FloatMe cash advance app review

Our take on FloatMe

FloatMe is best for people who need small cash advances on an ongoing basis. For a $1.99 a month membership fee, you can have up to $50 advanced at a time – but it’s not clear if the instant transfer option costs money.

With FloatMe, you don’t need to tip, and you have access to automatic savings and overdraft alerts as well. But you will be limited to how much you can have advanced, and it may even be less than $50. In particular, new users typically only have access to $10 to $30, which may not be that helpful if you need to fill up your gas tank or buy a week’s worth of groceries. Like other pay advance apps, it works by advancing the money you’ve already earned through work but haven’t received.

Compare to other apps like Even Instapay, FloatMe isn’t as robust, but it does have slightly less stringent requirements.

• Maximum withdrawal: Much smaller than other apps
• Membership fee: Lower than other apps
• Turnaround time: About average

If you need more per advance, or want to go with an established app, compare your cash advance options before you sign up.

FloatMe overview

FloatMe allows you to borrow up to $50 before your next paycheck — although new users typically only have access to $10 to $30. Like other pay advance apps, it works by advancing you the money you’ve already earned through work but haven’t received.

Features

Requirements

You’ll need to meet a few basic criteria to qualify for an advance through FloatMe, including:

• Direct deposits from employer
• Income of at least $200 per paycheck
• Positive bank account balance
• Debit card attached to an active checking account

You must be regularly employed and receive a W-2. Self-employed individuals and contract workers don’t qualify for FloatMe.

Other features

FloatMe has two additional programs: Stash and overdraft alerts.

Stash is an automatic savings tool that lets you set goals and automatically contribute to them with every paycheck. It’s backed by one of FloatMe’s partner banks — and is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.

Overdraft alerts simply notify you when you’re at risk of overdrafting your connected bank account. This helps you avoid overdraft fees. And, if needed, you can use an advance from FloatMe to help you get by until your next paycheck.

FloatMe reviews and complaints

BBB accredited	No
BBB rating	D
BBB customer reviews	1 out of 5 stars, based on 5 customer reviews
BBB customer complaints	60 customer complaints
App Store Score	4.8 out of 5 stars, based on 37,700 customer reviews
Google Play Score	4.5 out of 5 stars, based on 37,700 customer reviews
Customer reviews verified as of	25 April 2022

FloatMe receives mixed reviews on the App Store and Google Play. While it earns high ratings overall, some users complain about the customer service. They state that their questions have gone unanswered, and some have even edited their reviews to say FloatMe failed to contact them after being encouraged to submit a new ticket request from FloatMe’s staff. However, positive reviews say that the small advance was just enough to help them get by between paychecks.

FloatMe app vs. payday loans

FloatMe is an inexpensive service designed to prevent overdrafts, not pay for large expenses. Because of that, it may not seem as useful as a payday loan — but avoiding large amounts of debt is a much safer option.

	FloatMe	Payday loans
Amount	Up to $50	Typically up to $1,000, and most states allow only one at a time
Turnaround time	Instantly or one to three business days	Typically next business day
Application process	Simple mobile app signup that requires connection to a bank account and debit card	Simple online application, typically requires Social Security number and bank account numbers
Costs	$1.99 monthly membership fee	High interest rate that can equal fees of $15 to $25 per $100 borrowed
Availability	Anywhere in the US	Prohibited in some states

Is FloatMe worth it?

FloatMe is one of the least expensive subscriptions for a pay advance service. Its overdraft protection and savings options also make it a good choice if you’re rarely in a financial bind.

But to make membership worth it, you’d need to borrow at least two or three advances a year to make up for the annual cost of around $24 — because your borrowing limit is only $20 when you first sign up.

When compared to payday loans, it’s certainly much cheaper. And its automatic savings feature can be used to help you build up a few hundred dollars over time for bigger emergencies.

But if you’re unable to build savings and need frequent access to larger advances, read more about other cash advance apps to find the right option.

FloatMe pay advance app is not currently available on Finder

Have you considered Chime SpotMe®?

Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.

• Get up to $200
• Receive funds on the same day
• Fee free overdraft
• No credit check

Learn more

No thanks, compare other loan options.