Best loan apps for cash advances and overdraft protection in August 2022 – Forbes Advisor
Cash advance apps can provide quick access to money when you need it, but they usually come with high fees and interest rates, which can make them expensive in the long run. Consider these cash advance alternatives first:
Small personal loans
Unlike cash advances, small personal loans start around $1,000 to $2,000 and don’t require repayment as quickly. Instead, terms are often available for 24 months or more, and APRs start around 4% for borrowers with good credit.
Related: Best Small Personal Loans
Loans to credit unions
Personal loans from credit unions offer a less expensive alternative to cash advances, but with lower loan amounts, usually around $250 or more. Credit unions are non-profit organizations, so they generally offer lower rates and more favorable terms to borrowers. But keep in mind that you will need to become a member of the credit union to take out a loan.
If this is an option, a family loan can be a good alternative to a cash advance. It is simply a loan that you borrow from a trusted family member or friend. The interest rate will likely be lower and you will have more flexibility with repayment terms. That said, you need to create a repayment plan so you don’t strain your relationship.