$50 Loan Instant App: The Best Apps for Instant Money (plus Alternatives)

Instant loan apps are designed to get you small amounts of money (around $50 or more) in an instant — consider it an emergency loan to help get you to your next paycheck or cover a near-term expense.

While credit cards are a better option for handling such a shortage, if you don’t have access to them, it doesn’t matter how much better they are!

In this article, we cover the top $50 loan instant apps and some alternatives. The instant loan apps listed here might be a good solution if and when you experience a cash shortfall and need a little help.

While the best solution is to have a fully funded emergency fund, we can’t see the future and we have to deal with the situation we are faced with today.

1. Cleo

Best For: Overall money management

• Loan amount: up to $250
• Fees: $5.99 monthly subscription fee, plus $0 for standard delivery, or between $3.99 and $9.99 for express delivery
• Interest Rate: 0%
• Waiting period: within four business days for standard delivery
• Credit check: No

Visit Cleo

Cleo is a fun personal finance app that offers first-time borrowers anywhere from $20 to $100. After you pay back that first loan, subsequent loans can be as much as $250. To use it, you link up your bank account, and it analyzes your transaction history to offer suggestions on how to improve your finances. That can be very helpful.

Cleo also offers budgeting tools and a credit-building product, Credit Builder, which can improve your options in the future should you need to rely on your credit. It also has a savings account with a competitive interest rate and features that help you save more.

Check out our Cleo review for more.

Visit Cleo

2. Chime

Best For: Overdraft protection

• Loan amount: $20 – $500
• Fees: $0 for standard transfer, $2 for instant transfer
• Interest Rate: 0%
• Waiting period: Within 24 hours with a standard transfer
• Credit check: No

Visit Chime

Chime is a fintech banking app that allows users to open spending accounts with no minimum balance requirement or monthly fees. 

You can be approved for Chime’s SpotMe feature will cover any overdrafts caused by your Chime debit card, up to $200. You need to have a monthly direct deposit of at least $200 to qualify. The MyPay feature allows you to take a payroll advance of up to $500.  You can see your MyPay limit in the Chime mobile app.

There is no credit check with Chime; however, they do use other avenues to verify that the information you entered on your application is correct. 

Chime comes with a free debit card that doesn’t charge fees for debit purchases or in-network ATM use. Take advantage of Chime’s secured Visa credit card if you want to start building your credit history. 

If you’re particularly interested in credit building, you’ll want to read our Chime Credit Builder Review. 

Check out our full Chime review for more information.

Visit Chime

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Please see back of your Card for its issuing bank.

3. Brigit

Best For: Working with your existing checking account

• Amount: Up to $250
• Fee: $9.99 per month, plus $0 for standard transfer, or a fee for instant transfers
• Interest rate: 0%
• Waiting period: 2-3 business days for standard transfer
• Credit check: No

Visit Brigit

Brigit is a budgeting app that connects to your existing banking account. It offers a cash advance on your paycheck if you need it. 

Brigit can approve you for any amount between $50 and $250. The app chooses your approved advance amount based on your banking activity. Standard transfers are free but take 2-3 business days. There is an instant transfer feature, but the fees are not disclosed. Some reports state that the fee is between 99 cents and $4.99, depending on the loan amount.

As an optional feature, Brigit might also make an automatic advance deposit if the app’s algorithm shows you are at risk of going negative in your bank account. This feature can save you from overdraft charges via your bank. Brigit automatically sets your advance repayment schedule. 

You can pay the advance back early if you wish. You may also be able to extend your payback period with Brigit.

Check out our full Brigit review for more information.

Visit Brigit

4. Dave

Best For: Low fees 

• Amount: Up to $500
• Fee: $0 for standard delivery, $4.99 for express delivery
• Interest rate: 0%
• Waiting period: Up to three days for standard delivery, within eight hours for express delivery
• Credit check: No

Visit Dave

Dave is a fintech banking app with a variety of features. The instant loan amount you get approved for with Dave depends on several factors, including your account history, your average balance, your monthly deposit amount and how fast you’ve paid back previous advances.

Direct Deposit into your linked account or your Dave account is required, and the money you borrow will automatically be paid back in full once your Direct Deposit hits your account. 

You do have the option to pay some or all of the advance back early if you want to. There’s an option to tip as well, and some of your tip money will go to the nonprofit Feeding America.

Dave does charge a $1 per month membership fee. You get free in-network ATM usage and debit card usage.

There are no overdraft fees or minimum balance requirements with Dave. And you can get your Direct Deposit funds up to two days early. (Here are alternatives to Dave)

Visit Dave

5. Earnin

Best For: Frequent advances

• Amount: Up to $100 per day, $750 per pay period
• Fee: $0 for standard transfers, $2.99 for Lightning Speed transfers
• Interest rate: 0%
• Waiting period: 1-3 business days for standard – Lightning Speed transfers hit your account within minutes.
• Credit check: No

Visit Earnin

Earnin is a popular app designed to help users get earnings from their job early. When you link Earnin to your bank account, you can use Earnin advances and other features. 

Earnin will automatically take back the advanced money when your direct deposit paycheck hits your bank account. If repaying the Earnin loan causes an overdraft, it will reimburse the fee.

You can choose to tip Earnin for the advance it gave you, but you don’t have to. Customer tips are how Earnin stays in business and makes money. 

You can also use the Tip Yourself feature to help build a savings account balance. Note that you have to be employed and get Direct Deposit to use Earnin. Here are some Earnin app alternatives, some of which are included in this article.

Visit Earnin

6. MoneyLion

Best For: Larger advances

• Amount: $25 up to $1,000
• Fee: $0  for standard transfers, up to $8.99 for instant transfers
• Interest rate: 0%
• Waiting period: 1-5 business days for standard transfers
• Credit check: No 

Visit MoneyLion

You can use MoneyLion’s advance features with either an external bank account or a MoneyLion cash management account, called RoarMoney.

The cash advance amount you will be eligible for depends on the amount of your direct deposit, how long you’ve had the account, and whether you use a RoarMoney account or an external account. When you first qualify, you will be eligible for $25 with an external account and $50 with a RoarMoney account.

If you need to expedite Instacash advances to your RoarMoney or external banking account, Instacash Turbo is the solution. The fee for instant transfers depends on the amount you need and if the money is going to a MoneyLion account or an external account. Fees start at 49 cents for transfers under $5 and go up to $8.99 for transfers between $90 and $100.  

Instacash advances are paid back from your RoarMoney account or your external checking account, depending on where the loan was deposited. 

Looking for something similar to MoneyLion? Check out our article on apps like MoneyLion.

Visit MoneyLion

What is an Instant Loan App?

An instant loan app is an app that lends you a small amount of money for a short period (often less than 30 days). 

You can’t rely on an instant loan app to cover large purchases, like a vehicle or electronics, or as a way to consolidate and pay off debt. Instead, they help you bridge the gap when you’re running a few bucks short in between paychecks. 

Typically, the money you borrow through an instant loan app often has to be paid back in full when you get your next paycheck. For that reason, you can only access small amounts of cash via instant loan apps, it’s also why the apps require direct deposit. 

While some instant money apps are free to use, some charge high interest rates and fees. In other words, you might have to pay to use them – and pay handsomely (relative to the size of the loan). 

How to Choose an Instant Loan App

With the plentiful options for instant loan apps, you’ll want to ensure that you choose wisely. You can start that process by asking yourself some questions:

• How often am I short on money?
• How much money am I usually short by?
• Does the fee structure fit my budget and my needs?
• Do the app’s other requirements fit my lifestyle?
• Can I get the money I borrow as quickly as I need to?
• Am I willing to change banks?

When it comes to choosing an instant loan app, you’ll want to be aware of the requirements. From there, you can work to narrow down your list of choices. 

If you aren’t willing to switch your checking account over to a new company, then you’ll have to use apps that work with external bank accounts, such as Brigit or MoneyLion.

If you frequently need instant transfers, you should choose an app with a low fee for instant transfers, such as Chime.

Lastly, if you’d prefer an app that helps you with money management as a whole, you might like the Cleo app. 

How to Get Approved for an Instant Loan App

People like instant loan apps for many reasons, one being that many of the apps don’t check credit to determine approval.

Instead, instant loan apps utilize other factors, and it’s good for you as a consumer to know which factors matter when it comes to whether you’re approved and how much money you’re approved for. 

Some of the factors that dictate whether or not you’re approved for instant loan money include:

• Regular direct deposits
• Your income
• Your spending habits
• The number of occurrences of insufficient funds in your account
• Whether or not you pay back your instant loans on time

Instant loan apps will usually approve new members for smaller loan amounts, such as $20. Once you’ve shown that you don’t overspend regularly, that you pay back loan amounts on time, and that you’re working to improve your money management, instant loan app companies are more likely to increase the loan amount you’re eligible for. 

Bottom line: Manage the money you have as wisely as you can and show instant loan app companies that you’re worthy of the loan.

Alternatives to Apps for Instant Money

As you can see, instant loan apps may be convenient, but they don’t solve the problem of not having enough money. You have a little extra today, but you have to pay it back when you get your next paycheck.

Instead, consider these alternatives for handling small financial emergencies. 

Sell Stuff

Scour your home for items you no longer need and look for the right venues to sell them fast. Some ideas include:

• Having a yard sale
• Posting on Facebook community buy/sell pages
• Advertising on your personal Facebook page
• Placing signs in your yard

Some ideas for things you can sell include clothing, sporting goods, and home/living items such as storage containers and small appliances. 

Start a Side Hustle

Side hustles are a great way to get some extra cash fast. Unlike many traditional jobs where you have to find them, interview, and wait for a start date, some side hustles let you get paid quickly. 

Here are some side hustles that will earn you cash fast: 

• Find (legit, trustworthy) gigs on Craigslist
• Sign up for Taskrabbit
• Deliver food for Instacart or DoorDash
• Drive for Uber or Lyft
• Get a job as a server for a restaurant that will let you start immediately
• Deliver pizzas
• Find gigs on Fiverr

You could also offer to do small jobs such as cleaning jobs for friends, family, and neighbors.

Get creative and start offering to do those tasks that everyone puts off: clean basements and attics, clean cars inside and out, wash windows, wash dogs–you get the idea.

For more ideas on earning quick cash, this article offers 20 simple ways to make money fast. 

FAQs

Final Thoughts

Using an instant loan app is a great way to get instant money. However, using these apps should be a “last resort” option. Needing short-term loans is a sign that something is wrong. If you find that you are consistently running short of funds, you’ll want to get serious about budgeting so you can make long-term sustainable changes to your finances.