A cash crunch can be real trouble at any time. Moreover, it is not a situation you can always successfully avoid if you’re a freelancer or an independent contractor.
Traditional payday loans are available in the market, but they’re not nearly as convenient as modern cash advance apps. Also, the steep interest rates that traditional loans charge are another reason cash advance apps are gaining popularity.
It is every gig worker’s blessing in disguise because being able to cover your expenses in time, with little or no extra charge, is always a great idea. Let’s explore the best cash advance apps that work for self-employed individuals.
Top 7 Cash Advance Apps For Self-Employed
1. Beem
Beem is one of the best cash apps on the market. It is not just an app for personal loans but offers various functionalities, such as purchasing insurance, financial management, and much more.
Beem has taken the market by storm with its excellent UI/UX while providing various services needed to manage personal finances. Even if you don’t have funds, Beem can help you by getting access to loans you might not otherwise get.
2. Earnin
This is a very different payday loan app that only onboards employees whose salaries are directly deposited into their bank accounts. Such people can then “cash out” their salaries before payday to the limit that they’ve earned in the current month.
The catch is that you encash your salary because you don’t pay any interest on the cashout. Earnin tracks your salary and offers you free cashouts.
3. Albert
There used to be a time when you only opened a bank account once you needed it. These days, even newborns have bank accounts. In these digital times, managing your often multiple bank accounts is imperative so that your financial stability stays intact.
Apps like Albert are refereed as new age banking apps that tracks transactions across bank accounts and subscriptions on one platform. It allows you to think about your life goals and take charge accordingly.
4. Klover
Klover has it all and is waiting for you to avail the moment you interact with it. The best part about Kliver is that it does not discriminate between members such that it goes to the extent of turning prospective customers.
It gives away cash up to $200 without interest, credit checks, or late fees. It wants you to get used to it so you can get some big bucks later. But hey, as long as it’s in your interest.
5. Dave
This is one app that you must try once, even if you have money. It lets you take $500 in just under five minutes. Your eligibility scores are also refreshed every midnight.
Keeping up to date with your financial status could motivate you to improve it and even get you some reasonable loan offers. Dave performs a thorough screening on you before approving your application. If you don’t intend to pay, the app has an excellent legal team.
6. Solo Funds
Solo Funds is the most unique app on the list. It is actually a cooperative of people who believe in community financing. This idea has been around forever, but reiniting it through an app is a good twist. Members can step up and help each other out when needed. Members can lend, borrow, and deal on their terms. It’s high time we started debating, if not negotiating, the bank fees we get charged every time we receive an SMS.
7. Gerald
This app has a clear agenda: if you don’t have money to pay your household bills, we can pay them for you until you do. Once you get used to it after repetitive use, you’ll probably keep using it even when you have money. If everyone around you is popularly and unapologetically using it, it could be a case of network effects.
Benefits Of Cash Advance Apps For Self-Employed Individuals
Cash advance apps are needed when everything is so fast and automated. In a crunch, you need a flow of funds to make the payment and plan ahead. The flexible work environment and work schedules not only impart freedom to the gig work community but also pose a hurdle in their financial control.
So, let’s explore the benefits that cash advance apps bring:
Quick Access To Funds
Everything is at your fingertips now, so why shouldn’t your funds? You need access to quick funds; that’s the ask, precisely what you get. Some apps give it to you instantly, while some take time to disburse the funds in a blink due to rigorous background checks. But the underlying fact is that you get access to funds up to an approved limit at the convenience of an app. This is the thing that solves the problem that cash advance apps were first built. Everything else it does is a cherry on top.
Flexible Repayment Options
Now, you didn’t stop getting lucky just yet. You not only get access to funds at your will, but you also get to choose when, how, and how much to pay. In a time when wallet cashback can be turned into money, you need options to pay from. Crypto won’t be up everyone’s alley, but it is a suitable payment method and an exciting investment. The Dave app listed above is known for its flexible repayment options and ease with which these can be opted.
No Credit Check Requirements
A credit check is an essential step in getting a loan of any kind from a bank. If you ever missed a high-priority payment, then you must know this for a fact. Bankers are bloodhounds when it comes to credit scores. They can settle for less if you’ve defaulted, but they won’t lend you again easily. But cash advance apps are a bit of a relief as they might as well be someone’s last resort before getting into the trap of missing due dates.
It can be very frustrating to make ends meet when you’ve worked hard and are waiting to get paid but have some due dates before payday. To top it all off, you’ve got a bad credit score. You can get sizable loans, too, from apps like Earnin, but that would require a decent credit score. With a doubtful score, it’s better to take baby steps and climb back up the ladder before leaping.
Helps Manage Finances
Managing personal finances is something that children are only sometimes taught at home or in schools. If they are lucky enough to have an interested adult around, they can rest assured that life will not hit them as hard as they’d imagined.
Having a security fund is an essential part of financial planning. But that’s just one step of the journey. To reap all the benefits of this path, many more significant milestones must be conquered.
Most people don’t manage their finances as well as they should, primarily because they don’t know how. It can be daunting to manage finances, especially when you have to forage for money every now and then. Cash advance apps help you begin your journey from where you are by simply putting in your information.
The app does the rest with your repeated intervention. If nothing else, it can be a good start on your savings plans.
Conclusion
You shouldn’t always need to have money to get money. Cash advance apps that work for self-employed individuals normalize the fact that you can run out of money entirely and need some grace period to get your house in order.
In a society dominated by apps, a cash advance app is like a ray of sunlight in a cold, damp room. People should be free to deal with their problems one at a time. Cash advance apps are your support system if used judiciously.
Remember, you can always try Beem to find the best personal loan offers to consolidate your debt and stay ahead of your financial management.
