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Top Apps for Borrowing Money in the USA

If you are new to the U.S. or residing here without knowledge of reliable apps for borrowing money during urgent situations, then this post might be valuable to you. Find the latest apps changing the game on how you get money in the USA. Whether you need quick cash advances or want options to boost your credit, discover reliable solutions for those unexpected financial situations.

Check out easy-to-use guides that break down loan amounts, interest rates, and repayment flexibility. Get the lowdown on apps like Brigit, Dave, EarnIn, LendingTree Spring, Lightstream, MoneyLion, Upgrade, and Varo Bank. Amp up your finances with top-notch money-borrowing apps designed specifically for the United States. A bunch of groundbreaking apps have totally revamped how folks get and handle money in the United States.

Life throws financial curveballs sometimes, whether it’s upgrading your stuff, kicking off a business, dealing with debts, covering rent, or ducking into investments. Now, the apps I’m about to drop are all about keeping things simple and easy for you. They’ve got your back for quick access to cash, personalized loan options, and a bit more wiggle room in your financial game with these top apps for borrowing money in the USA.

Certain considerations to take into account before borrowing a loan:

Loan Amounts

Interest Rates

Evaluate the interest rates offered by different loan apps and opt for the one with the lowest rate. This choice can decrease the total amount you’ll need to repay. Additionally, be sure to take into account any associated fees and charges in this category

Loan Terms/Repayment Flexibility

Consider if you can comfortably repay a loan within a short-term period. If not, explore apps that provide longer loan terms. Certain apps may offer repayment flexibility, allowing you to schedule payments according to your income or financial circumstances.

Other Considerations

Prior to securing a loan from any app, assess eligibility criteria, approval timelines, customer feedback, as well as the app’s security and privacy measures. Checkout various money lending apps in the USA that meet these criteria, ensuring you can confidently choose the right one for your borrowing needs.

Apps for Borrowing Money in the USA

MoneyLion

The MoneyLion app is well-known in the US for its generosity and stands out among the top apps for borrowing money in the USA. Its marketplace allows users to explore and apply for personal loans, with the option to get up to $500 in minutes through a quick cash advance—no credit check or interest involved.

Repayment terms span from a manageable 12 months to a more extended 7 years. The Credit Builder Plus Membership is like your golden ticket to a subscription-based world where you can access a Credit Builder loan of up to $1,000.

Different features come with their own set of terms and conditions, and here’s the fun part – you can actually score some bonuses and rewards just by hopping on board and actively using the app. 

Pros of MoneyLion app:

• MoneyLion functions as a bank, broker, and investor, offering a comprehensive suite of financial services within a single app.
• The instaCash feature proves beneficial for obtaining quick cash when needed.
• After making timely membership fee payments, users become eligible for a loan without undergoing a credit check.
• The app serves a dual purpose, addressing both loan needs and contributing to credit-building and ongoing investments.

Cons of MoneyLion app:

• Some payday advance apps and loan providers do not recognize MoneyLion as a valid banking institution, thereby limiting options for obtaining loans.

• Using MoneyLion for direct deposits and seeking loan approvals from other sources may result in delays and inconvenience.

• The app might not be suitable for individuals lacking the financial capacity to cover both membership fees and the loan.

• Users may experience delays in document verification.

Varo Bank

Among the numerous top apps for borrowing money in the USA, Varo is a financial technology company primarily offering digital banking services in the US. The platform provides a credit-building card with no security deposit, a high-yield savings account, and features one of the highest advance limits available, allowing users to borrow up to $500 over time.

Varo’s short-term loan incurs no interest charges; instead, it has a fixed fee of no more than $40. Advances must be repaid within 30 days or less. This mobile banking app also boasts robust virtual security measures.

Pros of Varo Bank app:

• Varo allows easy borrowing of money to pay bills.
• Allows for building up borrowing limits by consistently paying back on time, in case of occasional financial assistance needs.
• Even if a person has been cut off due to non-payment, Varo allows the option to resume borrowing at a lower limit.

Cons of Varo Bank app:

• Strict non-payment policy
• While Varo permits users to resume borrowing after a year, the limit resets to just $20.
• Very short repayment period.

Also see: Apps to borrow money instantly in Nigeria: loan app in Nigeria

Brigit

Brigit is a personal finance app that stands out among the top apps for borrowing money in the USA. In the United States, users can receive instant amounts ranging from $50 to $250 without undergoing credit checks, dealing with processing fees, making upfront security deposits, paying interest, or incurring late payment fees.

The repayment period is 24 months (2 years), and the loans from this app come with a 0% APR. The funds are stored in a deposit account. In addition to cash advances, Brigit provides various features and activities within the app. The basic plan, which includes account alerts and financial insights, is free.

For users opting for paid plans priced between $9.99 and $14.99 per month, additional benefits are offered. These include interest-free cash advances, tools for credit building, budgeting assistance, identity protection, and savings features.

Pros of Brigit app:

• Brigit has no hidden fees or tricky methods to extract additional tips.
• The promptness in receiving the loan is top-notch.
• There are timely updates on eligibility for advances.

Cons of Brigit app:

• A monthly service fee is charged at the end of the month, regardless of whether the service was used.
• Cancelling the subscription may be challenging.
• There is no option to extend loan repayment.

EarnIn

EarnIn is not just another financial app; it is a standout among the top apps for borrowing money in the USA. It is not a payday loan or personal loan service; rather, it enables users to access their earned pay in advance, bridging the gap between paychecks to meet immediate financial needs.

Users can connect their bank accounts to the app for instant access to their earned pay and utilize Lightning Speed transfers for quick payments.

EarnIn’s service is designed to be a no-cost alternative to cash advances and payday loans, with no interest or credit checks. Users can access up to $100 per day and up to $750 per paycheck, with automatic repayment deducted from their next paycheck.

Pros of EarnIn app:

• EarnIn offers a swift and cost-effective solution for users.
• EarnIn doesn’t require a credit check, making it a viable option for those with maxed-out credit limits or poor credit history.
• Users can swiftly access a substantial amount of funds within minutes.
• Quick Setup and borrowing process

Cons of EarnIn app:

• There is a lengthy verification process when linking the app to a bank account.
• Automatic withdrawals occur on the day of or the day after the user’s paycheck.
• Setup can be challenging.

Dave

Besides offering cash advances, the Dave app provides additional benefits such as early access to paychecks, cashback rewards, savings features, assistance in finding side jobs through Side Hustle, and is associated with Mark Cuban’s companies. It stands out among the top apps for borrowing money in the USA.

Dave app can offer cash advances of up to $500 instantly, allowing users to pay back when they receive their paycheck, without a credit check or interest. Membership costs $1 per month, covering account monitoring, notification services, budgeting tools, and maintaining a connection to an external bank account.

Pros of Dave app:

• The app is being accessible to anyone with a job and a bank account.

• Accessibility and Quick Approval

• Transparent and Affordable Fees

• Unlike some other apps, Dave does not require direct deposit, making it a potentially better choice for individuals who receive their income in the form of paper checks

• The app provides consistent and early paychecks.

Cons of Dave app:

• Slow bank payment processing.
• Users should exercise caution when taking advances due to the lack of clarity in the terms governing when and how much they can take an advance. This will help them avoid a sense of unpredictability.
• Limitations on the amount and timing of advances

Upgrade

Upgrade, a financial technology company, provides a variety of loan options to suit its users, distinguishing itself among the top apps for borrowing money in the USA. This includes Personal Loans, Auto Refinance Loans, and Home Improvement Loans. These offerings are made possible through partnerships with various banks, including Cross River Bank.

As a fintech company, Upgrade differs from traditional banks. The terms of the loans, including minimum and maximum amounts, are determined by factors such as the loan type, the borrower’s creditworthiness, and adherence to state regulations.

Pros of Upgrade app:

• Upgrade provides numerous options to reduce loan payments.
• Upgrade approves loans for users, even with high balances on credit cards.
• The approval process is quick and efficient.
• Upgrade is highly professional due to its level of competence.
• Loan processing doesn’t take much time, and the funds would reflect in users’ account balances within 24-48 hours.

Cons of Upgrade app:

• Some users encounter unresolved issues and challenges with Upgrade’s website interface.
• The app is the sole means of access for credit card account management.
• Upgrade does not provide paper billing.

Lightstream

The LightStream financial company, a division of Truist Bank, is dedicated to simplifying financial management and stands out among the top apps for borrowing money in the USA. It facilitates on-the-go loan applications, offering key features like biometric sign-in, access to the loan dashboard, loan payoff details, and payment tracking.

The app provides various loan options, such as home improvement, auto loans, debt consolidation, and more. With a focus on being one of the top apps for borrowing money in the USA, the maximum APR for a LightStream loan is 26.49%, though APR varies based on the loan amount, purpose, term length, and credit profile.

Loan rates are quoted with an AutoPay discount, and rates without AutoPay are 0.50 percentage points higher. Loan terms range from 24 to 144 months, depending on the loan type.

Pros of Lightstream app:

• LightStream’s overall outlook, including its visual design is appealing.
• The app is compatible with various iOS devices, ensuring accessibility for a wide range of users.
• The application process is easy and streamlined, facilitating a quick and hassle-free experience.
• LightStream boasts fast fund disbursement.
• The app offers low-interest rates.

Cons of Lightstream app:

• Lack of awareness about payment timing
• Its performance is hindered by excessive loading screens, indicating a need for optimization to enhance speed and responsiveness.

LendingTree Spring

The LendingTree Spring Loan stands out among the top apps for borrowing money in the USA, offering amounts ranging from $1,000 up to $50,000 through its participating lender network in the U.S. Lenders may charge an origination fee, typically around 1% of the requested amount. The app also provides credit monitoring, fraud alerts, and quick access to loan funds.

Borrowers can compare rates from a different lender network to make informed financial decisions. The available loan options include home loans, business loans, and more.

Pros of LendingTree Spring app:

• Users can apply for loans and credit cards directly within the app.
• The app is known for its simplicity, clarity, and reliability.
• It is helpful for shopping for loan rates.

Cons LendingTree Spring app:

• Users receive spam calls and emails after using the app.
• The app has limited product offerings, primarily focusing on credit cards and mortgages.

Final Words:

In conclusion, navigating financial challenges in the USA is made easier with these user-friendly and innovative money borrowing apps, standing out among the top apps for borrowing money in the USA. Remember to consider factors like loan amounts, interest rates, and repayment flexibility before making a decision. Empower your financial journey with confidence using these top-notch apps designed to meet your borrowing needs in the United States.