Best Payday Loan Apps for Android & iOS 2020

Home Manage Money Best Payday Loan Apps for Android & iOS 2020

When it comes to taking out a payday loan, there is no question that it can be beneficial if you need money in a hurry. You’ve probably seen payday loan stores or online ads for quick money at some point in your life. Whether you need money to cover an expense to avoid overdraft fees or just need access to money in a rush these loan apps can help. In this article, we will cover the most popular payday loan apps for iOS and Android in 2020.

Top 5 payday apps for 2020

These 5 apps that loan you money are all highly reviewed and legitimate. In a hurry? Here are the top loan apps for 2020.

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  1. Earnin Payday Loan App
  2. MoneyLion App
  3. Brigit Payday Loan App
  4. PayActiv Loan App
  5. Dave Payday Loan App

1. Earnin App | Best for workers with hourly wages

The Earnin app allows you get paid today and access $100 per day, up to $500 per paycheck. The app is free and you only have to pay what you think is fair and millions already use this app to get paid today.

How it works:

  • Connect your bank and tell them where you work.
  • Earnin will confirm your hours worked, and you can cash out those hours instantly.
  • On payday, they will debit your account for the money you cashed out.

You can also set up Lightning Speed by connecting your debit card to your Earnin account and eliminate the wait time between your cash out and the money arriving in your bank account. The best part is that it is all 100% free and you can learn more here.

payday loan apps earnin
The Earnin app allows people to reject the current system in order to get to a better place financially.

Where to get it?

2. MoneyLion Loan App | Best payday membership

This payday loan app packs a big punch with a plethora of features that can help you. MoneyLion provides you with access to 0% APR cash advances, low-interest personal loans, helps track spending and savings.

The app also provides financial advice to help you improve and control your financial life. It is no surprise that the MoneyLion community has over 2,000,000 members.

How it works:

  1. Download the MoneyLion app and enroll in free MoneyLion Core. Receive your new black debit card in approximately 7 days.
  2. Fund your MoneyLion Checking account with an instant transfer, and then use it everywhere you go with no fear of hidden fees, overdraft fees, or minimum balance fees!
  3. Add direct deposit of just $250 or more to your MoneyLion checking account to unlock instant 0% APR cash advances.
  4. Upgrade your membership to MoneyLion Plus to get any time access to a 5.99% APR credit-builder loan, $1 daily cashback, exclusive perks, and more.

Since this app has so many bells and whistles you can learn more in a comprehensive MoneyLion review that goes through each feature. MoneyLion is a wonderful choice for people who want to improve their financial situation, but cannot due to high-interest loan rates and many others. It helps them take control of their financial lives and improve their savings and can be downloaded for iOS or Android.

moneylion payday loan app
MoneyLion’s personal loans and easy-to-use tools help you borrow for less while saving more, improve your financial health, and monitor your credit all in one place.

Where to get it?

3. Brigit Loan App | Best for saving on overdraft fees

With the Bridgit app, you can get up to $250 with no interest or credit check quickly. It’s easy and fast relief when you need it and helps you avoid low balances. If you have a low balance in your checking account, Brigit will see that your balance isn’t enough for upcoming expenses and send you up to $250 to cover your expenses. You can save hundreds by avoiding overdraft fees with this app.

How it works:

  1. No red tape. No hoops. Connect your bank account and that’s it!
  2. Brigit works with thousands of banks like Bank of America, Wells Fargo, TD Bank, Chase, Navy Federal Credit Union and 15,000+ more.
  3. Get paid up to $250 instantly.

This is best for those users who keep low balances in banking accounts and are prone to overdraft. You can learn more here.

brigit payday loan app
Never run short on cash again with Brigit. Get budgeting tools, alerts, and up to $250 when you need it. No credit check. No interest.

Where to get it?

4. PayActiv Loan App | Best for paycheck advancements

This payday loan app allows you to get access up to $500 between paychecks. It also offers everything you need to break the payday loan cycles cycle. 

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How it works:

  1. You choose when to use it, or when not to. You’re in the driver’s seat.
  2. It’s simple, download the app, use the services, and any money you access is paid back out of your next paycheck.
  3. No interest charged because it isn’t a loan, it’s your money available when you need it.

If you are interested you can download it for Android or iOS.

payactive payday app
Load earned wages to the PayActiv prepaid Visa card – real-time access, no extra cost. Nights, weekends, and holidays.

Where to get it?

5. Dave Loan App | Best option for small amounts

This friendly bear allows you to get up $100 as an advance with no interest or credit check. With Dave, you can budget your upcoming expenses and be protected from bank fees for only $1/month. Dave can help you budget your personal expenses and avoid overdrafts with friendly announcements. Automatic payments for things like Netflix and insurance can make budgeting tricky, but he can help there too!

How it works:

  1. Instantly advance up to $100 from your next paycheck.
  2. No interest. No credit checks. Just pay your advance back on payday.
  3. Connect directly to your bank account to borrow money fast.
  4. Dave saves the average American an average of $500 a year.

Whether you’re hit by sudden expenses or need a little extra to make it to the next paycheck, Dave is here to help. Download Dave now for iOS or Android and to stay ahead of overdrafts and get a payday advance when you need it.

dave payday loan app
Get $100. Bank. Budget. Dave helps over 3 million people thrive, and not just survive between paychecks.

Where to get it?

How to pay off payday loans faster

Whether you use a payday loan app or get a traditional payday loan to access quick cash, here’s what you need to know.

Payday loans are an expensive foray and the interest rates can really add up. So, how do you pay off payday loans quickly and start saving money? Here are some ideas.

  • Find a way to boost your income. It goes without saying that it is easier to apply extra money to your payday loan when you have more money coming in. Whether you find a way to make more money at your current job or look for an additional job to supplement your income, increasing your earnings can help you pay off your loan much more quickly. You don’t even have to look for a traditional job. For instance, you could raise extra money by selling some of your old items on a site like eBay. Applying this extra cash to your loan can help you pay it off much more quickly. Other activities such as blogging or affiliate marketing can help you add to your income over time. If you want, you can even look for a job that you can do in the evenings or on weekends.
  • Make an extra payment whenever you have money. Anytime you get extra money, consider paying it to your loan. The longer you hold onto it, the more likely you are to spend it on something frivolous. Making small payments between your monthly payments can help you tackle your debt much more quickly. Of course, before you do this, you will need to check with the lender to make sure that there aren’t any penalties for making extra payments. As long as you get the go-ahead, however, this can be a fast way to pay off your debt.
  • Decide whether or not you should pay off your loan early. Some loans have a penalty if you pay them off early. Check the terms of your loan to see whether or not you will be charged extra money for paying it off ahead of time. If so, spend some time crunching the numbers to see whether it will cost you more to pay it off early or to pay interest over the life of the loan. That way, you can decide which option will save you the most money.
  • Find a Guarantor. A traditional loan or even a guarantor loan is going to have a far lower interest rate than a payday loan. So, if you can find someone to be a guarantor you can take out this sort of loan at a lower rate, payback the payday loan and save on the high interest rates.
  • Negotiate a lower rate with the lender. In some cases, lenders may be willing to offer you a lower interest rate. All that you have to do is ask. If you can convince a company that you are working hard to pay off your debt, they may be willing to work with you to make the process easier. You will be able to pay off your loan much faster if the interest rate is reduced.
  • Consolidate. Consolidating your payday loans can be a smart way to cut down on your payday loan costs and help you cut down repayments. This sort of thing is especially useful if you have more than one loan or a loan that has run away in terms of interest.
  • Tap into your life insurance. The primary advantage of payday loans is that you can get access to the money very quickly. This is extremely beneficial in emergency situations. Once the emergency has been dealt with, however, you can focus on finding ways to pay that money back. One option is to tap into your life insurance. Although this will decrease your payout in the future, it is usually a much better option than paying a ton of money in interest on a payday loan today. The interest rates on life insurance are exceptionally low, which is what makes this option a good choice.
  • Consider borrowing from your retirement. If you have a 401(k), you may want to think about borrowing money to pay off your loan. Although you don’t want to deplete your retirement account, borrowing a small amount to pay off payday loans might be a good idea since it can save you a lot of money.
  • Work with the lender. If you are struggling to pay off payday loans, contact the lender to see if there is any way that they can help make the process easier. Let them know that you are dedicated to paying it off and that you have a plan in place. They may be willing to work with you to lower your interest or to charge fewer fees. It can’t hurt to ask. The worst that they can do is say no. Most lenders will work with you if you let them know ahead of time that there might be a problem. Just be sure to contact the lender well in advance of your payment date so that there is time to come up with an alternate arrangement. The majority of lenders would much rather work with a customer to resolve the debt than have it go unpaid.

Payday loan apps can help

When it comes to using payday loan apps, there is no question that it can be beneficial if you need money in a hurry. Most of these apps have no fees or interest. This is a radical change from the way the American financial system typically functions. If you only needed a couple hundred bucks to cover all of my bills then payday loan apps can help.

These apps sound way too good to be true but you will soon find they are all true to their mission statement since day 1 of using them.

  1. Earnin Payday Loan App
  2. MoneyLion App
  3. Brigit Payday Loan App
  4. PayActiv Loan App
  5. Dave Payday Loan App

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About the author

Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.

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