November 26th: Sh*t You Didn't Learn In School
Side hustlers, this one’s for you 💡
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A quick review of this year’s best apps to borrow money from
You know the feeling. You’re all set to glide to payday. And then you find yourself with a broken-down car. Or some other unexpected expense.
Obviously, the best way to avoid this is to set up a rock-hard budget, but
This is where sneaky overdraft fees and predatory payday loan apps come in, designed to trap you in a downwards money spiral. (Don't even get us started on all the reasons why "overdraft protection" is BS.) It doesn't have to be this way, babe!
If you do need a little help tiding you over until the end of the month, cash advances are a great alternative to those payday loans that are really out there charging 600% interest. That’s because cash advances rely on money you already have coming in your paycheck, and many don’t charge interest on this.
We’ve compiled the best money apps for cash advances, with some hacks on how to get out of the paycheck-to-paycheck cash advance cycle at the end.
These incidentally also sound like a cool group of friends in an old people’s home. Brigit. Dave. Earnin (Ernie?). Albert. Cleo. So to spice things up a bit we’re also gonna add a random character assessment of what they would be like as an elderly relative giving you money. Tag yourself. I’m Albert.
Now let's meet our first instant cash advance app.
💰 Cash advance limits: up to $250
⏱️Time to arrive: The money arrives on the same day if you apply before 10am EST. Otherwise, it’ll be the next business day.
💲 Fees: To access the cash advance, you have to sign up for Brigit’s paid plan, which is $9.99 a month.
✋ Repayment: The app sets the repayment date as per your income schedule. If you pay two advances back on time, you can reschedule this.
👵 Random character assessment: At first you think Brigit is kind of strict because she makes you arrive so early. But you come away from a summer of doing chores for her realizing the early bird… kind of does catch the worm. It’s a teachable moment.
💰 Cash advance limits: up to $500. (However, hidden in their help center is where you find out you most likely won’t get $250 your first few times)
⏱️ Time to arrive: Three days, or 8 hours if you opt to pay an express fee.
💲 Fees: Dave’s subscription fee is $1 a month. You can also leave an optional tip.
If you opt for instant cash, you’ll pay an express fee of 99 cents - $6.99 for Dave Spending Account and $2.99 - $11.99 for external transfers.
✋ Repayment By default, it’s the day your next paycheck arrives, but you can change the date.
🔴 Requirements: To qualify for Dave you have to have at least $1000 worth of income a month deposited into your account. Dave will also check your income history and spending patterns.
👴 Random character assessment: Dave is full of wild stories. You’re not sure if they’re all true (he likes to embellish). He promises you all the cool souvenirs from his adventures - now probably worth a lot of money - if he can find them. Still, he’s a great time.
If you're having a hard time with bills this month or you're about to overdraft, Cleo can spot you up to $100:
There's no credit checks, interest, or employment verification.
To get started Download Cleo 💫
(Eligibility requirements apply).
💰 Cash advance limits: Earnin has a unique money lending system. It tracks the number of hours you have worked and allows you to access money according to your earnings. This starts at $100 initially, and goes up to $500 after time.
⏱️ Time to arrive: One to two business days. So not quite an instant cash app, but close enough?
💲 Fees: Earnin uses a voluntary tip model.
✋ Repayment: Next payday.
🔴 Requirements: You must be employed in a physical location or have an electronic time management system.
👴 Random character assessment: Ernie doesn’t fully understand your remote job. He likes everything on paper. He gives you money on your birthday, but he’ll put a stop to it if you ever forget to send him a thank you note.
💰 Cash advance limits: Up to $250
⏱️ Time to arrive: Instantly for a fee, up to 3 days otherwise
💲 Fees: No fees to advance cash instantly if you advance it to Albert Cash; instant advances to an external account will pay a small fee. There are no late fees, either.
👴 Random character assessment: Albert is sweet. He has a nice smile. He’s probably wearing a cardigan and wants to show you his roses in his back yard.
(You might have noticed that you’re literally on the Cleo blog right now. But we put Cleo last because we’re humble.)
💰 Cash advance limits*: up to $100
Time to arrive: 3-4 working days, or today for $3.99.
💲 Fees: Cleo Plus is $5.99 a month and gives you access to the cash advance.
With this you get access to a buttload of other cool features that are designed to help you eventually stop needing a cash advance.
💙 Cash back on your favorite stores
💙 Roundup and autosave, to help you build savings while you spend
💙 A budgeting tool that’s ridiculously easy to use and personalized to your spending
💙 A place to monitor your credit score (so you can see if that missed Klarna payment came back to haunt you 👻)
💙 Roast mode, to hold you accountable for your late night Amazon binges
🔴 Requirements: no credit checks, no interest, no late fees.
You connect your bank account and our algorithm calculates your eligibility.
📍 Cleo hack: To improve your eligibility (AKA access more money), connect Cleo to your most used checking account. The one you get paid into.
Cleo is freelancer friendly, too. There isn’t a specific income requirement, and we don’t have to verify your employment status.
✋ Repayment: You set your repayment terms
👵 Random character assessment: Cleo is glamorous. And hilarious. She kind of scares you. She has lived a thousand lives. She will give you money and tell you how to use it. The advice is fire.
Ready to party with Cleo? 🍸
Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. And of course, if you want to try the best money app in the world for free, just hit this link right here.
Big love. Cleo 💙
*Eligibility requirements apply.
Side hustlers, this one’s for you 💡
I was Cleo’s first part-time Frontend Engineer at Cleo. I’m also a mom of twin babies (hence the part-time part). In this blog, you’ll find some tips and thoughts that I’ve gathered while working 30/hr per week, remotely.
Free or cheap Christmas gifts inside 🎁