Best Apps for Borrowing Money in 2021

Borrowing Money in 2021

In an ideal world, you wouldn’t have to owe money to anyone. Unfortunately, in the current debt-based economy and amidst the global recession that has befallen us in recent times, many middle-class individuals are compelled to opt for personal loans to make it through the end of the month. The good news is that thanks to the development of mobile technology, you’re able to borrow money without even having to enter a physical branch or office, from the comfort of your own smartphone.

Below, we’ll disclose 6 apps that you can install on your phone to borrow money:


Earning keeps track of your working time with the help of a timesheet or through location tracking. Thus, it’s able to calculate an estimated amount for your next pay-check, which will be offered to you in advance. It doesn’t charge any fees or interests, it simply asks for a voluntary tip, capped at $14. There is an optional overdraft protection feature that charges a recurring fee of $1.50. The initial withdrawal limit is 100$ per pay period, which may increase to a maximum of $500 depending on how long you’ve used the app and your general performance.

To be eligible, you must be paid consistently on a weekly, biweekly, semi-monthly, or monthly basis, receive more than 50% of the money on a single checking account, and have a fixed workplace or a timesheet in which you can register your working hours.


Branch provides fee-free checking accounts, debit cards, and cash withdrawals at around 40,000 different locations. The cash advance limits depend on your account’s direct deposit history and the difference between what you earn vs. what you’re paid. Moreover, Branch increases your withdrawal limits over time, depending on your repayment habits.

To use the app, you need to receive direct payments from your employer for at least 2 months to the linked bank account, and the minimum amount should be $40.


Now Loan is currently only available in the UK but is based on some interesting loan matching technology that will no doubt be rolled out worldwide in the coming years. With Now Loan you can complete a basic 2-minute application quote form and find the cheapest lenders wanting to borrow to you based on your basic details.

One of the most notable features of this service is that no credit check will be performed when you apply for your loan quote. They also boast super quick payouts in as little as 15 minutes.


Dave offers advances up to $100 for a monthly membership fee of $1. It doesn’t require a prior credit check, but you should receive constant pay-checks through direct deposits and you must demonstrate that you have the solvency to repay the advance once you receive the next pay-check. For an extra fee, you have access to loans on the same day you request them by activating the express funding option.


MoneyLion doesn’t require a credit check and functions as a mobile banking account with auto-investing features and the option to receive a credit-builder loan (this last feature requires a paid monthly membership). It’s basically a suite of financial services accessible through your mobile phone. It doesn’t charge any fee for cash advances and only asks for voluntary tips.

As for the loan amount, it will be determined by the activity of the checking account you linked. You can get more than $250 if you become a MoneyLion checking account holder.


Chime offers checking and savings account and you can receive advance pay-checks 2 days earlier than what traditional banks allow. Also, its SpotMe feature enables overdrawing for up to $200 without charging any fee (although it asks for an optional tip) and it applies your next deposit directly to your negative balance. You need to receive a qualifying direct deposit of $200 or more to unroll in this plan.

About Carson Derrow

My name is Carson Derrow I'm an entrepreneur, professional blogger, and marketer from Arkansas. I've been writing for startups and small businesses since 2012. I share the latest business news, tools, resources, and marketing tips to help startups and small businesses to grow their business.