Having quick and easy access to money is a big deal for rideshare drivers and other gig workers, but traditional cash advance options don’t offer much for us.
With technology and the economy constantly evolving, cash advance companies are, too. RSG contributor Chonce Maddox-Rhea weighs the pros and cons of the best cash advance apps for gig workers.
Cash Advance
There aren’t many jobs where you can get instant access to cash, but that’s one of the things people love about the gig economy. They help you get cash fast when you get in a bind.
Maybe your car is in for unexpected expenses for repairs, or you have medical bills that you need extra cash to cover. In times like those, you may want or need a cash advance.
Traditional payday loans and similar cash advances can have a high-interest rate. Plus, it can be challenging to qualify for these loans due to the unexpected nature of your income.
Luckily, plenty of interest-free or low-fee cash advance apps for gig workers are geared directly toward people like Uber, Lyft, or DoorDash drivers, Instacart shoppers, and more.
The underlying technology that many of these companies use is Argyle (except for Giggle), which allows them to sync up your gig accounts and see your earnings history and more.
This gives the cash advance companies the confidence to loan you money. So I’d expect to see a lot more offerings like this in the future.
7 Best Cash Advance Apps for Gig Workers
Here are the best cash advance apps gig workers can start using today:
1. Empower.me
Empower is a personal finance app that offers cash advances up to $250. They don’t require a credit check and don’t charge interest or late fees. This year alone they’ve advanced over $1.5 billion.
Empower isn’t specifically for rideshare drivers, anyone can use it, but it offers such robust features that it made our list of the best cash advance apps for Uber and Lyft drivers.
In addition to the cash advance you can get in as little as five minutes after downloading the app, Empower.me offers auto savings to help you save without thinking, credit monitoring, and spend tracking.
It’s like having a personal finance assistant in your pocket and since rideshare drivers are responsible for all their own expenses, Empower.me can help keep your spending in track, while sliding money over to savings each time you have a little extra.
Like most cash advance apps, you pay your loan back with your next ‘paycheck,’ however, please note that there is an $8 monthly fee that gives you access to all the other features Empower offers, plus the no-fee cash advances.
Pros:
- Funds cash advances fast
- Offers budgeting and saving features
- Doesn’t charge interest or late fees
Cons:
- The amount of the maximum advance is low
- Doesn’t give notice before withdrawing
2. Dave
Dave is your financial friend that will advance up to $500 to your Dave Spend account when you need it. Unlike some of the other cash advance apps in our list, Dave doesn’t look at your income, but instead, links to your bank account to analyze how much cash advance you can afford.
Like other apps on our list, there’s no credit check. You can have the funds transferred instantly for a small fee, or wait for a standard transfer which can take a few business days. Dave doesn’t charge interest or late fees, and you choose your repayment date, which is usually your next payday, but since rideshare drivers don’t have paydays, it’s usually the Friday closest to when you take the advance.
The Dave app has a $1 monthly fee that you must pay regardless of whether you take a cash advance, and you have the option to leave a tip if you take a cash advance to help keep the funds flowing.
All Dave Spend accounts come with a Dave debit Mastercard® that could earn you up to 15% cashback when shopping. You may also earn 4.0% APY on any balance in your Dave Spend account and use their robust budgeting feature to stay on top of your spending.
A final feature gig workers enjoy is the Side Hustle feature that helps match you with side hustles when you need money to help you avoid needing a cash advance. Dave has a long list of available side hustles that pay as much as $37/hour.
Pros:
- Doesn’t charge interest or late fees
- Doesn’t require a credit check
- Opportunities to find more side gigs
Cons:
- Must pay a monthly fee even if you don’t use it
- The repayment period may be short
3. Ualett
Ualett is a cash advance app for rideshare and delivery drivers, helping rideshare drivers access future receivables with funding in as little as 24 business hours after approval. Ualett has 85,000 users nationwide and offers a robust loyalty and benefits program for repeat clients.
The application process is simple. Rideshare and delivery drivers can download the Ualett app and create a profile; the AI system does the rest. The approval process happens quickly, letting rideshare drivers know what percentage of their future receivables they can obtain with a cash advance from Ualett.
Ualett charges a flat fee, so drivers don’t have to worry about interest charges. They also offer flexible repayment terms so rideshare drivers can access their future receivables on terms they can afford.
Pros:
- Offers robust customer support with many options, including phone, email, and live chat
- No credit pull or Social Security number required
Cons:
- Rideshare drivers can only join via invitation
Learn More: Ualett Review 2024
4. Giggle
Giggle provides fast and transparent financing for Uber and Lyft drivers in need of money quickly. There are no credit score requirements to apply. Instead, you can receive an advance by selling a portion of your future sales before your next payday.
You can borrow up to $5,000, and the payments for the advance are automatically deducted from your earnings account, as well as a small service fee.
Giggle has a quick and easy application process, and if you’re approved, the money could make it to your checking account in just minutes. The only requirement for self-employed individuals is that you should have been working for at least three months by the time you apply.
Pros:
- Instant cash advance up to $5,000
- No credit check required
Cons:
- Charges varying fees for advances
5. Lean
WithLean.com offers a cash advance of up to $1,000 for gig workers, but you can only apply through their partnered platforms. The company has announced a partnership with Rapidus so far and has many more to come – so keep an eye out.
Once you’re working for a partner platform, though, you’d apply for and then connect to a Lean ‘digital wallet’.
This allows Lean to deliver your payment to your bank account immediately after completing a job. There are no extra fees to use Lean, and you’ll get paid even faster.
The company has raised more than $10.1 million and is backed by world-class investors (including our own Harry Campbell, who’s also an advisor).
While you can’t sign up for Lean directly, it’s likely that you will be driving or delivering for a partner soon and can sign up through the platform that way.
Pros:
- Instant cash advance up to $1,000
- No fees of any kind
Cons:
- Have to sign up through a partner
6. Moves
Moves is a banking app designed specifically for gig workers that helps you track your earnings and get a cash advance of up to $2,000.
How it works is you download the app, and then connect the different platforms you work for to track your earnings. After receiving deposits from your platforms, Moves will calculate how much you may qualify for if you need a cash advance. As you continue banking with Moves, you’ll be able to get larger and larger cash advances.
Moves support 20+ different rideshare and gig apps.
You’ll pay one flat fee for your cash advance, and a percentage of each gig deposit made to your account goes toward your repayment. You can also pay back your cash advance early if you wish.
Pros:
- Quick cash advance (receive your funds instantly) up to $2,000
- You set the repayment terms: the faster you pay back, the smaller the fee
- Partners with many popular rideshare, delivery, and gig worker apps
- No credit checks required
Cons:
- Additional driver support in the form of a mileage tracker would be helpful
7. Belay
Belay is an app that partners with Uber, and Lyft to guarantee your hourly rate. To use it, you connect the platform you’re working on, and Belay will calculate the highest wage it can guarantee based on your chosen schedule.
If you earn less than the guarantee for your pay period, Belay pays you the difference. If you earn more, you’ll be charged a tax-deductible 4% fee that goes toward supporting the service.
As long as you’re active and making an effort to accept trips, if you don’t make Belay’s earning guarantee, they will top off your bank account with the appropriate amount as soon as you finish your driving session.
This app could be helpful if you’re looking to earn a more stable and expected income from rideshare driving or are currently struggling to earn a desired hourly rate. It can also act as your cash advance backup.
Pros:
- Guaranteed hourly rate
- Works with Uber and Lyft
- No fees for Belay to pay you a guaranteed hourly rate
Cons:
- Can be charged a 4% fee if you exceed the hourly rate
- No larger cash advance amounts are available
BONUS: Solo
While Solo doesn’t offer cash advances, it does get an honorable mention from RSG! Solo offers gig workers, like Uber drivers and DoorDashers, the ability to optimize their time and generate a guaranteed daily income. Harry is such a fan of this company that he came on as an advisor for them recently.
Solo will work to crunch the numbers on how much you earn hourly for all of the gig jobs you work. If you earn less than the course of your daily schedule, they’ll pay you the difference. This helps to keep your earnings steady weekly, no matter what happens during your gig worker week.
As Bryce Bennett, Solo co-founder, and CEO said recently in GeekWire,
We’ve always felt that the deck is kind of stacked against gig workers. They don’t have a lot of tools or information to actually be effective or efficient with their time. It’s kind of a guessing game.
The whole idea of Solo is to help gig workers better understand when, where, and which gig platform to work for across the various platforms.
Let’s say you drive for Uber, Lyft, and DoorDash and occasionally pet sit with Rover. Solo can help you determine which app you earn the most with over a given period of time, helping you take the guesswork out of your earnings.
Frequently Asked Questions
Can gig workers get loans?
Gig workers with a 1099 can access mortgages, car loans, and personal loans as long as they meet the lender’s requirements and provide proof of income. Gig workers can avoid high-interest payday loans by registering for a financial platform specializing in low-fee advances for gig workers.
What apps give you cash advances instantly?
Giggle and Lean provide instant cash advances by direct deposit to gig workers who meet their eligibility requirements. Some cash advance apps take 1-2 days to approve your application and deposit your funds.
Who should use a cash advance app?
A cash advance app could be a good fit if you meet these criteria:
- You’re a freelancer or gig worker
- Your paycheck timing doesn’t line up with your scheduled bills
- You want to avoid overdraft fees and don’t have overdraft protection
- You don’t mind paying a small fee to get paid before your next paycheck
- A bad credit score might keep you from qualifying for a loan
How can I find the best cash advance app for freelancers?
Take these steps to choose the best cash advance app to sign up for:
- Read customer reviews
- Take note of cash advance limits
- Avoid apps with high interest or fees
- Look into repayment requirements
- See how long the approval and transfer times are
- Look for extra features like budgeting tools
Are cash advances the same as payday loans?
Similar to payday lenders, cash advance apps let you borrow money fast without a credit check. But cash advance apps offer advances of your own money rather than short-term loans. They’re also less expensive and more flexible.
What are alternatives to cash advance apps?
Cash advance apps are a great asset for gig drivers who might have inconsistent earnings, and they come in handy when unexpected expenses occur.
Alternatively, look into a checking account and debit card with overdraft coverage, consider a credit-builder credit card for improving your score and work on building up an emergency fund in your savings account.
Should You Use Cash Advance Apps for Gig Workers?
As you can see, this is a perfect time to be a rideshare driver or gig worker. If you work for a delivery service like Amazon, Lyft, or Doordash, there is no shortage of legitimate low-fee cash advance options for 1099 workers.
However, since these apps and the concept of giving gig workers cash advances are so new, we’re doing our due diligence to gather information and learn as much as possible about these personal finance apps with cash advance features.
It is great to see that there are becoming more options for gig workers so we can get more of the same advantages as W-2 employees.
Since most of these apps are free, there’s little reason to avoid simply signing up just in case you ever need a quick cash advance. Compare each option’s benefits and drawbacks to see which works best for you.
