Whether you have bad credit or no credit at all, finding a loan can be a daunting task. Fortunately, several loan apps offer cash advances without a hard pull on your credit score. In this article, we’ll explore five such apps that can lend you money instantly, along with their pros, cons, and unique features.
1. Super Cash
Overview: Super Cash offers a unique blend of services, allowing you to borrow up to $200 without a credit check. It also provides features like travel discounts, paid surveys, and cashback on online games. However, these features may feel out of place for a cash advance app.
How It Works
- Sign up for the Super Debit Mastercard.
- Link an existing bank account.
- Join Super Plus for $15 a month.
- Apply for the $200 cash advance.
- Receive funds in your Super Cash account within three business days.
- Instant transfers are available for a fee ranging from $3.99 to $6.99.
Pros and Cons
Pros: No credit check, no hidden fees, no interest, and no income requirements.
Cons: Subscription to Super Plus is required, and there is a three-day wait for funds unless you opt for the instant transfer fee.
2. Possible Finance
Overview: Possible Finance provides high-interest installment loans of up to $500 without a credit check. It relies on your banking activity rather than your credit score to determine eligibility.
How It Works
- Provide basic information like ID and SSN.
- Link a Plaid-supported bank account.
- Funds are available within two business days.
- Repayment is divided into four biweekly payments.
Pros and Cons
Pros: Suitable for individuals with low credit scores or limited credit history.
Cons: Extremely high APRs ranging from 98.25% to 248.67%, short repayment terms, and the inability to hold both the Possible Card and cash advance simultaneously.
3. Credit Genie
Overview: Credit Genie offers a $100 cash advance and budgeting analytics. However, its one-page website and poor Trustpilot reviews raise concerns about its credibility.
Red Flags
- Poor reviews on Trustpilot with a 1.6 out of 5-star rating.
- Charges a $4.99 monthly fee to maintain a bank connection.
Recommendation: Exercise caution and consider other options before applying for a Credit Genie loan.
4. Beam
Overview: Beam offers a feature called Everdraft, allowing users to borrow between $20 and $1,000 without a credit check. The app claims no interest and no due date, but the fine print suggests otherwise.
How It Works
- Subscribe to Beam memberships ($2.47 for up to $50 or $12.97 for up to $1,000).
- Link your bank account to unlock the Everdraft amount.
- Funds are automatically debited from your Beam account when available.
Pros and Cons
Pros: High lending amounts up to $1,000 without a credit check.
Cons: Monthly subscription fee and automatic debiting of accounts.
5. MoneyLion
Overview: MoneyLion’s Instacash feature allows users to borrow up to $500 without a credit check, interest, or monthly fees. By subscribing to Credit Builder Plus for $19.99 a month, you can increase your limit to $700, and further to $1,000 with direct deposit setup.
How It Works
- Link an external bank account that receives direct deposits.
- Optionally subscribe to Credit Builder Plus for higher limits.
Pros and Cons
Pros: Large cash advance limit of up to $1,000 and beneficial add-ons like RoarMoney.
Cons: $19.99 monthly fee for Credit Builder Plus.
6. GRID
Overview: GRID offers a unique approach by allowing users to access a portion of their tax refund early. However, this is not a loan, despite initial appearances.
How It Works
- Pay Boost is not a loan but a feature based on federal paycheck withholdings.
- Advance feature lets you borrow up to $200 with no credit check.
- Requires a $10 monthly subscription to Grid Plus.
Pros and Cons
Pros: No credit check required for the Advance feature.
Cons: Misleading presentation of Pay Boost as a loan, and a monthly subscription fee.
7- Icash
Overview: iCash offers short-term, unsecured online loans in Canada, commonly known as payday loans or cash advances.
How It Works
- Users apply online through the iCash website or mobile app.
- Loan amounts typically range from $100 to $1,500, depending on provincial regulations and the applicant’s eligibility.
- Approval and funding can be quick, often within minutes or hours.
- Repayment is usually scheduled for the borrower’s next payday, with the loan amount plus fees automatically withdrawn from their bank account.
Pros and Cons Pros: Convenient online application, fast approval and funding, accessible to individuals with less-than-perfect credit.
Cons: High interest rates and fees compared to traditional loans, short repayment terms can lead to a cycle of debt if not managed carefully, availability and terms vary by province.