You've probably heard of a credit card cash advance, but another way to access money quickly is through a cash advance app. Users borrow against their next paycheck by linking the app directly to their bank account and scheduling an automatic debit on payday.
It's quick, convenient and doesn't require a credit check.
Cash advance apps can be a slippery financial slope, however. Most don't charge interest, but transaction fees and charges for instant funding, late payments and monthly subscriptions can add up quickly. That's why the apps are best used to cover a temporary cash flow gap between paychecks.
CNBC Select has chosen the best cash advance apps based on loan amounts, fee structure and other factors. For more on how we made our picks, read our methodology.
Best for borrowing a small amount: Varo
Who's this for? Varo allows bank account holders with at least $800 in direct deposits to borrow between $20 and $250 for their first advance. Over time, you can work up to loans of up to $500.
What to know: Varo doesn't charge an instant delivery fee, so you can get cash within minutes without paying extra. There is a flat fee on each advance, depending on the approved amount.
Varo Advance
Loan amounts
$20–$500
Terms
15–30 days
Fees
$1.60 - $40 based on loan amount
Terms apply.
Pros
- Fees are based on how much you borrow so the less you borrow, the lower the fee
- No monthly service fee
- No late fee
- No fee for same-day or instant delivery
- No mandatory tip
- No credit check
Cons
- Must have an active Varo Bank account with a balance over $0 to qualify
- Borrowing limit is based on account activity so you can only unlock higher borrowing amounts over time
Best for borrowing larger amounts: Payactiv
Who's this for? Payactiv is an employer-based Earned Wage Access (EWA) service that lets you borrow as much as 50% of your earnings. Typically, that's up to $1,500 if you have direct deposit, or up to $750 if you don't. But the limit is ultimately set by your employer.
What to know: You must work at a company that uses Payactiv to be eligible for a cash advance. You don't need a bank account, however. Funds can be loaded onto a Payactiv Visa card or picked up as cash at Walmart.
Payactiv
Loan amounts
Up to $1,500
Terms
Repayment is automatically deducted from your next paycheck
Fees
No fee for ACH bank transfer; $2.49 without direct deposit of at least $200
Terms apply.
Pros
- Lets you borrow money from your paycheck early
- Repayment is automatically deducted from your next paycheck
- Potentially no fees
- Option to transfer wages to your Payactiv Visa® Card but this may come with a fee
- Lets you borrow larger amounts of up to $1,500
Cons
- Real-time transfers come with a fee
- ACH bank transfers take up to 3 days to be completed
Best for no mandatory fees: Chime MyPay
Who's this for? Chime MyPay doesn't have transaction fees or subscription charges. There is a $2 fee if you want expedited funding, but even if with standard funding, you should get your money within 24 hours. Other platforms make users wait up to five business days.
What to know: Chime MyPay provides early access to earned wages at no interest. Advances range from $20 to $500 per pay period and users must set up direct deposit. MyPay is only available to eligible Chime members in certain states.
Chime MyPay
Loan amounts
Up to $500
Terms
Repayment is automatically deducted from your next paycheck
Fees
$2 for instant deposit
Terms apply.
Pros
- Lets you borrow money from your paycheck early
- Repayment is automatically deducted from your next paycheck
- Fee-free deposit option if you choose to wait 24 hours for funding
- No credit checks
Cons
- $500 limit is a bit low compared to limits from other EWA services
Best for low transfer fees: MoneyLion
Who's this for? Expedited transfer fees for MoneyLion Instacash range from $1.99 to $8.99, based on how much you borrow. You can also avoid the fee by opting for a standard transfer of one to five business days.
What to know: Users link their bank account to the MoneyLion app, then select an advance of up to $500. You can increase to $700 with a paid membership or up to $1,000 with qualifying direct deposits to a MoneyLion RoarMoney account.
MoneyLion InstaCash
Loan amounts
Up to $1,000 for RoarMoney℠ customers; up to $500 for all others
Terms
Repayment is automatically deducted from linked bank accounts
Fees
No fee for 1–5 business days; $0.49–$8.99 for instant transfers, depending on disbursement method
Terms apply.
Pros
- Fee-free deposit option if you choose to wait 1–5 days for funding
- Relatively low instant transfer fees (on the lower end) compared to other services
- $0 monthly administrative fee
- Tips are optional
- No credit check
Cons
- $1,000 borrowing maximum is only available to RoarMoney℠ customers
How do cash advance apps work?
Cash advance apps let you borrow wages you've already earned from your next paycheck. After you link the app to your bank account and provide proof of steady income, you can borrow a limited amount — often under $250. When you get paid, the loan balance is automatically deducted from your bank account.
Because it's technically an advance and not a loan, there's typically no credit check.
Many apps will advance you funds at no charge, but it may take up to three days for the money to transfer. If you need cash faster, you'll have to pay an instant transfer fee, which can be as much as $10.
To continue using the service, you may also need to pay a subscription fee of $10 or $15 a month. Some apps also encourage tipping.
If you successfully repay your advances, you'll be able to borrow larger amounts. Failure to make a payment means you can't borrow until you settle the balance.
Pros and cons of cash advances
- No credit check
- Funds can be provided in less than 24 hours
- There is typically no interest
- May charge a fee for immediate cash access
- Some platforms charge a monthly subscription fee
- Cash advances don't help you build credit
Cash advance app FAQs
What is a cash advance app?
Cash advance apps are platforms that let you borrow small amounts against your next paycheck, typically under $250. There's no interest, but some may charge a transaction fee, and if you want expedited funding, there's usually a surcharge. Repayment is typically due in 15 to 30 days.
Who should use a cash advance app?
Cash advance apps are best if you just need a small amount to cover a temporary gap. Funds are taken from your next paycheck, so be sure your budget can handle it or you could end up in a cycle of borrowing.
Is a cash advance app the same as a payday loan?
Though both provide quick access to cash, there are significant differences. Payday loans are short-term loans with high interest rates and fees. Because they can result in a six-figure APR if borrowers don't repay in full quickly (typically within two to four weeks), payday loans are considered predatory lending.
Cash advance apps provide early access to a portion of wages you've already earned, usually at no interest. Users may have to pay a transaction fee, and there may be additional charges for instant transfers and subscriptions.
Do cash advance apps affect your credit score?
Most cash advance apps don't report to credit bureaus, which means non-payment won't directly hurt your credit score. However, the app may send your debt to a collection agency, and that collection account could negatively impact your credit score. In addition, on-time payments won't help build your credit history.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every cash advance list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best cash advance apps.
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Our methodology
To determine the best cash advance apps, CNBC Select analyzed dozens of U.S. cash advance app offerings. We categorized our picks by best for borrowing small and larger amounts of money, best for no mandatory fees and best for low transfer fees.
When narrowing down and ranking the best cash advance apps, we focused on the following features:
- Eligibility requirements
- Funding timeline
- Transfer fees
- Any other fees, including tipping options
- Interest rate, if any
- Advance amounts
- Repayment terms
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Note that the rates and fee structures advertised are subject to change.
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