Brigit has an option to notify you if your account balance is running low, so you can request an advance if you need it. You can also set up automated advances to receive a transfer anytime your account balance is in danger of dropping below zero to avoid bank overdraft fees. However, this perk comes with a $10 monthly fee.
MoneyLion continues to slip down the rankings because they continually increase their prices to access advanced features. MoneyLion does have a free option, but the benefits are limited. With the free membership you receive:
- Zero Fee Checking
- Zero Fee Managed Investing
- Free Credit Monitoring
- Free Fraud Protection
- Cash Back Rewards
The paid option of the app is called the MoneyLion Plus membership. You receive all the features mentioned above, plus an additional benefit of a low-interest credit builder loan.
These credit builder loans are set up, so you are protected from going further into debt because you only borrow the money you can pay back. You can borrow up to $500 with instant approval and pay it back over a set period. Also, the 5.99% APR isn’t very high considering the payday loan company rival rates.
Flexwage utilizes the more familiar debit card option as a way to access your money. The debit card essentially replaces the traditional paycheck and allows you to add or take money from the account. With the debit card option, you no longer need to withdraw cash from a machine to make purchases. The FlexWage debit card makes accessing your money much more convenient.
My favorite option about FlexWage is the FlexPay option. I was a server in a restaurant for many years, and I would have a stack of cash at the end of the night. Tips were paid in cash, and it was often difficult to manage that type of income without it burning a hole in my pocket.
FlexPay allows your employer to upload your tips onto your debit card rather than sending you home with a stack of cash.
Similar to the Rain app, as previously mentioned, PayActiv directly integrates with your employer and is offered as an employer benefit. Similarly, PayActiv makes your money available to you much sooner than the traditional payday.
In addition, if you need a payday advance, you can access up to 50% of your earned wages as long as they do not exceed $500. However, PayActiv will charge you a flat fee for each transaction. This fee is agreed upon by your employer and PayActiv, so it’s out of your control.
In sticking with the employer offered benefits theme, Branch comes in at #10. Employers must agree to use Branch with their payroll software to provide this service for each employee. However, Branch offers a few additional features that PayActiv does not.
Branch assists employers by tracking employee schedules and coordinating the personnel strategies by giving managers the most up to date information. With this type of information at their fingertips, managers can make more informed decisions when deciding if they need to call in additional employees or hire extra staff.
DailyPay rounds out our more traditional payday advance apps to help employees make it until payday. DailyPay is set up to track how many hours you have worked and credits you for this time, depending on your hourly wage.
12. Rainy Day Lending
The Rainy Day Lending app provides users cash loans in the form of a small personal loan. Investors are matched up with people who need quick cash, and the interest rates vary upon credit scores and amount loaned.