Cash advance apps are a great financial tool when you need an affordable cash infusion or a small personal loan quickly. However, some of these apps require you to use direct deposit for repayment.
This can be a problem if you don’t receive direct deposit payments, especially if you are a freelancer, gig worker or don’t have a traditional bank account. For those people, finding a cash advance app without the direct deposit requirement is a must for their financial health.
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Cash Advance Apps That Don’t Require Direct Deposit
If you are strapped between pay periods and your checking account is barreling toward empty, getting some extra cash without jumping through hoops is a good option for short-term solutions. Though the amount of money you may need or can get will vary, there are apps available that can help you through a lean stretch. Here are four cash advance apps that don’t require you to set up direct deposit.
1. Dave
Cost: Free, but donations are encouraged
When you use Dave, you have to link your bank account, but you don’t need to have direct deposit. Dave can help you out in a financial pinch by offering a boost of up to $500, which is considered the largest advance amount offered in the industry. However, don’t expect to get that much at first; Dave reports that most users get a cash advance of $160 or more. The best part is that you don’t have to fill out a long application or sit through a waiting period to get the cash you need.
If you open a Dave Spending account, you can transfer the advance to it instantly for a small fee. You can also transfer the funds instantly to a debit card for a small fee or to an external bank account for free, which takes one to three days. Once you take an advance, you’ll pay it back on your next payday if Dave can determine the date from your linked bank account. If not, your settlement date will be the following Friday.
2. Cleo
Cost: $5.99 monthly subscription fee
With a monthly subscription that offers cash-back opportunities and credit coaching, users can also get up to $250 in cash advance funds without interest charges, credit checks or direct deposits. But don’t expect to qualify for $250 initially. Cleo advises that first-timers usually only qualify for $20-$70, so it might be best to use the app a few times before you actually need a larger amount.
However, don’t get in a hurry to receive your funds. Once you request the cash advance and choose your payback date — any time between three and 14 days — you’ll have to wait several days for the funds to be available. If you need the funds within 24 hours, you can pay a $3.99 express fee.
3. Vola
Cost: Free
With its free Basic membership, Vola offers users cash advances up to $300, with no interest or hidden fees. However, you’ll have to wait up to five hours (or maybe longer) for your cash unless you have a Vola card, which will allow you to receive the cash advance instantly.
To use Vola, you don’t need direct deposit but you do have to connect a bank account that’s more than 3 months old, an average balance of over $150 and frequent activity. The bank account also has to show evidence of income and deposits.
4. Empower
Cost: $8 a month
Though you do have to pay a fee, Empower is a good option to get up to $300 quickly without having to worry about direct deposit, interest, late fees or credit checks. Empower is a financial technology company, not a bank. It can offer you banking services without some of the traditional requirements. You can also get a 14-day free trial to see if you like the platform before committing to pay for it monthly.
Empower can get you a cash advance ranging from $10 to $300, but keep in mind that some eligibility requirements exist. On average, people get the offer amount of $145, and there is an option for instant delivery but fees may apply. It also offers overdraft protection because if the advance causes an overdraft fee, Empower will refund you.
As far as cash advance apps go, Empower is great for freelancers, gig workers or someone with inconsistent pay as it doesn’t require direct deposit. It also won’t hurt your credit score as Empower doesn’t do a hard credit check and can fund your advance within one day. The app also offers budgeting and credit-building features to help you with your general financial health.
Cash Advance Apps: No Direct Deposit Required
In the past, if you needed money before payday, you might have resorted to a payday loan with sky-high interest rates or other alternatives to cash advance apps. But today, thanks to fintech, or financial technology, companies — there are better choices.
One way fintech companies have made things easier and faster when it comes to managing finances is the creation of cash advance apps — specifically those that don’t require you to have direct deposit as a form of payback. This means even if your paycheck doesn’t arrive directly in your bank account each month, you can still use it.
Cash advance apps, like Dave or Cleo, offer ways to get money before your next paycheck without the need for high fees or a direct deposit. Some even provide tools to help you manage your money better. With the help of fintech companies, getting a cash advance has become simpler and more user-friendly. It’s an updated solution for an age-old problem.
Final Take To GO
When you’re looking for a cash advance app that doesn’t require direct deposit, Dave, Cleo and Vola are all solid choices, but can differ when it comes to cash advance amounts, eligibility requirements and whether or not you have to pay a subscription fee. Before you commit, go over the details and pick the one that’s the best fit for your financial needs.
Caitlyn Moorhead contributed to the reporting of this article.
This article originally appeared on GOBankingRates.com: 4 Best Cash Advance Apps That Don’t Require Direct Deposit
