Millennials are increasingly seeking financial assistance through mobile apps and digital tools. Compared to the previous generations, millennials, particularly those high earning incomes, reported much greater use of digital tools and mobile apps. We know 39.4% of the millennials admitted that they use apps and tools many times every month.
They are more used to seeking assistance from cutting-edge financial apps as compared to health & fitness apps. They are, however, more used to travel apps, job-hunting apps, career apps, and also, dating apps.
Even though just 10.8 percent of the people in the age group of 25 to 34-year-olds are in the habit of using digital tools for achieving financial milestones and that seems to be much more as compared to any other group.
The quickest way of getting money and going broke at once is a payday loan. However, today, there are some amazing alternatives for obtaining quick cash, and you are just a few clicks away on your mobile phone. Experts recommend some apps that help in lending money to you. These apps are regarded as effective alternatives to payday loans. Sometimes there is an urgent need for fast cash.
Everybody has been through times when they felt the need for quick money for covering certain unanticipated expenses or sometimes to get them to their next payday.
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Most people turn to payday loans for acquiring quick cash. However, you know that it is not always the right solution as payday loans come with exorbitantly high rates of interest, and there is every possibility of you getting trapped in the undesirable and vicious cycle of debts. Thanks to the innovative and ground-breaking technology today, you have ways access to a plethora of advanced tools and apps that could be used predominantly as money lending apps and good alternatives for payday loans.
List Of Popular Loan Providing Apps
Here are some of the best loan providing apps. Let us explore their special features and role.
DailyPay
DailyPay’s business model caters directly to employers rather than customers. This works similarly to something like Earnin; with each hour that employee clocks in, they build a balance. This can be tapped into when they need some quick cash before payday comes around. DailyPay will put this money straight into your bank, and this will be deducted from your paycheck when your salary is credited. There is a $1.25/transfer fee to transfer money from your work hours’ balance to the bank, however.
PayActiv
PayActiv provides access to earned wages whenever you need them, not unlike other apps in its field. However, where it edges out the competition is in the fact that they also provide financial counseling to their users. It also allows users to get discounts on prescriptions and pay their bills through the app itself.
They also provide a debit card linked to the PayActiv account. This card lets you access your money whenever you need it and also comes with fraud protection measures. This means it elevates itself from a payday loan alternative to a holistic financial solutions platform. The cost is subsidized by most employers, but a flat fee might be levied when you try to access money earlier than usual.
FlexWage
FlexWage offers all the standard features you would expect from these apps, but also offers reloadable debit cards. These are great for unbanked workers who cannot accept direct deposits and get paper checks for their wages. While there are costs involved for on-demand withdrawals and transfers, the overall cost of operation is significantly lower than taking out a payday loan.
In an age when workers are already living from paycheck to paycheck, and expenses are ever-increasing in size and frequency, cash loan apps are more important than ever as tools to reduce financial stress on them. They also take the hassle of payroll advances off the hands of the employer and expedite the entire process, keeping everyone involved satisfied and fulfilled.
Earnin
Earnin is based on the cardinal principle that your salary must be accessible to you whenever the work has been done. You simply need to share your information with Earnin regarding your workplace and just connect your precise bank account. While you are in the office, Earnin would be keeping track of the hours you have put in so that you could easily cash out whenever necessary.
When you end up getting your actual paycheck, Earnin would be deducting the money that you have taken from your paycheck earlier. The best thing about Earnin is that the app comes free with no interest or fees. You may consider adding a tip for supporting the company. However, there are no official charges or fees.
Rainy Day Lending
Rainy Day Lending is not supposed to be a lender. Moreover, it is not responsible for offering wage advances. This app helps you with the opportunity to identify a personal loan faster. All credit types would be accepted, and you could have your money deposited straightaway into your bank account the very next working day itself.
APRs would be varying as per the loan you have been matched up with. However, on numerous occasions, you may still come out well ahead while considering the cost of overdraft charges, insufficient fund fees, and the interest rates of payday loans.
MoneyLion
MoneyLion is a welcome change from fast cash and banking regularly. It is supposed to be an effective membership banking relationship allowing easy access to certain financial services such as a bank but minus certain hassles. MoneyLion is known for offering cash-back rewards, managed investing, no-fee checking services, and more. You could acquire a “Credit Builder” loan just at 5.99%.
LoanSolo
LoanSolo is just like Rainy Day Lending, and it helps by connecting you with all those lenders that are prepared to work along with you. You could easily get quick money directly into your specific bank account seamlessly without any expenses or hassles.
PockBox
PockBox is an efficient online app that helps in connecting you with short-term lenders who offer as much as $2500 in ready and fast cash. As soon as you complete the form fill-up process, within minutes, you would be matched with an ideal lender who is happy to transfer cash directly into your precise bank account by the next working day.
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Conclusion
There are many more such efficient loan apps. Choose one or more of such brilliant apps, as discussed above, to reap the full benefits of technology.
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