Instant loan apps are designed to get you small amounts of money (around $50 or more) in an instant – consider it an emergency loan to help get you to your next paycheck or cover a near term expense.
While credit cards are a better option for handling such a shortage, if you don’t have access to it, it doesn’t matter how much better it is!
In this article, we cover the top $50 loan instant apps and some alternatives. The instant loan apps listed here might be a good solution if and when you experience a cash shortfall and need a little help.
While the best solution is to have a fully funded emergency fund, we can’t see the future and we have to deal with the situation we are faced with today.
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What is an Instant Loan App?
An instant loan app is an app that will lend you a smaller amount of money for a short (often less than 30 days) period.
You can’t rely on an instant loan app to cover large purchases, like a vehicle, electronics, or as a way to consolidate and pay off debt. Instead, they help you bridge the gap when you’re running a few bucks short in between paychecks.
The money you borrow through an instant loan app often has to be paid back in full when you get your next paycheck. For that reason, you can only access small amounts of cash via instant loan apps.
While some instant money apps are free to use, most charge high-interest rates and fees. In other words, you might have to pay to use them – and pay handsomely (relative to the size of the loan). It’s usually better than a title loan and without a visit to a payday lender.
We’ll talk more later about less costly options to help you cover those minor financial emergencies.
| Company | Loan Amount | Fees | Interest Rate | Waiting Period | Credit Check | |
|---|---|---|---|---|---|---|
| Cleo | up to $100 | $0 | 0% | No | Learn more | |
| Chime | $20 – $200 | $0 | 0% | Immediate | No | Learn more |
| Brigit | up to $250 | $9.99 / mo | 0% | Same day if req. by 10 AM, otherwise next day | No | Learn more |
| Dave | up to $500 | $4.99 for express | 0% | 3 days free, 8 hours express delivery | No | Learn more |
| PaydaySay | $100 – $1000 | $0 | varies | 24-48 hours | Yes | Learn more |
| Earnin | up to $100 per day, $500 per pay period | $2.99 for instant | 0% | 1-3 days for free | No | Learn more |
| MoneyLion | $25 – $250 | $0 | 0% | 12-48 hours | No | Learn more |
Best $50 Loan Instant Apps for Instant Money
The best $50 loan instant apps have a few things in common:
- They’re easy to get
- They’re easy to use
- They give you fast access to money
Without further ado, here are the top $50 loan instant apps, how you can get access, and what it’ll cost you to use them. Look over the details of each of these popular apps for instant money and see if one might be right for you.
1. Cleo
Cleo is a fun personal finance app that offers first time borrowers anywhere from $20 to $70. After you pay back that first loan, subsequent loans can be as much as $100. The nice thing about Cleo is that it is free – nice when you consider you need the money and would like to keep more of it.
To use it, you link up your bank account and it analyzes your transaction history to offer suggestions on what you can do to improve your finances. That can be very helpful.
Cleo can also help you build credit with their Credit Builder product, which can improve your options in the future should you need to lean on your credit.
Check out our Cleo review for more.
Want to make $100 – $300 for opening a bank account?
Can you get your paycheck direct deposited?
If so, you can often get hundreds of dollars to open a new bank account. Banks are constantly competing for business and this is a great way to put cash in your pocket. I’ve heard from several readers that they’ve made thousands of dollars doing this.
Banks like Chase, Citi®, Discover, and others will give you $100 to $300 if you open a bank account and get your paycheck direct deposited into your new account.
👉 Find out which banks will pay you $100+ to open a new account
2. Chime
Chime is a fintech banking app that helps you open a spending account with no minimum balance requirement or monthly fees.
Along with that spending account, you may be eligible for Chime’s SpotMe instant loan feature benefits:
- Amount: $20 up to $200
- Fee: $0
- Interest rate: 0%
- Waiting period: Immediate, once you’re approved
- Credit check: No
You can be approved for Chime’s SpotMe instant loan feature after you’ve opened your Chime account and received at least one Direct Deposit of $200 or more.
There is no credit check with Chime; however, they do use other avenues to verify that the information you entered on your application is correct.
Chime comes with a free debit card that doesn’t charge fees for debit purchases or in-network ATM use. Take advantage of Chime’s secured Visa credit card if you want to start building your credit history. If Chime is interesting not quite right, here are some bank alternatives to Chime.
Best For: Those who want instant loan access as they build a credit history with Chime’s secured credit card.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Please see back of your Card for its issuing bank.
3. Brigit
Brigit is a budgeting app that links up to your banking account. Part of what Brigit does is offer you a cash advance on your paycheck if you need it.
- Amount: Up to $250
- Fee: $9.99 per month flat fee
- Interest rate: 0%
- Waiting period: Same day delivery if requested before 10 a.m., next day delivery if requested after
- Credit check: No
Brigit can approve you for any amount between $50 and $250. The app chooses your approved advance amount based on your banking activity.
Brigit might also make an automatic advance deposit if the app’s algorithm shows you are at risk for going negative in your bank account. This feature can be good for saving you from overdraft charges via your bank. Brigit automatically sets your advance repayment schedule.
You can pay the advance back early if you wish. You may be able to extend your payback period with Brigit too. See the Brigit website for more details.
Best For: Those wanting a budgeting app that works with their existing checking account.
To learn more about them, our Brigit review goes into greater detail.
4. Dave
Dave is a fintech banking app with a variety of features. Loan instant app features include:
- Amount: Up to $500
- Fee: $0 for standard delivery, $4.99 for express delivery
- Interest rate: 0%
- Waiting period: Up to three days for standard delivery, within eight hours for express delivery
- Credit check: No
The instant loan amount you get approved for with Dave depends on several factors, including your account history, your average balance, and how fast you’ve paid back previous advances.
Direct Deposit into your Dave account is required, and the money you borrow will automatically be paid back in full once your Direct Deposit hits your Dave account.
You do have the option to pay some or all of the advance back early if you want to.
Dave does charge a $1 per month membership fee. You get free in-network ATM usage and debit card usage.
There are no overdraft fees or minimum balance requirements with Dave. And you can get your Direct Deposit funds up to two days early. (here are alternatives to Dave)
Best For: Those who overdraw their checking account often. The $1 monthly fee is much cheaper than you’ll pay for overdraft fees at a traditional bank.
5. PaydaySay
PaydaySay is an instant loan app that connects borrowers with lenders. PaydaySay’s instant loan app features include:
- Amount: $100 up to $1000
- Fee: None from PaydaySay; lender fees may apply
- Interest rate: varies based on the lender
- Waiting period: 24-48 hours
- Credit check: Yes
Loans granted through the PaydaySay app are generally required to be paid in full by your next Direct Deposit date, although some loans may have longer terms.
However, your lender will not automatically take the loan funds back. If you do not repay the loan in accordance with your agreement, additional fees and rates may apply.
PaydaySay is different from many other apps mentioned here because it facilitates loans between borrowers and lenders, such as payday lending companies. Payday lender loans often come with very high rates and fees.
For that reason, it’s essential to pay close attention to the PaydaySay loan agreement before signing up.
Best For: Those searching for more significant short-term loan amounts.
6. Earnin
Earnin is a popular app designed to help users get earnings from their job early. Some Earnin features include:
- Amount: Up to $100 per day, $500 per pay period
- Fee: $0 for standard transfers, $2.99 for Lightning Speed transfers
- Interest rate: 0%
- Waiting period: 1-3 business days for standard – Lightning Speed transfers hit your account within minutes.
- Credit check: No
When you link Earnin to your bank account, you can use Earnin advances and other features.
Earnin will automatically take back the advanced money when your Direct Deposit paycheck hits your bank account.
You can choose to tip Earnin for the advance it gave you, but you don’t have to include a tip. Customer tips are how Earnin stays in business and makes money. Note that you have to be employed and get Direct Deposit to use Earnin. Here are 16 Earnin app alternatives, some of which are included in this article.
Best For: Those who use instant loan app features often.
7. MoneyLion
MoneyLion’s RoarMoney account is a banking account that will advance you up to $250 in cash with its Instacash feature.
- Amount: $25 up to $250
- Fee: $0
- Interest rate: 0%
- Waiting period: 12-48 hours
- Credit check: No
To qualify for MoneyLion’s Instacash feature, you need to have a MoneyLion account that’s at least two months old, shows regular deposits, has a positive balance, and is an active account.
You can get Instacash deposited to your external bank account as well; however, that will take 3-5 business days to show up.
If you’re looking to expedite Instacash advances to your RoarMoney or your external banking account, you can do so with Turbo (see MoneyLion terms and conditions for fee amounts).
Instacash advances are paid back from your RoarMoney account or your external checking account, depending on where the money advances to in the first place.
Note that the amount of Instacash you’re eligible for depends on your MoneyLion account history. The longer you’ve had your account, the more Instacash you’ll qualify for.
Best For: Those who have a MoneyLion account and can wait 12-48 hours before getting their funds.
FAQs
Instant loan apps are safe to use, provided you get them through a reputable company. Check Better Business Bureau ratings and online reviews to be safe.
In most cases, instant loan apps are different from payday lenders and aren’t subject to government lending regulations. However, some instant loan apps, such as PaydaySay, do work with payday lenders.
Yes, some instant loan apps are scams! The instant loan apps mentioned here are from reputable companies. Again, doing your research before taking an instant loan is wise.
Alternatives to Apps for Instant Money
As you can see, $50 loan instant apps may be convenient, but they can also be quite expensive. Consider these alternatives for helping you handle small financial emergencies.
Build an Emergency Fund
Having an emergency fund is the best way to handle cash shortages, whether large or small.
If you’re living paycheck to paycheck, however, building an emergency fund may seem like a far-off dream. Thankfully, with the proper budget in place, you can create an emergency fund that is at least equivalent to the money you’d borrow via your $50 loan instant app.
Making a plan to save money to build your emergency fund may take some creative financing on your part. That said, even if you can only manage to put away $10 per week or month, you’ll eventually have a healthy amount of cash set aside for emergencies.
For instance, saving $10 per week for your emergency fund will result in you having a $520 emergency fund within a year. Even saving as little as $10 a month will result in you having a $120 emergency fund in a year, and that’s enough to cover the types of shortfalls you might generally use an instant loan app for.
Bonus: Having your emergency fund to cover minor shortfalls means that you’ll avoid paying the high-interest rates and fees that come with instant loan apps.
Even better, you can store your emergency fund cash in a high-yield savings account and earn extra money in the process. Use a free printable budget worksheet to create your budget if you prefer old-school budgeting forms, as I do. Or, sign up for a free budgeting software tool to create and manage your budget online.
Hint: Check out Empower Personal Dashboard – a Wallet Hacks favorite!
Start a Side Hustle
Side hustles are a great way to get some extra cash fast. Unlike many traditional jobs where you have to find them, interview, and wait for a start date, some side hustles let you get paid quickly.
Here are some side hustles that will earn you cash fast:
- Find (legit, trustworthy) gigs on Craigslist
- Sign up for Taskrabbit
- Deliver food for Instacart or DoorDash
- Drive for Uber or Lyft
- Get a job as a server for a restaurant that will let you start immediately
- Deliver pizzas
- Find gigs on Fiverr
You could also offer to do small jobs such as cleaning jobs for friends, family, and neighbors.
Get creative and start offering to do those tasks that everyone puts off: clean basements and attics, clean cars inside and out, wash windows, wash dogs–you get the idea. For more ideas on earning quick cash, this article offers 20 simple ways to make money fast.
Sell Stuff Online
Another alternative to using a $50 instant loan app is to sell some of your stuff online. If you’re like most people, you’ve got no shortage of items in your home that you no longer use.
Why not list your stuff on OfferUp or Craigslist? Both sites specialize in selling locally, so you can get fast money. Don’t have anything to sell? Look for quality free items on Craigslist or other sites or look for curb alerts in your neighborhood and resell them online.
Final Thoughts
Using a $50 instant loan app is a great way to get instant money. However, using these apps should be a “last resort” option. Monthly fees, one-time fees, and the potential for high-interest rates can hinder you financially instead of helping you, especially if you use them regularly.
