Whether you need a $50 loan fast app to pay for petrol or just to put food on the table, you should probably give it some thought.
Instant loan apps are preferable to payday loans because they give you almost immediate access to the money you need, and many of them don’t charge interest or have other hidden costs.
Understanding where to look for $50 loan may be challenging. Is a $50 loan the greatest option for you, or would using $50 in immediate cash from loan-finding websites be a better financial move?
What Are Apps For $50 Instant Loans?
Instant lending apps assist in filling the time between paychecks. Cash advance applications could be useful if you experience an unexpected emergency and lack the means to deal with it. With a 50 loan fast app, most people don’t have a problem with the fact that most cash advances are short-term.
Some of the top rapid money applications give you early access to your earned money in addition to a loan to cover you between paychecks. In other words, they track your wages and deliver them to you prior to payday by collaborating with your company. The majority of rapid lending apps demand you to pay back the loan with your next salary, making them extremely short-term. Think of them as payday loans with no hefty fees.
This does not preclude a money-lending app from charging fees, either. Always read the small print to determine the fees associated with a payday loan.
Legit $50 Quick Loan Apps
Consider downloading these loan apps the next time you’re strapped for cash.
1. Possible Financing
If you need to borrow up to $500, consider Possible Financing App. When you borrow money through this program, you can pay the balance in four installments. Worried about late fees or fines? They are not available with Possible Financing. However, it is strongly recommended to pay on time. Once you have paid off your debt, you can use the Possible Card. You can extend your credit up to $800 with the eligible card.
Loan Amount: $50 to $500
Fees: Varies by state, approximately $15 to $25 per $100 borrowed.
Lenme is an ideal $50 loan instant app for investors and borrowers. Investors can borrow money without having to worry about managing a team or paying overhead, and borrowers can access their loans on their phones.
An investor reviews a potential borrower’s account to determine their creditworthiness. After approval, the borrower receives the loan within 8 hours.
This P2P (peer-to-peer) lending application gives you repayment terms of one to 12 months, depending on the amount you borrow.
Loan Amount: $50-$5,000
3. Speedy Cash
Speedy Cash offers three ways to get a loan: by phone, online or in person. Some of the types of loans it offers are online loans, cash advance loans and installment loans. To get started, you must provide your bank details, official ID and proof of income.
Speedy Cash complies with applicable federal, state and local laws and regulations. This app makes sure the i’s are dotted and the t’s are crossed so you don’t have to.
Loan Amount: $50-$26,000
MoneyLion users get their paychecks up to two days early. You can get instant cash loans from $25 to $250 and pay no monthly fees. You can use your bank account for direct payments or switch your deposit to another account and get access to up to $300. It only takes 12 to 8 hours to receive funds from MoneyLion, unless you want your funds sent to an external account, which usually takes three to five business days. If you need money immediately, you can pay a fee that depends on the amount you want and where it goes.
Loan Amount: $25-$250
Fees: $0 per month for Basic membership, $19.99 per month for Credit Builder Plus.
Chime is a fintech program that offers a “spend account” or checking account. You don’t need a certain balance and there are no fees. When you open a Spend account, you also get access to Chime’s SpotMe instant loan.
You need at least one direct deposit of $200 to be eligible. You will then fill out an application and this information will be used to determine your eligibility. They don’t do a credit check, they use other means to determine if you qualify.
SpotMe has no fees, but is only available to those with a Chime Checking account. When you transfer to your account, Chime checks the money for you. Initially, cash advances are limited to $20. Chime may increase your limits based on your spending habits, bank account history and other factors.
Loan Amount: $20-$200
Fees: No Fees
The Final Take
$50 Quick Loan App is a great alternative to a cheap payday loan, but it’s important to find the right app for your financial situation.
Make sure it’s user-friendly and has flexible approval instructions, because you don’t want to go through the entire application to borrow a small amount. Pay attention to the fees and terms and conditions, and remember that most of these applications require users to repay the loan on the next payday. And finally, make sure you find an app that pays you fast, because you really don’t want to wait long for your money if you’re tight.
August 31, 2023
A Chartered Financial Analyst (CFA)