Apps that offer instant loans are designed to provide small amounts of cash (around 50 dollars or more) in an instant – consider them an emergency loan for covering short-term expenses or getting to your next paycheck.
In spite of the fact that 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.
This article covers the top $50 loan instant apps and some alternatives. In the event of a cash shortage and a need for some assistance, the instant loan apps listed here might be a good solution.
What is an Instant Loan App?
Instant loan apps offer loans for a short period of time (often less than 30 days).
An instant loan app cannot be used for large purchases, such as a car, electronics, or to consolidate debt. Rather, they help you bridge the gap between paychecks when you’re short on cash.
Your next paycheck is often when you have to repay the money you borrowed through an instant loan app. Due to this, instant loan apps can only provide small amounts of cash.
Some instant money apps are free, but most charge high-interest rates and fees. You might have to pay (relatively to the size of the loan) to use them. Without visiting a payday lender, it’s usually better than a title loan.
For instant money, here are the best $50 loan apps
There are a few things that all $50 loan instant apps have in common:
- Getting them is easy
- It’s easy to use them
- Money can be accessed quickly through them
Here are the top $50 loan instant apps, how to access them, and how much it will cost to use them. Check out the details of each of these popular apps for instant money and see if one is right for you.
1. Cleo
First-time borrowers can borrow anywhere between $20 and $70 through Cleo, a fun personal finance app. Once you’ve paid back the first loan, subsequent loans can reach $100. With Cleo, you can keep more money – a nice benefit when you are in need of the money.
By linking your bank account, it analyzes your transaction history and offers suggestions on how to improve your finances. It can be very helpful if you do that.
CLEO’s Credit Builder product can also help you build credit, which can improve your future options should you need to use credit.
2. PaydaySay
It connects borrowers with lenders through an instant loan app called PaydaySay. Among the features of PaydaySay’s instant loan app are:
- Amount: $100 up to $1000
- PaydaySay charges no fee; lenders may charge fees
- Depending on the lender, interest rates vary
- The waiting period is between 24 and 48 hours
- Yes, there is a credit check
Most PaydaySay loans must be repaid in full by your next Direct Deposit date, although some loans may have longer repayment terms.
It is important to note, however, that your lender will not automatically take back the loan funds. Additional fees and interest rates may apply if you fail to repay the loan according to the terms of your agreement.
In contrast to many other apps mentioned here, PaydaySay facilitates loans between borrowers and lenders, such as payday lenders. Payday loans have high-interest rates and fees.
Hence, it’s crucial to read the PaydaySay loan agreement carefully before signing up.
Those seeking greater short-term loan amounts should consider this option.
Also Read: Credit cards offer fraud protection
Final Words
A $50 instant loan app is a great way to get instant cash. However, these apps should only be used as a last resort. The possibility of high-interest rates, monthly fees, and one-time fees could take a financial toll on you, especially if you use them frequently.
