The app services any employed subscribers. Payactiv gives them access to cash out for the number of hours they have already worked. The beauty about using Payactiv is subscribers won’t deal with any interest because they are not asking for a loan in the first place. If employers support the use of Payactiv, subscribers can have access to financial assistance right away.
Moreover, Payctiv does not impose hidden charges to customers like monthly fees, inactive fees, and recurring fees. It’s fast easy. You can request for advance paycheck based on how much you’ve already earned in a pay period. The money gets transferred to your bank account and gets auto-debited when your next paycheck comes.
Anyone in dire need of access to money can count on MoneyLion’s paycheck advance program. Subscribers can cash out up to $250 a day from MoneyLion. However, similar to Brigit, MoneyLion applies a strict guideline in screening potential subscribers and even the policy in applying for a paycheck advance. Users are required to open a checking account at MoneyLion to get pay advances.
Those eligible for advance paycheck need not worry about incurring interest rates as well. Plus, cashouts are ensured to hit your personal bank account within the same business day. However, MoneyLion is not accessible in some states in the US; mainly Montana, Iowa, Indiana, Vermont, Nevada, and Nebraska.
Branch is a fee-free mobile banking and debit card that grants users access to money when needed. Users can cash out up to $500 pay advance in increments of $150 per day. Of course, that depends on the number of hours a user has already rendered and earned. While Branch and Dave are almost alike when it comes to user experience, Branch does not charge users a monthly membership fee.
Perhaps the catch in using Branch is this: your employer needs to have an open account with Branch before you as an employee borrow can cash out your payment in advance. Otherwise, it’s a no-go until your employer opens an account with Branch. Without that, you will not be eligible for this program.
DailyPay is another app like Dave that grants early access to unpaid worker wages even before the payday. Users can choose where to receive the borrowed cash – choose any debit card, bank account, prepaid card, or pay card. Users are entitled to borrow up to 100% of their unpaid wages. That is because DailyPay operates on the idea that every day, workers earn credits for the hours worked. Hence, they are entitled to every penny that goes into that credit. What’s more is users can make up to five times a day money transfer, and you can transfer up to $1,000 a day.
10. Ingo Money
Capping our list is Ingo Money, one of the apps like Dave that provides financial services including, but not limited to, getting cash paychecks, personal checks, and business checks.
We’re all about checks with Ingo Money. So how does it work? Users’ checks are subject to funding approval from $5 up to $5,000. However, users need to be aware that Ingo Money imposes a standard fee of 2% for payroll and government checks with a pre-printed signature and 5% for all other accepted checks. Once the check is approved for encashment, you can get your money within minutes for a little extra fee. Otherwise, the money will be transferred to your preferred card within a business day.
Cash Advance vs. Loan Apps
The concept of app-based cash advance services is fairly new and is advocated by fintech startup companies. However, many consumers believe cash advance services and payday loans have more things in common than differences. In essence, cash advances and loan apps grant anyone access to money. And this is quite appealing for the economically vulnerable demographics. One difference between cash advance and loan apps is the charging of interest rates. Payday lenders are notorious in terms of putting an interest rate on borrowed money. Whereas, cash advance services encourage users to tip their early access to unpaid wages.