Imagine you’ve followed your budget strictly, and all your monthly bills are paid, but an unexpected bill appears. This is when finding the Best Cash Advance in Utah can be a lifesaver, whether for a medical bill or a car repair. You are falling short of money to cover the cost, and your next paycheck is still days away.
While a traditional loan might take too long to process and payday loans can have astronomical annual percentage rates, exploring a cash advance app can be a great option. These applications provide quick, small-dollar advances, but with so many possibilities available, it can be challenging to choose the ideal one.
Here are the top cash advance and financial apps for Utah residents, with a summary of each option’s features, advantages, and disadvantages.
Top 5 Cash Advance Apps in Utah
Cash advances can help you deal with your urgent money requirements. However, many options are available in Utah, making choosing an option suitable for your needs challenging. Here are the top 5 cash advance and personal loan apps that residents can consider:
Beem
Beem is a financial app that offers various services, including its cash advance feature, Everdraft™. It allows you to borrow without interest or credit checks.
Interest Rate
Beem’s Everdraft™ provides instant cash advances with no interest or late fees.
Subscription Fees
Beem offers different subscription tiers. Plans start as low as $0.99/month, but higher-tier plans (up to $12.97/month or $99.99/year) are required to unlock larger advance limits.
How Much You Can Get
The Everdraft™ feature allows users to access verified bank deposits ranging from $10 to $1,000. The maximum amount is only available to users with a higher-tier subscription and a strong account history.
Features
- The app includes tools to help users manage their expenses and budget effectively.
- Beem does not require a credit check, making it accessible to users with poor or no credit history.
- You can receive money directly in your bank account, Beem wallet, or as a gift card.
Pros
- No credit check and income restriction
- Instant transfer
- No interest or tip is required
Varo
Varo is an online banking solution that provides customers with a cash advance feature called Varo Advance. It is a no-subscription option that charges a flat fee per advance.
Interest Rate
Varo does not charge any interest rate. Instead, it charges a flat fee between $1.60 and $40, depending on the advance amount.
Subscription Fees
Varo has no subscription fees. Users only pay the transaction fee associated with each advance.
How Much You Can Get
Varo provides advances of $20 up to $500. However, new users are often limited to an initial advance of up to $250 and must demonstrate responsible usage to increase their limit to the maximum of $500.
Features
- Users can receive their paychecks up to two days early with direct deposit.
- The app includes features to help users save money automatically.
- It offers a credit builder and money transfer services.
Pros
- Simple, no-subscription fee structure.
- No interest is charged.
- All-in-one banking and advanced solution.
Cons
- Requires a Varo bank account with qualifying direct deposits.
- Fees can add up with frequent use.
Earnin
Earnin is a financial app that allows users to access their earned income before payday. It is well-known for its tip-based model and high daily limits.
Interest Rate
Earnin does not charge traditional interest rates and operates on an optional tipping model.
Subscription Fees
There are no subscription fees for Earnin.
How Much You Can Get
You can borrow up to $150 per day with a maximum of $750 per pay period.
Features
- It offers a “Lightning Speed” feature for instant transfers, which costs a flat fee.
- Includes a “Balance Shield” alert to notify users when their bank balance is low.
- Does not require a credit check.
Pros
- No mandatory fees or interest.
- Fast access to funds is available.
- High daily and pay period limits compared to some competitors.
Cons
- Charges a fee for quick fund transfer
- Daily and pay period limits may be restrictive for some users
NetCredit
NetCredit is an online lender, not a cash advance app. It provides personal loans for individuals who may not qualify for loans with traditional banks.
Interest Rate
NetCredit offers personal loans with interest rates that can vary widely, typically from 34% to 99.99% APR. It’s a high-cost option often considered by those with lower credit scores.
Subscription Fees
NetCredit does not charge subscription fees. However, the loan may have an origination fee and other costs.
How Much You Can Get
NetCredit provides larger loan amounts than typical cash advance apps, ranging from $1,000 to $10,000.
Features
- Suitable for more significant financial needs.
- Loans are reported to credit bureaus, which can help improve credit scores with timely repayment.
- Flexible repayment options are available.
Pros
- Higher loan amounts are available than with a cash advance.
- It can be a credit-building opportunity.
Cons
- High interest rates
- Potential origination fees
- Credit check required
Also Read: Loans like NetCredit -15 Best Alternatives for NetCredit
Albert
Albert is a financial app offering various services, including banking, savings, and investing. Its cash advance feature, Instant, is available through its subscription.
Interest Rate
To use Albert’s cash advance feature, subscribe to the Albert Genius plan, which costs $14.99 monthly.
Subscription Fees
To use Albert’s cash advance feature, you must subscribe to Albert Genius, which costs $6 per month.
How Much You Can Get
Albert provides cash advances of up to $250 with no interest or fees, aside from optional tips.
Features
- Albert includes features to help users save automatically.
- The Albert Genius subscription offers personalized financial advice.
- Users can avoid overdraft fees by using Albert’s cash advance service.
Pros
- No mandatory fees or interest rates
- Valuable savings and financial advice features
- Up to $250 cash advance with no credit check
Cons
- Limited to $250 advance
- To get funds immediately, you need to pay a fee
Also Read: How to Get a Cash Advance from Albert?
Conclusion on Best Cash Advance in Utah
In summary, Utah citizens can choose from various cash advance applications on the market. But it’s essential to weigh all your options, considering the interest rate, loan term, and any other costs involved, to choose the one that best suits your financial circumstances. You can make a wise decision by carefully evaluating each alternative in relation to the factors listed above. Try apps like Beem and bridge paycheck gaps by offering instant cash advances alongside tools for budgeting and expense tracking.
