6 apps that can help you last until the next fix
If you live paycheck to paycheck, one small glitch can mess up your plans.
Without any emergency savings to fall back on, an unexpected problem, such as a flat tire, could derail your carefully crafted spending plans. If you can’t make it two full weeks until your next paycheck, you might be tempted to take out a payday loan or throw that expense on a credit card. But these solutions will lead to longer term financial problems with high interest rates that could get out of hand.
You’ll want to find another way to solve your short-term liquidity issues. In a perfect world, you wouldn’t have to access a portion of your salary early to be able to afford groceries, for example. But millions of Americans live paycheck to paycheck and may need an option when their cash flow is particularly tight. Fortunately, there are several apps to help you out. Let’s take a closer look at these options to help you stretch your bankroll further.
Whether you need a short term loan with a low interest rate or some help managing your funds, these apps can help you stay afloat until payday.
To win is an app that lets you borrow quickly on your next paycheck without any fees or interest payments. If you have a job where your paycheck is deposited into your bank account, Earnin can help.
After you sign up for the app, Earnin will log into your bank account to check your payment schedule. As it confirms your payment schedule, it will also determine your net average hourly wage. Once the app has an idea of what you earn on an hourly basis, it will keep track of how much money you earn while you are at work each day. The app will track your hours based on your phone’s GPS or you can upload your timesheet for the most accurate representation of your hours.
You will be able to withdraw part of the salary for which you have already worked but for which you have not yet been paid. When your next paycheck arrives in your bank account, Earnin will automatically debit your account for the amount you borrowed.
When you start using the app, you will only be able to withdraw up to $ 100 per pay period. But after using the app regularly, you may be able to withdraw up to $ 500 per pay period before your paycheck.
There is no charge attached to this service. But you can support this application with advice tailored to your budget.
If the overdraft fee cuts your budget, Dave can help. When you connect your bank account to Dave, the app searches for potential overdrafts on the horizon. With a warning from Dave, you will be given the opportunity to move funds to avoid overdraft charges. Dave will use your checking account information to determine when you will get paid and when your automatic bill payments should be processed.
If you don’t have the funds available, Dave can spot you a small advance. When you borrow these interest free funds, you will need to repay the loan as soon as your next paycheck is deposited.
Besides helping you manage your bills until payday, Dave can also help you find an alternative. With the help of a quick side wave, you might not need to take out a short term loan with Dave. Instead, you’ll have the option of using a side business to generate more income until your paycheck hits your account.
If you want to use Dave, you’ll be happy to know that this service only costs $ 1 per month. But you will also have the option to tip Dave if you wish.
You can also sign up for Dave Banking, a digital-only deposit account.
Brigitte is another app that helps you manage your budget and offers cash advances to stretch your funds between paychecks.
To work with Brigit, you must connect a checking account with an active history for at least 60 days. In addition, the checking account must have a positive balance and a record of at least three direct deposits from your employer. Once your account is set up, you will be able to request a cash advance on your next paycheck. Depending on your income, you may be eligible for a cash advance of up to $ 250.
A unique feature that Brigit offers is that the app automatically transfers a short term loan to your account when it notices that you may be overdrawn. Plus, like the Dave app, Brigit can help you find a side business to generate extra income when you need it.
Although the basic Brigit subscription is free, you will not have access to most of Brigit’s features. Upgrading to Brigit Plus costs $ 9.99 per month and you’ll have access to instant cash advances whenever you need them.
Current is a current account offered only via a mobile application. The goal of the app is to help you spend less money on fees and find ways to manage your expenses more effectively.
With this account, you can get paid up to two days faster. This feature can help you stay afloat financially by receiving your paycheck sooner. In addition, you will have the possibility of free overdraft your account up to $ 100. One final feature that stands out with Current is the instant refund of gasoline withholding when you use your card at the pump. Instead of waiting days to collect your funds, you can pump gasoline knowing your funds will be available immediately.
Current offers a free version of their account, but you’ll need to pay $ 4.99 for a premium account to access most of the features. Fortunately, there is a 30-day free trial to decide whether or not you like the service enough to pay for it.
Carillon is an application associated with Chime’s expense account. With the help of this app, you can receive your paycheck up to two days faster. The app will alert you when you make a transaction and provide an updated account balance. If you notice a transaction that you have not authorized, you can immediately deactivate your debit card with one touch.
You will also have access to the SpotMe service, which can allow you to overdraft your account up to $ 100 at no cost. When your next paycheck arrives, Chime will automatically deduct the amount you discovered. This feature can help you survive until your next paycheck.
The best part about Chime is that your account is free. Instead of charging regular bank fees, Chime makes money when you swipe your debit card. So you’ll enjoy a host of useful features to help you make ends meet with no other expense to add to the list.
6. Silver lion
Silver Lion is another option that could help you stretch your funds between paydays. The platform helps you get your paycheck two days early and gives you access to small, interest-free loans.
When you have a MoneyLion account, you will have the option to take advantage of its Instacash option. You will be able to get up to $ 250 anytime without any interest. Plus, you won’t have to pay a monthly fee to access this service. The only fees you’ll be responsible for with Instacash are the expedited transfer fees. But you will be able to avoid them if you can wait a few days for the funds.
At the end of the line
Without emergency funds, a small setback to your plans can cause a big financial headache. The days between paychecks can seem like a major hurdle. But with the help of these apps, you will find that it is a little less stressful to stretch funds between paychecks. Remember: having access to cash early means you’ll have less money on your next paycheck.
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