Fig Loans, based in Sugarland, Texas, started in 2014 to help working-class Americans build credit and solve immediate cash needs. While Fig Loans is a good option for borrowers who may not have an extensive credit history or aren’t eligible for personal loans elsewhere, Fig Loan’s high interest rates, ranging from 35.99% to 211%, may deter those looking for lower interest rates.
The lender also offers limited loan amounts ranging from $50 to $1,000 in six US states, which may not help borrowers seeking larger loan amounts. Borrowers typically have anywhere from four to six months to pay back their entire loan. We’ll break down loans with similar loan amounts and terms, some with a wider range of loan amounts and other perks.
If you’re an Chime account holder, SpotMe is a no-fee service that allows you to overdraft your Chime Spending account up to $200 on purchases and ATM withdrawals. To qualify for SpotMe, you need to have at least $200 direct deposited into your Chime checking account every month.
SpotMe limits start at just $20, but with regular direct deposits and a positive account history, this limit can increase to $200 over time. And if you receive your paycheck via direct deposit to your Chime Checking Account, you can get paid up to two days early.
Available in all states
Pros
No fees or tipping obligation
Low monthly direct deposit requirement of $200
Bill payments, Venmo, and Pay Anyone not covered
Save on overdraft fees
Cons
Overdraft limits start at $20
Must use with Chime Checking account and debit card
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Direct deposit: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is significantly higher than most cash advance apps, and unlike payday loans, there are no interest or financing fees to use Cash Outs.
To qualify for EarnIn Cash Outs, you need to be employed, have regular direct deposits and earn a minimum of $320 each pay period. You can transfer $100 a day to a linked bank account or more than $100 per day to an EarnIn card. Regular transfers are available in one to three business days or in minutes for a fee.
Not available in: Connecticut
Pros
No credit check required
No mandatory fees, interest or tipping
Free credit score tracking included
Cash Out more than $100 per day with an EarnIn card
Cons
Verification of employment earnings required
Same-day (Lightning) transfers attract a fee
Can only qualify with employment income
Not ideal for gig workers
Loan amount
Up to $750 per pay period, but only $100 per day
Loan Term
1 to 4 weeks
Turnaround time
1 to 3 business days or instant for a fee
Loan amount
Up to $750
Turnaround time
1 to 3 business days or instant for a fee
Costs
Free to use or instant with a fee as low as $3.99.
Cleo is a budgeting and cash advance app that allows users to access up to $250 of already-earned income to cover their expenses until their next payday. New users can borrow up to $70 right away, a higher initial limit than most other cash advance apps. However, users pay a monthly subscription fee of $5.99 to access cash advances, and a same-day transfer costs an additional $3.99.
Cleo's cash advance is interest-free and does not have late fees. The app offers cash advances without credit checks or employment verification, making it a good option for freelancers and gig workers. The app also includes tools to help users budget and track their spending better.
Available in all states
Pros
No need to be a full-time W-2 employee
No late fees
Interest-free cash advances
Cons
Monthly subscription fee $5.99
Fee for same-day transfers
Loan amount
Up to $250
Loan Term
Next deposit
Turnaround time
3 to 4 days standard transfer. Same day with $3.99 to $9.99 express fee.
Loan amount
$40 - $250
Turnaround time
3 to 4 days standard transfer. Same day with $3.99 to $9.99 express fee.
Costs
$5.99 monthly membership fee to access cash advances
CashNetUSA is an online lender that offers same-day funding, instant approval decisions and quick online applications. CashNetUSA considers the overall financial picture of borrowers, not just their credit score. The lender offers lines of credit and installment loans like Fig loans with amounts between $100 and $3,000. Depending on the state, APRs can reach up to 579%, which is higher than Fig Loans. It also charges a 15% transaction fee in certain states.
While it's not the cheapest option, CashNetUSA's rates are regulated, and customers give it generally good reviews on Trustpilot as a source of quick emergency funds. However, the interest rates are high, and the loans are only available in certain states.
Available in: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Kansas, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming
Pros
Same day funding
Offers funding to those with fair credit
Easy online application
Cons
May have to pay a 15% transaction fee
High-interest rates up to 579%
Not available in all US states
Loan amount
$100 - $3,000
Interest rate type
Fixed
Loan Term
Varies by state
Turnaround time
As fast as same business day
Loan amount
$100 - $3,000
Turnaround time
As fast as same business day
Online application
Yes
Alternative for installment loans: Possible Finance
Possible Finance offers an easy application process, and funds are deposited as soon as the next business day. Possible Finance is an app that lets you borrow short-term installment loans up to $500. Terms are very short, only lasting up to 2 months.
Rates vary by state, but plan to pay around $15 to $20 per $100 borrowed, which can work out to APRs as high as 460%. There's no credit check, repayments align with your pay schedule and Possible Finance gets decent customer reviews. However, Possible Finance has limited state availability — it's only available in 18 states.
Available in: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington
Brigit is an app that offers cash advances up to $250 per pay period for a monthly $8.99 to $14.99 monthly membership fee fee. The app offers an easy application process, and funds are deposited as soon as the next business day. The company offers free repayment extensions on advances and in-app alerts to let users know if they're at risk of overdraft. However, to get an extension, users need to have at least two prior consecutive on-time payments.
Brigit's monthly fee includes a credit builder program and up to $1 million in identity theft protection. Brigit is a good option for users who need help managing their finances and avoiding costly fees.
Available in all states
Pros
Overdraft alerts
Identity theft protection
Easy application process
Cons
Monthly $8.99 to $14.99 monthly membership fee fee
Need two prior back-to-back on-time payments for extensions
Available in all states
Loan amount
$50 to $250
Loan Term
Varies
Turnaround time
2 to 3 business days or instant with a Premium subscription or for a fee.
Loan amount
$50 - $250
Turnaround time
2 to 3 business days or instant with a Premium subscription or for a fee.
Upstart is a good option for borrowers who need a personal loan and have less-than-perfect credit. Upstart is known for its unique underwriting model that considers factors besides your credit score, including your education and career.
The lender is available in 46 states, including California, Florida and Texas. Upstart offers a range of loan amounts from $1,000 to $50,000, with rates between 7.8% and 35.99%. Upstart charges an origination fee on its loans, which can be as high as 12% of the loan amount. However, if you have bad to fair credit, expect your APR to be on the higher end.
Not available in: Iowa, West Virginia
Pros
Considers factors such as your education and employment
Fig Loans is an online lender that offers installment loans as a payday loan alternative. Fig Loans doesn’t use credit scores to make lending decisions and may help borrowers build credit. The company states that 94% of its borrowers get their funds the following business day and the rest within three business days.
Compared to Possible Finance and other lenders, Fig Loans offers higher loan amounts but with higher interest rates. Fig Loans have APRs ranging from 35.99% to 211% depending on the state, and the loans are only small-dollar, short-term loans.
Pros
No credit score required
Easy application process
Funds usually deposited the next business day
Cons
High APRs up to 211% depending on the state
Smaller loans
Shorter payback periods
Alternatives to payday and installment loans
Payday and installment loans can be quite predatory and come with high interest rates. A typical $375 payday loan can come with $520 in fees due to repeat borrowing, according to a study by the St. Louis Federal Reserve. If you prefer to avoid cash advance apps altogether in addition to payday loans, consider these cash advance app alternatives:
1. Consider a loan from the National Credit Union Administration (NCUA)
These loans, called PAL, are regulated by the National Credit Union Administration (NCUA). They are usually generally a low-cost borrowing option for those with a steady income and a debt-to-income ratio under 50%.
2. Secure an advance from your credit card
You can withdraw money from your credit card account. The average credit card rate is around 15%, but intro periods can be 0% for a limited time. This option is best for people who already have a credit card and haven’t maxed out their limit. One card to consider is the Discover it® Cash Back card, which offers 0% intro APR for up to 14 months and has a cash advance fee of 5% of the amount advanced or $10, whichever is the larger amount.
3. Ask your employer
If you need funds fast, ask if your employer offers paycheck cash advances. Some employers use apps such as Even or DailyPay, which let you grab larger portions of your paycheck ahead of time.
4. Apply for personal loans
Personal loans are unsecured loans that can be used for a variety of purposes, including emergency expenses. They typically have lower interest rates than payday loans and cash advance apps. Lenders such as Avant, OneMain Financial and Upstart work with borrowers who have lower credit scores and cap rates at 36% APR. You can use these loans for debt consolidation, home improvement and emergencies.
5. Ask your loved ones
Borrowing from friends or family can be a low-cost alternative to cash advance apps. Make sure to have a clear repayment plan in place to avoid creating tension in relationships.
Dhara Singh was a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances.
Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely.
Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University. See full bio
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