How quickly can I get my cash advance?

 In payday installment loans

How quickly can I get my cash advance?

Like Even Instapay, Branch is a tool that employers can use to allow employees to access their wages as soon as they are earned. What makes Branch great is that it is also set up for people who employ gig workers and independent contractors.

In addition to on-demand payments, Branch also offers resources like tip and mileage trackers to help with reimbursements, off-cycle payments, etc.

Axos Bank Direct Deposit Express

Axos Bank has grown quite a lot in popularity over the last couple of years. This is probably because of its Direct Deposit Express. While not a cash advance app, Axos Bank’s Direct Deposit Express helps you get your paycheck a couple of days earlier than you usually would. Usually, banks make you wait to access your funds until after your paycheck has cleared. Axos deposits the amount of your paycheck into your account as soon as they get notified of an incoming direct deposit. Then they just keep your deposit when it clears. Viola! Payday a few days early!

What is a cash advance app?

A cash advance app – also sometimes called a payday advance app – is a mobile app that will send you money to help you cover your expenses while you’re waiting for your next paycheck. When that next payday arrives, the app will automatically deduct the amount of your advance from your deposit.

These apps are available on both iPhone (iOS) and Android smartphone systems. Many even have traditional websites you can use if you’re not entirely sure you want to use your phone.

How do cash advance apps work?

Cash advance apps are tools that allow users to access money that they know is going coming but hasn’t been deposited yet.

The user sets up an account on the app. This process usually involves some sort of identification verification. For example, you may be asked for the following:

  • Identification (name, SSN, date of birth, etc.)
  • Contact information (address, phone, email)
  • Place of employment and/or employer

Once you’ve verified your identity, you’ll connect the app to your bank accounts. The app then scans those accounts for deposit activity and frequency. The amount a user can request will be determined by what the app finds during its scans.

Unlike payday loans, installment loans, or even (sometimes) paycheck advances offered by your bank, cash advance apps rarely charge fees for individual loans. Instead, they charge a monthly fee to use their service.

Once you have been approved for an advance, you can submit a request. These apps are designed with the “I need it now” customer in mind, so the money should arrive quickly. Some loans are approved and funds are sent within minutes. Others may take 1-2 business days. If you need the funds immediately and need to bypass a waiting period, some apps will allow you to do so for a small fee.

What to look for in a cash advance app like Dave

Obviously, not all cash advance apps are created equal. Like with any other financial product you’ll want to take some time to do your own research. Here are the details you should look for:

Borrowing websites limits

Typically, the borrowing limit is somewhere between $100-$500. Some apps, like Dave, will require users to start with much smaller advances (around $25) to prove they are worth the risk. Over time as you pay these advances back on time, your limit will likely increase.

Turnaround time

Some apps will have money in reserve and can send it to you within a couple of minutes. Others take a longer time to process requests, and it might take a day or two (or longer). Some will typically take 2-3 business days but allow you to bypass that time if you’re willing to pay a rush fee.

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