Are you having trouble keeping your head above water with all of those bills? Well, if you think now things are tough, things won’t look so good for the future either, as studies from the National Financial Well-Being Survey have shown that 40% of American adults are going to have major financial problems. It’s a statistic that is scary; scary enough to lead to the rise of payday loans. Being an increasingly popular trend, payday loans are a way of getting quick financial relief to get you by until you get your next salary. Without a doubt, it is definitely useful, but if you don’t know how to properly handle these types of loans, they’ll come back to haunt you because of high interest rates.
But worry not, as technology has made a viable solution for managing your personal finances in a user-friendly way. With the rapid expansion of the cell phone app market, the advent of paycheck advance apps has created unlimited possibilities for the end-user, including giving him/her access to their salary before it is due. Now, you have the opportunity to enjoy some of your money before you even receive it.
What Makes These Apps Tick?
It wouldn’t be crazy to say that these apps will allow you to live in the future. As a matter of fact, let’s go a step further and call it a type of financial time travel. How? Well, imagine one day it’s the 20th of May and you’re not expecting your salary until the 1st of June. And then all of sudden you can get $200 dollars from your salary, even though you are not due to receive it until ten days later. That’s the possibility that paycheck advance apps create. These apps can get you paycheck advances without interest, just as payday loans do.
But don’t use this app as a way of developing bad habits. First, you should know that you are not being given free money. In the end, you are getting a part of your salary a little earlier than its due date, so don’t be surprised if your paycheck is lower than it usually is on payday. In this case, you will still have to budget yourself just as strictly as you did before because you are not getting any extra money. All the app does is it takes money from salary in advance.
Recommended Payday Advance Apps
The market is flooded with payday advance apps, but only a few unique apps have extra options that you can use to further enhance your financial situation. Some of these extra features include online investing/banking and shopping.
If what you want is endless possibilities, then the MoneyLion app is what you are looking for. This app doesn’t get you just a paycheck advance on your salary, but it also has a range of different functions that will help you take control of your personal finances, such as cash advances, credit builder loans, automated investing, mobile banking, credit builder. You’ll also get to enlighten yourself by reading blog posts about the latest financial updates and news.
Are There Alternatives?
As amazing as payday advance apps may be, they do have their limits. The best of them can only get you a paycheck advance of $250 off of your salary, which in many cases would be insufficient to pay some of the hefty bills that you would need to pay. There are alternatives that you can look into such as personal loan options. Fortunately, there are plenty of ways through which you can secure a personal loan, such as with lenders, banks, and credit unions. Requirements may vary depending on the type of the loan and its lender, but the good news is that even if your credit score is not good you still might be approved for the loan.