Top 10 Cash Advance Apps Like MoneyLion Alternatives

Beware of little expenses. A small leak will sink a great ship.” – Benjamin Franklin

With the advent of cash advance applications, prioritizing expenses and managing bill payments before the month ends has become simpler than ever. You can quickly connect with these quick cash apps & get instant access to cash. The concept is straightforward, user-friendly, and trending. As evidence of the significant traction, here are the impressive statistics surrounding payday loan applications. 

• 33% of people in the USA use any one of the Cash Advance apps;
• By 2032, the global cash advance market is likely to be valued at $138.5 Bn. The 2022 record shows it to be valued at $73.7 Bn already.
• By the end of 2029, the global cash advance market will grow and cross $26.3 billion with an expected annual growth rate of about 5.03% through 2019-2029.  
• 78% of users admitted to using one of the cash advance apps before shifting to another;
• Cash advance app users borrow an amount that ranges mostly between $100-$200;

The reason behind the skyrocketing popularity of cash advance apps is pretty simple. A significant portion, nearly 78% of Americans,  live paycheck to paycheck, making it difficult to cover medical or any other emergency expenses at the end of the month. 

Such users continuously look for cash advance apps like MoneyLion that can give them relief by offering short-term loans or advance cash for a minimal fee. Money Lending apps like MoneyLion let your users stay out of debt, ensuring they can pay before the next payday. 

With the MoneyLion app, everything seems to be perfect, but, you always have competitors to choose from. In this article, we will discuss only the alternatives of Cash Advance Apps like MoneyLion. If you have any other questions related to application development, kindly get in touch with our team.

So, let’s begin this topic on Cash Advance Apps like MoneyLion. If you wish to develop a cash advance application, we have written a detailed blog on the same, please go through it. 

To begin with,

What is the Instant Cash Advance App?

“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” – Suze Orman

Cash Advance Apps lets users borrow money before their next payday arrives. The financial cushion it gives to the users allows them to cover up any medical expense without stressing about the deadlines. These apps stand out by offering loans without requiring high credit scores or charging hefty interest rates, making them accessible to a broader audience.

The process of functioning is pretty simple. Let’s learn more about it. 

How do cash advance apps like MoneyLion Work? 

Cash advance apps like MoneyLion operate in a user-friendly way by lending money to the users. To ensure the liability of the users, some platforms charge a monthly subscription fee. Here’s a quick overview of the steps typically involved in the money-lending process:

• The cash advance app users who register on the platform complete their profile by linking work status and bank account information. Linking bank accounts with the application enables the transferring and withdrawing of borrowed amounts as per the due date. 

Note: In MoneyLion, the users’ income deposits and account activity are checked.

• As soon as the user submits a lending amount application, the review process begins.
• If the user is qualified as per the decided criteria of the platform, the loan decision is released.
• Upon approval of an application, the payment is released into the respective bank accounts. 
• Repayment for cash advance apps like MoneyLion is handled automatically and the repayment terms are discussed in advance.

 MoneyLion usually deposits the money into the users’ linked bank account with a repayment date for the next payday. 

The benefit of using Cash Advance Apps like MoneyLion for the users:

“Money isn’t everything, but it’s right up there with oxygen.” – Zig Ziglar

• Gives them control over the expenses, especially during the month-end
• Keep track of extra expenses
• Bridge the gap between income and expenses

Top 10 Cash Advance Apps like MoneyLion:

There are a plethora of good cash advance apps like MoneyLion. However, our top picks are as follows. 

“A budget tells us what we can’t afford, but it doesn’t keep us from buying it.” – William Feather

Cash Advance App Like MoneyLion Alternatives:

Dave: 

Cash advance app Dave has garnered 5 M users and is creating a buzz in the financial industry. It is backed by innovative funding of billionaire businessman Mark Cuban who is also one of the Shark Tank stars. 

Dave, as described by itself is a Human-Banking application that helps users prevent overdraft fees. Users can avail up to $100 advance and repay them by the next paycheck. 

The app also stands out by offering features like balance alerts and tools to track spending habits. 

Dave is an exceptional cash advance application, however, users have to pay some subscription fees to access premium services. 

Chime:

Another popular app and a very competitive alternative to the MoneyLion application is the Chime application.  It offers out-of-the-box services combined with cash advances and banking. Chime’s interface is unique and allows users to manage banking services using the application directly. 

Chime allows users to withdraw a $200 fee-free overdraft through its SpotMe feature, while also giving them the flexibility to pay the overdraft early. However, it doesn’t provide payday loans or on-demand cash advances like other on-demand cash advance applications. 

To fully access Chime’s features, users must sign up for a Chime debit card, which is required to utilize its services.

Brigit: 

As the name suggests, Brigit: Bridge the Gap. A great alternative to the MoneyLion app is the Brigit app which helps people save themselves from overdrafts. The application offers cash advances up to $250 with zero interest and has monthly subscription fees starting at $9.99. It is a much-needed solution for people facing financial shortfalls. 

The best part about using Brigit is, that it has flexibility in terms of repayment dates. The application doesn’t require credit background verification. 

However, Brigit also has limited invested options compared to visitors. To stay on top of their finances, you can make use of the comprehensive budgeting tools and credit monitoring features that the application provides. 

Klover:

Another application that can give a fierce fight to the MoneyLion application is the Klover application. Klover offers up to $200 cash advance with no fees or interest. 

Klover’s membership starts at $2.49/month, and the app has a waiting period of three days before you start receiving money, making it an attractive option for users to find financial relief. 

To unlock advances, users need to earn points by completing tasks assigned within the app, such as answering simple questions.

Klover also provides personalized financial insights and budgeting tools. However, it lacks providing investment options for the users. 

Empower:

Empower is a subscription-based cash advance application that offers a 14-day free trial before requiring a subscription. Again, Empower is a brilliant cash advance application like MoneyLion that provides all-in-one financial services. 

It offers functionalities of advanced cash apps, along with comprehensive budgeting tools and subscription management. However, it has limited investment options as compared to MoneyLion. 

The best part about using the Empower cash advance app is, that it takes only one day to process the request and offers a lot of cashback deals. 

Earnin:

Earnin is a powerful application, specially designed for monthly wage earners who want access to immediate cash. It processes the cash request on the same day and assists in paying any emergency expense without any need to undergo any credit check. Users can access up to $750 per pay period, and the app operates without monthly fees, offering a cost-effective solution for short-term financial needs.

On the downside of Earnin, users have to submit personal financial information, allow tracking work hours, and provide their GPS position before qualifying for cash advances. 

Cleo:

Cleo is a versatile, multipurpose cash advance app used for establishing credit, acquiring cash, and creating a budget. The cash advance app Cleo, is a beautiful combination of AI and money used to provide an engaging way to handle finances. 

It also provides a cash advance tool, however, limits the advances for first-time borrowers to $20-$70. Once the users prove their capability of making the repayments, the borrowing limit extends up to $100. 

The app offers two subscription tiers: Cleo Plus at $5.50/month and Cleo Builder at $14.99/month, catering to different financial needs. 

The application doesn’t let users overspend and offers high-end security features with a lot of cashback deals. 

Branch:

Branch is a stunning alternative to the MoneyLion app. It consists of some amazing features specially designed for employer-side functioning. Employers use them to help their employees with their monetary needs effectively. The cash advance application analyzes the working hours of that particular employee and further processes the request. If the conditions are met, employees get up to 50% cash advance of the next paycheck. 

However, if the employee needs the cash instantly, they need to pay a minimal amount and the cash gets debited into the account.  The app also offers instant banking, and quick loans, and operates on an approval system that incorporates phone data analysis, ensuring a smooth and efficient experience for its users. 

Affirm: 

Affirm is a blend of so many concepts including, Buy Now Pay Later, Cash Advance, and Marketing app. It allows users to purchase instantly without paying for it at the moment. Affirm, an app like MoneyLion splits the big purchases into installments and lets users pay from time to time. While purchasing a product using Affirm, it includes no fines, hidden charges, or late dues. However, any failure to miss a payment can affect the credit scores of the users. 

Avant: 

The Avant cash advance application works differently compared to other applications. It provides personal loans and credit cards to users with good credit scores. Creditors with nearly 550 credit scores can get up to $35,000 and the repayment period is also quite long! One of Avant’s key benefits is its extended repayment period, which ranges from 1 to 5 years, allowing users to manage repayments at their convenience. However, the application charges origination fees of up to 4.75% before sending the loan amount. 

Impressive Features Of Cash Advance App Like MoneyLion:

Below is an overview of the standout features of the MoneyLion App. To read more about what other features you can integrate into cash advance apps, you can talk to our experts or go through the blog on cash advance app development like Dave. 

1. Two-factor authentication;
2. Financial overview;
3. Instant pre-approval on financial eligibility;
4. Multiple loan options;
5. Flexible terms;
6. Repayment tracking;
7. Credit improvement tips;
8. Cash back features;
9. Surveys

As you see, each feature is designed keeping in mind the usability and accessibility of users. If you are finding this impressive, come and let us discuss how we can help you stand out. 

Conclusion: 

While MoneyLion is definitely the winner in cash advance applications, the alternatives are equally powerful. If you wish to discuss cash advance app development cost in detail, please get in touch with us. As the costing is subjective to multiple factors that affect the final cost, we believe in explaining the costing comprehensively. 

We have the required experience and thorough understanding of fintech apps. Whether you choose MoneyLion or Cleo, ITPath Solutions would be happy to assist.