If you’re looking for cash advance apps that allow you to borrow up to $500, you will find the apps on this list interesting.
Each of these payday advance apps provides unique features and additional benefits while giving you access to cash before your next paycheck arrives.
| App | Max Advance, Fees, Eligibility, and Key Features | Requirements |
|---|---|---|
| Earnin | Max Advance: $500 | Fees: None (optional tip) | Eligibility: Consistent work schedule | Key Features: Daily advance up to $100, alerts for low balance | Requirements: Checking account with direct deposit, regular pay schedule, work verification |
| Dave | Max Advance: $500 | Fees: $1/month | Eligibility: Direct deposit and consistent income | Key Features: No interest, budgeting tools | Requirements: Checking account with direct deposit, consistent balance, $1 membership fee |
| MoneyLion | Max Advance: $1,000 (eligibility based) | Fees: None | Eligibility: Consistent direct deposits | Key Features: Credit-building loans, savings, investment tools | Requirements: Linked checking account with regular income deposits, direct deposit history |
| Chime | Max Advance: $500 | Fees: None | Eligibility: Active Chime account with regular deposits | Key Features: Fee-free overdrafts, automatic access for purchases | Requirements: Active Chime account, at least $200 in deposits every 31 days, active account usage |
1. Earnin
Earnin lets you access money that you’ve already earned before payday. The app tracks your work hours and offers advances based on the wages you’ve earned.
Key Features of Earnin Cash Advance:
- No fees or interest: Instead, you have the option to leave a tip to support the service.
- Daily Advance: Withdraw up to $100 per day, up to $500 per pay period.
- Balance Shield Alerts: This feature alerts you when your bank balance is low and can automatically provide an advance to help avoid overdrafts.
- Eligibility: Earnin works best for salaried or hourly employees who have a consistent work schedule.
Requirements to fulfill:
- Bank Account: You must have a checking account with direct deposit.
- Consistent Pay Schedule: Earnin requires you to have a regular pay schedule (weekly, biweekly, semi-monthly, or monthly).
- Work Verification: You need to verify your employment and work hours by connecting your bank account or providing location services if you’re hourly. For salaried employees, connecting your work email is another option.
- Direct Deposit: Your direct deposits should go into the same bank account that is connected to Earnin.
- Bank Account Balance: You must have a positive bank account balance when requesting an advance to avoid triggering overdraft fees.
2. Dave
Dave offers small cash advances to help cover expenses between paychecks. It’s designed to help avoid overdrafts and keep you on track with bills.
Key Features of Dave PayDay Advance:
- Maximum Cash Advance: Up to $500.
- $1 Monthly Membership Fee: Low-cost membership with access to cash advances.
- No interest: Dave doesn’t charge interest on advances, and there are no credit checks.
- Financial Tools: The app also includes budgeting features and alerts to help you avoid overdrafts.
- Eligibility: You need a bank account with direct deposit and a consistent income to qualify for advances.
Requirements to fulfill
- Bank Account: A valid checking account with regular direct deposits is required. The account must be linked to Dave.
- Direct Deposits: You need to have a history of regular income through direct deposit (such as a salary or wages).
- Account Balance: Your account should show consistent balance levels to qualify for advances.
- Membership Fee: A $1 monthly membership fee is required for access to the cash advance feature.
- Verification: Dave needs to verify your bank account and income before providing access to advances.
3. MoneyLion (Instacash)
MoneyLion is another cash advance app offering payday advances through its Instacash feature. It also offers a wide range of other financial products like credit-building loans and investment accounts.
Key Features of MoneyLion:
- No fees or interest: You can borrow up to $500 without any fees or interest.
- Eligibility for Larger Advances: Instacash offers up to $1,000 for eligible users, with a base limit starting at $500.
- Additional Financial Services: MoneyLion offers credit-building loans, automated savings, and investment tools for comprehensive financial management.
- Eligibility: Users need to link a bank account with consistent direct deposits.
Requirements
- Bank Account: You need to link a checking account with consistent income deposits.
- Direct Deposits: You must have regular direct deposits into your connected bank account.
- Eligibility for Higher Advances: Your cash advance limit will depend on your banking activity, including how much money you typically deposit and how frequently you receive direct deposits.
- Membership: No membership fee is required for Instacash, but there are other paid features if you want additional services like credit-building or investment tools.
- Verification: MoneyLion verifies your direct deposit history and account activity before setting your advance limits.
4. Chime (SpotMe via MyPay)
Chime’s SpotMe feature provides fee-free overdrafts, allowing you to access up to $500 through MyPay. The advance is repaid automatically when your next paycheck is deposited.
Key Features of Chime’s MyPay
- No fees or interest: SpotMe offers advances without charging fees or interest. It acts as a fee-free overdraft up to $500 for qualified users.
- Automatic Access: SpotMe automatically covers overdrafts for eligible purchases, eliminating the risk of fees.
- Chime Account: You need to have a Chime bank account with direct deposits to qualify for SpotMe.
- Eligibility: Your eligibility and SpotMe limit are determined by Chime based on account activity, transaction history, and direct deposit amounts.
Requirements
- Chime Account: You must have an active Chime spending account to use the SpotMe feature.
- Direct Deposit: To qualify for SpotMe, you need to have at least $200 in qualifying direct deposits into your Chime account every 31 days.
- Active Use: You need to actively use your Chime account for everyday transactions, as your SpotMe limit may increase based on your spending habits and transaction history.
How to Choose the Right Cash Advance App for You
- Consider Your Cash Needs: If you need consistent, small advances of up to $500, Earnin or Dave are excellent options. If you may need larger sums in the future, MoneyLion offers more flexibility.
- Evaluate Fees and Costs: All four apps avoid traditional interest or high fees. Earnin and Chime are great choices if you want zero-cost advances, while Dave offers financial tools for just $1 per month.
- Look at Extra Features: If you’re interested in financial tools, MoneyLion stands out for offering credit-building loans and investment services. Dave and Chime are good for users focused on budgeting and avoiding overdrafts. Learn more about chime credit builder.
- Ease of Use: Earnin and Chime are particularly easy to use for automated or daily advances, while MoneyLion and Dave provide more structured financial insights.
Bottom Line
These four cash advance apps are among the best options if you need payday advances of up to $500. Each payday app offers unique benefits, so think about your financial habits, needs, and goals before choosing the app that’s right for you.
