Looking for the best personal loan apps out there? This article shows you many of these apps and why you must use them.
Believe it or not, getting a personal loan doesn’t have to be as tough as you think.
In many cases the reason why some people struggle is because they are afraid to go to a conventional lender.
We understand the process can be intimidating, so why not use an app instead?
Think about it, the process of apply for a conventional loan through conventional sources is time consuming.
You usually have to pay application fees and what’s worse is you can go through all of this and get turned down.
You’re too high a risk in most cases.
Personal loan apps make it easy for you to apply for loan.
There’s no intimidation due to a complicated application process.
Approval usually only takes minutes and you can apply anywhere on your phone or tablet.
You can get access to as little as a few hundred dollars to tens of thousands of dollars.
15 Of The Best Personal Loan Apps You Must Be Using and Exactly Why
What we’ve done is put together 15 different personal loan apps you should take a look at.
Just understand that not all of these are the same in nature.
Some of them are strictly about lending money, while others work more as cash advance sources (not payday loans).
There’s one instant payday loans option mentioned, but we mentioned them only because they do offer conventional installment loans.
We’ve also included a couple of what are called “Peer to Peer” lending apps we think you’ll find quite interesting if you haven’t heard of this option or haven’t considered it before.
We urge you to not be closed minded as far as using any of these apps go.
Now without further waiting here’s the list of 15 personal loan apps you should consider and some good reasons to consider them:
1. MoneyLion App
If you’re looking for a personal loan app you could qualify as being amazing, then this app is for you.
For starters it allows you to get the money you need at an APR of only 6%.
Not only this, but you’ll be able to use the app in order to help get your credit score up and get your overall financial situation in better order.
If you know anything about credit management, it starts with knowing your credit score, so this comes handy for sure.
In order to gain access to the loan service, then you need to sign up for the Plus option.
This option is free as long as a user makes sure to log into MoneyLion daily.
The signup process only takes about 5 minutes.
You can get loans for up to $500 and you can take out loans multiple times a year with it.
This means you can get 1000 dollars fast, thanks to this app.
2. Dave App
Sometimes you don’t need a person loan for a large amount or not even for a few hundred dollars, right?
You might just need the ability to get access to little under a hundred in order to protect you from things such as overdraft fees.
With the Dave app you can borrow up to $75 out of your next paycheck and use it for any purpose you need without waiting for, say, the cash back apps you are using to get some extra money.
The money is interest free and you don’t have to worry about any credit checks being ran on you in order to qualify.
On the downside it’s not a free app, you’ll have to pay $1 a month in order to use it.
3. Avant App
If you’re the type of person who puts more trust into something because it’s big, then Avant is perfect for you.
It’s one of the biggest companies in terms of giving out online loans in the United States.
The main focus seems to be on people who don’t have very high credit scores.
Plus, they tend to have higher overall loan maximums as well.
You can borrow anywhere from $2,000 and $35,000.
Your credit score only has to be about 580 and you’ll need to earn at least $20,000 a year.
With this company you don’t have to even look for unsecured bad credit loans, if you qualify.
You’ll be making payments monthly with these and the terms range from 2 years to 5 years.
When you get approved you’ll have access to the cash the following day and the terms are flexible.
4. Prosper App
What you’re getting with Prosper is Peer to Peer lending and you’re getting access to one of the largest players in the game in this regard.
What the app does is take those who need money and it connects them with people who are willing to lend it to them.
What this means is you have the chance to be an investor and not just a borrower should you so choose.
Since this is all online based, it’s definitely a good way to make money online, if you have money to invest.
Understand that this option might not be for everyone though, because you’ll typically need to have a good credit score on top of having an above average income.
The loan amounts are pretty good though ranging from $2,000 and $35,000.
The way it’s determined is you will be approved for a loan varies.
Credit is one factor, but debt to income is also considered as well as a plethora of other indicators typically used by investors in order to determine if you’re a good risk.
In terms of the payment schedules they aren’t really flexible and late fees for late payments do apply.
5. LendingClub App
LendingClub is one of the biggest online loan places out there.
The loan amounts you can get access to are rather large, similar to the previous two apps we mentioned if not a bit higher.
The loan duration is long as well, going all the way up to about 5 years.
Your credit score is checked with this option and on top of this it’s going to be looked at whether or not you owe money to any other lenders.
In some cases you’ll be asked about getting a co-signer.
6. LendUp App
The one negative about LendUp is that they’re an online payday loan provider.
The good thing about them is that the loan amounts you can get are versatile, with there being some really small amounts available.
The cost of these loans can be on the pricey side though, but they can come in handy if you’re simply in need of some emergency funds before you get paid again.
The loan duration is for only a few months and unlike other loan companies the APR is pretty high, being double digits and in some cases triple digits.
It’s going to come down to where you live and how much is needed.
As far as the approval process is concerned your credit rating is looked at, but it’s not really important.
7. Credy App
When you’re applying for a personal loan online you want to get the money fast and hassle free right?
Well that’s what you get with the Credy App.
It’s like getting easy cash with this app as the approval process is easy and the customer service is impeccable.
You can get access to a variety of different loans here for different purposes whether it be to pay for your kids’ schooling, medical needs or even to help with refinancing of a credit card debt.
By the way, talking about paying for your kids, there are now kids debit cards you can get to help them start managing their money better.
Using this Credy app is a very good way to get the money you need quickly as the approval is fast. The mobile app can be used in order to track the progress of your loan application, repayment information and more.
8. MoneyKey App
With the MoneyKey app you’ll be able to get funds for different expenses and emergencies easily.
Whether you have residual income or not, this app enables you to apply for the money you need and then manage things using either your phone or a tablet.
You’ll have to create an account in order to submit an application for a loan.
9. Branch App
The Branch App makes it quite simple for you to get access to the loan you need based on different factors, anytime you need it.
You can sign up for an account in a matter of seconds and be applying for a loan right away.
This is a good way to get money fast because if approved you’ll get the money deposited directly into your account.
The service is designed to be quick, convenient to use and trustworthy.
The only negative is that the application isn’t available to US residents.
Also See: How To Make Money With Paypal.
The best thing about PockBox is that it enables you to borrow the money you might need in a matter of minutes.
The application is designed to be very easy to use as well.
There’s an approval process you have to go through, but don’t worry because it’s really short.
During this process you’ll get asked several questions.
You can borrow money in amounts ranging from $100 and $2,500.
In terms of what the loan you get will cost you, this is going to come down to the amount you take and the duration of the loan.
Even though this is certainly one of the apps that pay you money, you don’t even have to use the app if you don’t want to.
Anything you need to do on the app can also be done using your web browser.
11. Solo Funds App
With the Solo Funds app you’ll be able to borrow money as well as lend it from anywhere in the country you want.
This is a large online community that focuses on peer to peer lending in order to help people who are in need.
You can decide to be an investor or you can borrow.
It’s completely different from normal online shopping apps as this does no involve buying anything.
The loans offered are more than affordable and you can decide whether or not to accept the terms.
The signup process only takes about a few minutes.
You can borrow as much as $1,000.
The service is designed to be very safe and secure to use.
There’s plenty of support offered, plus you can get help in order to get your financial life in order.
Also See: How To Get Paid To Take Pictures… and many of the websites that really pay.
12. Kabbage App
If you’re a small business and you need access to emergency funds, then Kabbage is the app you need.
By using this mobile app you can quickly and easily apply for funds or a line or credit as high as $250,000.
Whether you are a man or woman who has come up with one of the best business ideas for women, you can get the funds you need for that brilliant business idea.
You’ll be able to utilize these funds however you need them in order to help with your business. Now there are conditions.
Kabbage is going to take a look at the performances of your business on top of credit score in order to quickly decide your risk level.
It doesn’t cost anything to apply though and costs are nonexistent until you need to use the money.
The terms are easy to understand and payment schedules can be easily reviewed through the app.
Also See: What Is A Notary… and how to make money as a one!
13. Earnin App
If you aren’t a fan of using payday loans, but you want an app that will enable you to utilize your work earnings now, then why not try Earnin?
Earnin is an app that enables you to get access to your work money at the end of the day, without the need to wait for your next payday.
All you have to do in order to utilize the app is inform them where you work, connect a bank account and that’s all.
Even if you are engaged in online jobs, this can work for you as long as you have funds coming in from your job.
After you do this you’ll be able to start withdrawing as much as $100 each day from your paycheck.
It’s easy and you don’t have to provide a social security number, there’s no credit check and no other personal information needed.
14. SoFi App
With the SoFi app you’ll be able to not only borrow money, but invest using the app as well.
It’s definitely one of the best investment apps out there and goes a lot more than just helping with personal loans.
SoFi makes it easy for you to save money too.
If you struggle with finance because understanding it is a hassle, then this app will clear things up for you.
There’s a wide range of services offered with this app that can make it the only financial app you need to use for saving, borrowing and investing.
15. PayActiv App
PayActive is an app that enables you to free yourself from ever thinking about using a payday lender again.
You won’t have to wait for your paycheck with this app.
You’ll have the ability to access about half of your paycheck or money you’ve already earned, but haven’t gotten paid yet.
This is a really one of the most creative ways to get money when you need it, without all the stress that come with payday loans.
On top of all of this PayActive offers different services such as bill pay and different tools to enable you to get your financial life in order.
As you can see, there are indeed many awesome personal loan apps out there that can help you get access to much needed funds.
Of course many of them come with their different terms and conditions so make sure you take time to check these before making any decision.
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