Top 5 Instant Loan Apps. [Updated 2022]

Using Instant Loan Apps, you can get some amount in advance of your payday to match your requirements for emergency purposes. Some Financial Technology companies offer their customers instant loans with or without interest. I have given you information about some of the top 5 instant loan apps you can use in your emergency period in this article.

Top 5 Instant Loan Apps.

If you do not meet the qualifications for an instant loan then it is not possible for you to get the amount in advance. So, I advise you to meet the qualification during the process of account creation itself.

The Instant Load Apps that I will discuss are,

  • MoneyLion
  • Chime
  • Empower
  • Dave
  • Brigit

And the procedures to open an account and the loan.

Top 5 Instant Loan Apps:

MoneyLion:

moneylion

MoneyLion is a Fintech company that provides lending, financial advisory and investment services to its customers. The company’s target is 70% American consumers and those who have an average savings of $2,000.

Eligibility:

MoneyLion comes with Financial independence, and you can borrow, save and invest regardless of your history.

Banks that work with MoneyLion:

MoneyLion’s premier partner is MetaBank, N.A., which is a member of FDIC and provides a Debit Mastercard and virtual RoarMoney cards.

What are the Qualifications for Instant Loan in the MoenyLion app?

On MoneyLion, you can use Instacash to get up to $250 with no interest, monthly fee and credit check. You can activate Instacast by verifying your account and identity and get loaded at 0% APR.

Repayment at Instacash:

All your Instacast repayment are automated, so you need to credit the amount beforehand to pay on your scheduled time.

  • When Instacash is requested, you ask for an electronic debt with your RoarMoney account, any third-party debit cards, an externally linked check, or a spending account.
  • If your balance is low, MoneyLion will deduct repayments and make additional debit attempts until the load get fully paid.
  • If none of the methods works MoneyLion will try to deduct from the additional payment method, you added to your MoneyLion wallet.

When you defer your Instacast payment date, you will get scheduled for the next repayment date, 14 days later.

NOTE: Until the debt is repaid you can not request for Instacast advance or any of the Boosts on your account.

Downlaod MoneyLion:

You can download the MoneyLion app from Apple App Store and Google Play Store on your Smartphones.

moneylion app on google play store

moneylion app on apple app store

Create an Account in MoneyLion:

To create an account in MoneyLion, follow the steps carefully,

  • After downloading the app, launch the MoneyLion app.
  • You need to provide your First and Last Name and press next.
  • Now type your valid email address and press next
  • Create a secure password; you can also enable fingerprint.
  • You will get prompted to set a passcode.
  • After that, you need to provide your Date of Birth and press next.
  • Now provide your residential address and enter your phone number on the next page.
  • Enter the four-digit code sent to your registered mobile number.
  • Give your SSN, confirm it and press next.
  • Now confirm all your details and press Verify my identity.

You have now successfully created an account on MoneyLion. To access the MoneyLion app functions and add a bank account, follow the steps carefully.

  • Go to the Accounts section on your MoneyLion app.
  • Select RoarMoney and tap on “Get RoarMoney.”
  • Tap on your Annual Income and choose your employment type and press next.
  • You need to pay an administration fee of $1/month to check the “I agree” box and select Create Account.
  • Now select Activate your virtual card.
  • Set a pin for your virtual card and tap on submit.
  • Your virtual card is now ready to use.

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Chime:

chime

Chime is a financial technology company but not a Bank but offers banking services. They make money by taking a portion of the transaction fee when a debit card gets used.

Eligibility:

To use Chime, you need to beat a U.S. citizen and must be at least 18 years of age. You need to have your Social Security number and a valid home address.

Banks that work with Chime:

The banks that are partner with Chime are

  • Stride Bank
  • N.A. (FDIC#4091)
  • The Bancorp Bank (FDIC#35444)

What are the Qualifications for Instant Loan in the Chime app?

To pay your unexpected expense in case of emergency, you can use Cash Advance on Chime, which has a high-interest rate. You can get instant load by using these four types,

  • Credit Card Cash advances

You will be borrowing money from the available balance of your credit card. It is similar to cash withdrawal from ATM using your Debit card, but the money comes from your credit limit. As soon as you with draw money it starts the incurring interest. This process can also be performed using your PIN at an ATM.

  • Payday loans

It is a short-term loan, where the borrower needs to pay to the lender on their next payday. If the loan is extended you need to pay additional interest charges. You can get upt $50 to $1000.

  • Instalment loans

Here the amount borrowed has to be paid back in sheduled repayment on  agreed time. The borrower pays a portion of the amount borrowed and pays the interest. You will be at high risk if you are not able to make regular and steady payments.

  • Merchant Cash Advances

This loan service is form merchants and companies to finance their business. The business owners can get small-business loans and receive a percentage of credit card sales untill the load is paid. Eventhough it is beneficial for some business owners it has high risk of getting into a debt cycle.

Concerning the type of Cash Advance you use,  the fees to be paid differ accordingly.

Downlaod Chime:

You can download the Chime app on your Smartphone from Apple App Store and Google Play Store.

Chime app store

chime app on play store

Create an Account in Chime:

  • Go to member.chime.com/enroll/ and fill out the enrollment form.
  • Open an online banking account through Chime.
  • After enrollment, you will get Chime Visa Debit Card in the registered email ID.
  • The Debit card will arrive within 7-10 business days.
  • Now download the Chime mobile app and log in with your credentials.
  • Connect your bank account or set up a direct deposit.

You have now successfully created an account in Chime and can access all its functions.

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Empower:

empower

Empower is also a financial technology company. With the Empower app, you can take control of your finances. When connected, you can take a look at your expenses and save your money. You need to pay $8 as a monthly subscription fee.

Eligibility:

Some of the requirements for Empower app are,

  • It should be at least 60 days after the bank account is opened.
  • It should have an average of two transactions per day.
  • Recent deposits of $200 or more by the same person.
  • The minimum income is $1000
  • Must have an average account balance of %100.

Banks that work with Empower:

The banking services are provided by,

  • NBKC bank
  • Member FDIC
  • FinWise Bank

What are the Qualifications for Instant Loan in the Empower app?

To check if you are qualified for Cash Advance, follow the instructions carefully,

  • Select Check eligibility from your Account tab under the Cash Advance section.
  • Follow the instruction and tap continue.

NOTE: If you are not qualified you can find the alternatives on the screen by tapping on “Details” on the top right side of the screen.

You can get a Cash Advance of up to $250 in advance without any credit check, interest rate and fees. You can pay back the money once you get your paycheck.

Downlaod Empower:

The Empower app is available for download for your mobile devices using the Apple App Store and Google Play Store.

empwer on play store

empower on app store

Create an Empower Account:

To create an account in the Empower app, you need to,

  • You must be 18+ years old of age.
  • Must have a Bank account within the U.S.
  • Valid mobile number
  • And also Valid SSN and a U.S. residential address.

To open the account, the steps to be followed are,

  • Get the Empower App on your mobile device.
  • Provide the necessary information asked.
  • Connect your account
  • Now go to “Securely connect account.”
  • Tap on your Bank.

It will take three business days to review your process. Now your account on Empower has been successfully created, and you can now access all its benefits for just $8/month.

Dave:

dave

Dave app can help you with an advance on your paycheck to cover your expenses like groceries and gas. You can get an account with no overdraft or low balance fees. You need to pay a monthly subscription of $1/month for its service.

Eligibility:

With respect to your financial health, Dave will determine the amount for your Advance amount option along with a payback date. The eligibility is,

  • Must have at least three recurring deposits.
  • Provide income history and spending pattern.
  • Have a $1000 for monthly deposit to have a high Advance amount.
  • Dave will check for negative balances and account history for the last 60 days.

Banks that work with Dave:

Dave Banking company got partnered with Evolve Bank & Trust.

What are the Qualifications for Instant Loan in the Dave app?

Dave can help you with your expenses and warns you when you are in danger of overdraft. You can get an advance or loan with no interest.

Create an Account in Dave:

You need to download the Dave app on your Smartphone to open an account. The steps to be followed to create an account in Dave are,

dave on play store

dave on app store

  • Launch the Dave app.
  • Select JoinDave.
  • Provide your sign-in ID with your email address.
  • Create a secure password.
  • Agree to the terms and conditions.
  • Enter your First and Last name.
  • Now type your mobile number and go through the two-factor verification process.

You have now successfully downloaded the Dave app on your Smartphone, and you can enjoy all its benefits for just $1/month.

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Brigit:

brigit

With,

  • budgeting tools
  • automated alerts
  • interest-free cash advances
  • centralized view of their money

Brigit builds your financial health through the app.

Banks that work with Empower:

Except for Chime Bank, Net Spend and Varo Brigit work with more than 6,000 banks and credit unions.

What are the Qualifications for Instant Loan in the Empower app?

To bet Instant Cash on Brigit, you must have certain qualifications like,

  • Having sufficient account activity.
  • It must have been more than 60 days after opening your account.
  • You must have a balance above $0.
  • Must have a minimum balance on the day of the paycheck.
  • Three recurring deposits from the same deposit source.

Process of Amount Calculation:

You can get an advance amount based on your deposits and expenses.

  • A loan of  $50 to $250 is approved.
  • You can customize it as per your ability to repay.
  • You will not be able to change your maximum amount.

Create an Account in Brigit:

You can download the Brigit app from Apple App Store and Google Play store on your Smartphone. After downloading and installing, follow the steps to create your Brigit account.

brigit play store

brigit app store

  • Find and tap on the Brigit app to launch the app.
  • Click Next until you get the Sign-Up tile and press on the tile.
  • Enter your email address and phone number.
  • Now tap on Text code and follow the instruction given after.

You have now successfully created an account in Brigit.

Frequently Asked Question:

What are the Qualities to get an Instant Loan on Apps?

Some of the basic qualities of getting an instant loan on any app are,

  • Having sufficient account activity.
  • It must have been more than 60 days after opening your account.
  • You must have a balance above $0.
  • Must have a minimum balance on the day of the paycheck.
  • Three recurring deposits from the same deposit source.

What are the Top 5 Instant Loan Apps?

The apps that loan you money instantly are,

  • MoneyLion
  • Chime
  • Empower
  • Dave
  • Brigit

The End

With those mentioned above top 5 Instant loan apps, you can get the advance amount as loans from them when you need to make some urgent payments. Some apps do not have any interest rates, and some have interest rates. So be careful when choosing loans from Financial technology companies.

If you have any doubts about the contents of the apps discussed in this article, you can ask them in the comment section.

Thank You