date which is typically your next payday.

The cash advance is delivered within two to three business days or you can pay a small fee to receive it immediately. Brigit says once you’ve repaid what you owe, you can take out another.

💵 Maximum amount: $250
‍🏦 Fees: $9.99 monthly subscription and no late fees
‍🚀 Speed: Two to three business days or pay a small fee for express delivery
✅ Repayment: Typically your next payday but Brigit says if you need an extension, you won’t be charged
‍🔎 Credit check: No
📈 Interest: No

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Chime

How Does Chime Work?

Chime offers a fee-free overdraft service called SpotMe.

It lets you overdraw by up to $200 on debit card purchases without charging a fee (unlike stupid banks).

Nice.

You’ll need to sign-up for a Chime bank account and activate your Chime Visa debit card. Once you’ve done this, open the settings tab in the app to find out if you’re eligible. If you are, you’ll be officially enrolled into SpotMe once you’ve agreed to the T&Cs.

Congrats 🎉

Your SpotMe limit starts at $20 and depending on your account activity, history, and other risk factors, it could increase up to $200.

Yeah baby.

Remember, SpotMe is an overdraft service, so you won’t get cash into your account like you do with other cash advances.

PSA: you’ll need to receive a single direct deposit of at least $200 into your Chime checking account over a 34-day period to be eligible.

💵 Maximum amount: $200
🏦 Fees: Option to tip and no late fees
‍✅ Repayment: Your next payday
🔎 Credit check: No
📈 Interest: No

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Cleo

How Does Cleo Work?

As is tradition, we’ve saved the best till last 💅

If you’re in need of a cash advance, the Cleo Plus feature can offer up to $250** with none of that dumb interest or credit checks.

Why Should I Choose Cleo?

There isn’t a specific income requirement, and we don’t have to verify your employment status, making it the ultimate gig worker cash advance app.

It’s easy…

1.) Download the best money app in the world (iOS/Android)

2.) Connect Cleo with your main bank account

3.) Find out if you're eligible for the cash advance

4.) If eligible, confirm your details

5.) Decide when you want the money
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💵 Maximum amount: $250
🏦 Fees: $5.99 monthly subscription and no late fees
🚀 Speed: Three to four working days or today if you pay an express fee of $3.99
✅ Repayment: It’s up to you when you want to repay
‍🔎 Credit check: No
📈 Interest: Hell no
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So, What Makes Us the Best?

When you download the app, you can get access to a load of other cool features which are designed to help you eventually stop needing a cash advance. These include:

🌱 Credit coaching – clear information explaining your score, and the steps you’ll need to take so you can manage your money in a way that can help improve your score

🛍️ Cashback – build up cashback (up to 7%) when you spend at some of your favorite stores

🔥 Roast mode – Cleo picks up on your bad spending habits and roasts the sh*t out of you for it (especially for Amazon purchases).

And if you wanna find out more, here’s How to Get a Cleo Cash Advance. ✨
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What Do Our Users Think?

💙 ”Very entertaining with the humor, love the experience of interacting with Cleo. Love the cash advances too, so easy to borrow with just a few clicks. Easy to use app, no issues and easy to navigate.” Shawn H. Trustpilot review*

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Using Cash Advance Apps Responsibly

Cash advance apps can be great when you’re in an emergency and need a cash advance. And if you keep on top of your payments, you might see an increase in the amount you’re able to borrow. But it’s best to avoid depending on them too much as we wouldn’t want you to develop poor financial habits.

The goal is to stop living paycheck to paycheck 🚀

And remember, before you decide how much to apply for, check out your income and expenses to see how much you’re actually able to borrow without leaving yourself short the next month.

If you haven’t already, make a budget you can stick to and hopefully over time, you’ll be able to start adding to your savings for those unforeseen bills. If you need tips, here’s How to Make a Budget with Cleo.

Take care of your financial health. It’s important. 💙

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And if you need some further help with choosing a cash advance app that suits you, here’s The Top 5 Cash Advance Apps in 2023.
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Big love. Cleo. 💙

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*Testimonial Disclaimer: Review provided by customer to Cleo AI Ltd. d/b/a Cleo. The comment above is related to individual experiences or results. Individual results may vary.

**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.