FloatMe pay advance app review August 2021
Small cash advances perfect for avoiding steep overdraft fees.
Bottom line: FloatMe only allows you to borrow up to $50 before your next payday. But its low monthly membership fee and automatic savings option make up for this low maximum amount.
Within 2 hours using debit card; 1 to 3 business days normally
|Product Name||FloatMe pay advance app|
|Turnaround Time||Within 2 hours using debit card; 1 to 3 business days normally|
|Requirements||Direct deposits from employer, at least $200 per paycheck, positive bank account balance, not self-employed, debit card attached to an active checking account|
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
FloatMe is a relatively new payday advance app with a competitive membership fee of only $1.99 a month. You won’t need to tip, and you’ll have access to automatic savings and overdraft alerts as well. But customer reviews are mixed at best. You’ll also be limited to how much you can have advanced: A very low $50 — or less for new users. If you need more, or want to go with an established app, compare your payday advance options before you sign up.
- No credit check
- No interest or tips
- 30-day free trial
- Overdraft alerts and automatic savings
- No due date extensions
- Doesn't improve your credit
- Low maximum advance of $50
- No contact information on website
How FloatMe works: Fees, features and requirements
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.
- Maximum withdrawal. $50
- Cost. $1.99 monthly membership fee
- Turnaround. Instant transfer to debit card or up to three business days for a bank account transfer
FloatMe has a monthly membership fee like many payday advance apps, but it isn't clear if there are fees for the instant transfer option.
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.
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.
How FloatMe compares to other pay advance apps
FloatMe isn't as robust as other pay advance apps, 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
FloatMe reviews and complaints
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.
Is FloatMe legit?
Yes, FloatMe is a legit app that uses standard 256-bit encryption to keep your data secure. It also utilizes Plaid, a third-party service that keeps your bank account information safe when you connect it to the app. While it doesn't have any contact information on its website, you can reach out to customer service over email through its FAQs or in the app.
Although FloatMe outlines the information it collects, it doesn't provide information on how to stop or limit the sharing of your personal information. This is unusual — so if you have any questions, reach out to FloatMe through the app for more details on how it ensures your privacy.
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.
Up to $50
Typically up to $1,000, and most states allow only one at a time
Instantly or one to three business days
Typically next business day
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
$1.99 monthly membership fee
High interest rate that can equal fees of $15 to $25 per $100 borrowed
Anywhere in the US
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 payday advance apps to find the right option.
Frequently asked questions
Our answers to common questions about FloatMe.
How does FloatMe manage tips or commissions?
Right now, tips and commissions aren't included. FloatMe only considers earned income from your employer.
Does FloatMe support Chime and Varo accounts?
No. Like most other payday advance apps, FloatMe doesn't work with Chime or Varo, in addition to some other bank accounts. Check if your bank account qualifies on the app.
Compare FloatMe to online payday loan providers
If you need more than $50, or you want to check out options that don't require a membership, investigate other lenders you may qualify with.