Are you looking for the best gig worker cash advance app? Look no further because you will get a comprehensive list of the best cash advance apps for gig workers here.
Gig workers include independent contractors, freelancers, on-call, temporary, and part-time workers. These workers have irregular incomes, which makes it difficult to access traditional credit.
Therefore, they need cash advance providers who will offer them credit before they receive their next payment.
- Gig worker cash advance apps offer instant credit facilities to gig workers.
- Eligible gig workers get cash advance offers depending on whether they are repeat customers, their spending habits, and their earning history.
- Gig worker cash advance apps have proven to be beneficial because they provide a secure and convenient way for gig workers to get financial support during hard times.
- The best cash advance apps for gig workers include Dave, Albert, Cash App, Gerald, Klover, Chime, Money Lion, SoLo Funds, Earnin, and Brigit.
What are gig worker cash advance apps?
Cash advance apps for gig workers are applications that offer credit facilities that fit the gig workers. The workers get cash advances to pay their bills and meet their expenses when their income is inconsistent.
Then, they repay the loans on the next payday. Gig workers can easily access these loans using their smartphones. The amount of cash advance you can get depends on a number of factors, including whether you are a repeat borrower, your spending habits, and your earning history.
Some apps offer no-credit-check advances, meaning you can get cash advances even if you have a poor credit score or an outstanding loan.
These apps have proved to be beneficial because they provide a secure and convenient way for gig workers to be in control of their finances and get financial support during hard times.
Now that you know the benefits of a gig worker cash advance app, how will you select one that meets your needs? The list below contains the best cash advance apps you can consider if you are a gig worker.
Dave cash advance app offers gig workers a cash advance on their paychecks to pay their bills. This is an excellent app for temporary and part-time employees whose paychecks are irregular and inconsistent.
You only need to download the app and link it with your bank. Then, you will get a report showing whether you qualify for their cash advance offers. Remember that the Dave app has a borrowing limit of $500.
Albert cash advance app offers up to $250 cash advance to eligible gig workers. The money is instantly deposited into your bank account to allow you to meet your expenses.
Then, the loan is deducted from your next paycheck. The interest charged is relatively low compared to the traditional payday loans.
Another advantage of the Albert cash advance app is that they do not check your credit score. They also offer exciting features like savings recommendations and budget tracking.
3. Cash App
Cash App is a very popular mobile payment service in the United Kingdom and the United States. The primary function of this app is to allow customers to transfer money to one another using their mobile phones.
However, this app also offers instant cash advance loans. Therefore, gig workers can secure instant loans from this app to enable them to meet their expenses as they await their paychecks.
Eligible gig workers can borrow up to $200 cash advance through this app. Cash App charges a flat fee of 5% on the value of the loan. Borrowers are given up to four weeks to pay the principal loan amount plus the interest.
The 5% fee charged on Cash App loans equates to 60% APR overall, which is way lower than the 400% APR charged on payday loans. Besides, they give you a grace period of one week on top of the four-week deadline if you have not paid the loan in full.
With Gerald gig worker cash advance app, you can borrow up to $215. However, the amount can go higher if your next paycheck is high. Besides, they offer extra services like bill tracking and overdraft protection.
This app charges users a $9.99 monthly fee to access all the features. However, they do not have any hidden fees or interest rates.
You should consider this app if you need instant cash advances to pay your bills. The approval is instant, and the funds are sent to your bank account.
Klover is a cash advance app that was founded in 2019 to offer credit services to customers to help them cater to their expenses before the next paycheck. Customers are required to link the app to their banks to know if they are eligible for cash advances.
When compared to bank loans, Klover cash advance loans are cheaper because they do not charge late fees or interest charges. They also do not check the customer’s credit score.
Chime is another gig worker cash advance app that you should consider. This app offers cash advance loans of between $20 and $200.
The app offers cash advances through its overdraft feature called SpotMe. Users request cash advances and get approved depending on their spending and earning history. Then, they can withdraw the money as an overdraft at an ATM.
MoneyLion applies technology to analyze your earning history and determine the amount of loan you can get. Then, they allow customers to get instant loans whenever they need them.
This app allows you to get cash advance loans of up to $250. With this amount, you can pay your bills even during financial difficulties. Then, you can easily repay the loan during the next paycheck.
8. SoLo Funds
SoLo Funds is a peer-to-peer finance platform that allows members to lend and borrow among themselves. This app offers cash advance loans of between $20 and $575.
It is free to join, and there are no extra charges. Once you become a member, you can borrow interest-free loans to pay your bills while waiting for your paycheck. Therefore, the SoLo Funds app is one of the best gig worker cash advance apps.
Earnin gives up to $500 cash advances without extra fees or interest charges. This offer makes it an excellent choice for gig workers because the loan can outlast them till the next paycheck.
As a gig worker, you can easily access the money earned before the payday. You only need to connect your bank with this app and check your eligibility. Then, you can apply for the cash advances you need.
The unique thing about this app is that it relies on donations and voluntary tips from customers to earn revenue instead of charging fees or interest. Therefore, you can be assured that you will repay the exact amount you borrowed without extra fees.
Brigit is among the best gig worker cash advance apps for people who want to get the money instantly. It only takes two minutes to get approved for the overdraft. They do not check your credit history.
This app offers $50 to $250 cash advances for gig workers with no interest. However, you will have to pay a $9.9 monthly fee to use this app.
Why you need cash advance apps
These cash advance credit providers understand that you may have regular bills, such as rent, student loans, and utilities. However, as a gig worker, you may not get regular income to pay these bills. Therefore, these apps provide you with cash advance loans to enable you to pay the regular bills as you await your paycheck.
This is a good offer for people who do not want to break the bank when paying regular bills. Therefore, you can consider taking cash advances from these apps to meet your expenses normally and live comfortably.
The bottom line
Depending on your preferences, you can get the best gig worker cash advance app from the list above. These apps will help you navigate financial storms and pay your bills when your payments are delayed.