Finding loan apps with low interest rates in the United States just became easier. As humans, we will always have bills to pay, needs to meet, and wants to satisfy. With the rising cost of living and economic crashes, it is increasingly becoming difficult to meet our needs with our salaries, hence the need to compensate with loans and some goodwill purchases.
However, some of these loan companies have cutthroat rates and their payback periods are very low. To make issues worse, some of their sign-up processes are tedious and demanding. So we have taken the time to find the best loan apps with low interest rates for you in the United States. We hope you browse through them, find the most suitable option, and sign up.
5 Best loan apps with easy signups, low interest rates, and high payback periods
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Brigit is a loan app in the U.S. that allows you to get a loan before your next salary is due. It helps you manage your finances, and budgets and grants you loans easily before your next paycheck. To be able to get a loan on Brigit, you have to submit an active checking account. This checking account must be active and have a history of 60 days or more.
Bear in mind though, that your checking account must have a tangible balance with at least three direct deposits from your employer(s). After setting up your account, you can make requests for funds up to $250 and this is based on your income. The higher your monthly income, the higher your chances of requesting higher payouts. Brigit also has other features like short-term loan transfer when it notices you are running low on cash.
To add to the functionality of the app, it also helps you suggest a side hustle to help boost your monthly income and talk about a combo deal. Even though the Brigit basic membership is free, you must upgrade to enjoy the premium features like advance loan request at any time, which costs $9.99.
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This loan app has been dubbed one of the best loan apps in the United States with low interest rate. It provides financial freedom to those who live on paychecks by helping them obtain loans easily. Employees with functional bank accounts can easily obtain loans from this app. To get a loan, all you have to do is install the app and register with it following a few easy steps. They will require you to input your bank details, this is to verify the details you submitted and to take note of when you usually receive your monthly pay.
The app takes account of how much you are paid hourly, by using your phone’s GPS. If you choose to, you can go ahead and upload your timesheet to the app so it can generate accurate information on the hours you work daily. You can also withdraw money from the app based on how many hours you have worked for months before you receive your paycheck.
When your salary finally arrives, Earnin will automatically debit the amount you borrowed. A good thing about Earnin is the absence of fees or interest rates. For beginners, you can borrow up to $100. However, as you continue to make use of the app, the amount you get to borrow also increases.
MoneyLion is a loan app in the United States that provides you with advance funds before your payday arrives. The app helps you borrow little but helpful loans within the months. With a MoneyLion account, you get to enjoy the instant cash feature of the app, where you can request loans of up to $250 or higher depending on your monthly income and eligibility. What’s the good news? There is no interest or fees attached!
Also with the app, you don’t need to pay a monthly fee like loan apps, however, you will be charged for the instant cash transfer fee. You can also avoid this fee by waiting patiently for the funds to arrive in a few days. The MoneyLion loan app also has other amazing features you need to try out.
Dave is a very simple and powerful app that helps with borrowing funds before your next payday. This app tries to protect its members from bank overdrafts by providing them with needed cash in advance. The Dave app also provides its members with insightful financial tips.
It helps you keep track of your monthly expenses. After borrowing from the app, it automatically debits the amount from your paycheck when it drops. The app also comes with features like suggesting side hustles that will increase your monthly income and prevent you from overborrowing.
The app, however, is only partially free. To get other features, you have to install it and pay a certain small fee. But nonetheless, it is one of the best loan apps in the United States.
5. Chime app
The Chime app is an app that helps you receive your paychecks two days before payday. It is an affiliate of the Chime Spending Service. A good feature of the app is that it helps you monitor and keep track of all the transactions you make. In case of fraudulent activity, you can quickly disable your card with a click, yes it’s that easy.
You can apply for a loan of up to $100 on the Chime app and it will be automatically debited when you are paid. The best part of the app is that is free to use, and you also get to enjoy other free features on the app.
Which Loan App is Best in the United States?
With the many lists of loan apps in the USA, it’s no surprise that you are looking for the best of the best. We, however, cannot categorically tell you which is best above the host of others, but we can go ahead and make recommendations based on your current situation:
· Overall best: Earnin
· Best for low fees: Dave
· Best for low fees: Brigit
· Best suited for online services: MoneyLion
· Best for overdraft protection: Chime.
This is where you get to make your selection based on your peculiar needs. We hope this helps you solve your financial burdens.
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Loan apps are not a quick fix to your financial problems, they can, however, help you lighten the burden till your next paycheck, or until you find a rewarding side hustle. In the US alone, there are hundreds if not thousands of loan apps and companies promising to give you the best. Ensure to also do due diligence and run a background check on them before applying.
Are loan apps legal? A 100 and 10% yes, however, you must look between the lines to ensure they are not charging you secret fees. Our advice is you stick to our list and a select few. We can’t wait to hear you are thriving financially. All the best!