Brigit has an option to notify you if your account balance is running low, so you can request an advance if you need it. You can also set up automated advances to receive a transfer anytime your account balance is in danger of dropping below zero to avoid bank overdraft fees. However, this perk comes with a $10 monthly fee.
7. MoneyLion
MoneyLion continues to slip down the rankings because they continually increase their prices to access advanced features. MoneyLion does have a free option, but the benefits are limited. With the free membership you receive:
- Zero Fee Checking
- Zero Fee Managed Investing
- Free Credit Monitoring
- Free Fraud Protection
- Cash Back Rewards
The paid option of the app is called the MoneyLion Plus membership. You receive all the features mentioned above, plus an additional benefit of a low-interest credit builder loan.
These credit builder loans are set up, so you are protected from going further into debt because you only borrow the money you can pay back. You can borrow up to $500 with instant approval and pay it back over a set period. Also, the 5.99% APR isn’t very high considering the payday loan company rival rates.
8. FlexWage
Flexwage utilizes the more familiar debit card option as a way to access your money. The debit card essentially replaces the traditional paycheck and allows you to add or take money from the account. With the debit card option, you no longer need to withdraw cash from a machine to make purchases. The FlexWage debit card makes accessing your money much more convenient.
My favorite option about FlexWage is the FlexPay option. I was a server in a restaurant for many years, and I would have a stack of cash at the end of the night. Tips were paid in cash, and it was often difficult to manage that type of income without it burning a hole in my pocket. Continue reading “MoneyLion is one of the more well-known payday advance apps on the market”