Plaid is a fintech company that aids communication between financial services apps, users’ banks, and credit card providers. Plaid protects users’ information and keeps users’ login information private when carrying out a transaction with their bank app.
This best-in-class encryption protocol offered by plaid coupled with high bank-level standards security is why tons of cash advance apps and banking providers like chime make use of the services of plaid for encrypting all of your information and use Plaid to link your bank account.
What Cash Advance Apps Use Plaid?
Known for high-end bank details, security is why a lot of cash advance apps use plaid. There are the best cash advance apps out there that use plaid; dave, moneylion, earnin, Brigit, klover, possible finance just a few to mention.
How To Connect Banks on Cash Advance Apps With Plaid?
List Of Cash Advance Apps That Use Plaid.
This section is a detailed look into the collection of cash advance apps that use plaid for bank and credit card connectivity.
1. Dave
Dave is a cash advance app that uses third-party service providers, such as Plaid Inc to provide top-level security to its users. On the dave, users can get a cash advance from their earned paycheck to cover small expenses and can borrow up to $250 before their next payday with zero interest.
When you use Dave, you avoid incurring overdraft fees, and instead of interest, Dave asks for a tip, which is optional, and it charges a $1 monthly fee, which is lower than its competitors.
Another intriguing aspect is that Dave does not run a credit check before accepting, but it does assist you in building your credit score correctly. (Read more on apps like dave)
2. MoneyLion
Moneylion is a well known fintech firm that provides credit-builder loans with no credit check at cheap interest rates (5.99%), but there is a membership fee ($19.99) that must be paid in addition to the loan’s overall costand you can get a cash advance request of up to $250 from moneylion directly to your linked checking account.
The good thing is that moneylion uses plaid, Therefore if you want to use your current banking account, you can link it to the MoneyLion app in less than two minutes with Plaid. (See the best moneylion alternative)
3. Earnin
Earnin app, make use of plaid service to connect all their bank accounts to the platform. They do this so that users can have an all round secured transaction and also not worry about what might go wrong or not.
Earnin works by automatically deducting the amount you borrow from your checking account on your next payday. The company’s business model is based on users paying voluntary “tips” to withdraw earned wages ahead of time.
To use Earnin, you’ll need a steady payday, a checking account, and a smartphone, Plus it is available for salaried, hourly, or on-demand employees.
4. Brigit
Brigit is one of the most popular cash advance apps out there and its users can get an advance of upto $100 at the go, and it uses plaid to link users bank account to the cash advance app.
With the use of plaid on brigit, users would be able to monitor their bank account transactions, know when they have a bill coming up, tell them whether they’ll have enough to cover it, and wire them money if they need it.
With this method of Plaid, Brigit has helped its users save more than $100 million in overdraft fees and payday loan interest, making it a reliable place for employees who need cash advance.
5. Empower
Empower is a personal finance app that encourages users to save more and spend less. Then you may construct a budget, set a weekly savings target, and use its AutoSave option to save money for you. The good news? If you have to link an account then you can use plaid on Empower.
On empower, you may get a cash advance of up to $250 with terms and conditions. This cash advance has a ZERO interest rate and no charge cost. There is only an $8 monthly fee that is not required.
6. Klover
This Klover app is one of the many cash advance apps that work so well with plaid. Klover, which was started in 2019 in Chicago, provides fast cash advances as well as additional financial solutions such as spending insights and overdraft protection to help you handle bills until your next payday.
With Klover users can obtain a cash advance of up to $100 with no interest, no fees, and no credit check. It does, however, require a monthly membership fee of $2.49, and you must have at least three direct deposits to qualify for a salary advance.
7. Possible finance
Possible Finance is one of the online cash advance apps that support Plaid. It uses Plaid, a third-party bank data integration partner, to connect with your bank account.
Loaning on possible finance is limited to a number of states, however, Borrowers with no credit history or bad credit may get up to $500 when they apply. Interest rates vary by state, but you should expect to pay $15 to $20 for $100 borrowed.
8. Albert App
This is an instant cash advance app that uses plaid to link. Albert is a personal finance tool that provides automated savings, budgeting, bill negotiation, and guided investment, as we all know. in order to connect to thousands of U.S. financial institutions Albert partnered with Plaid, an account aggregator.
The Albert app also offers a cash advance of up to $100 until your next paycheck. There are no late fees, interest charges, credit checks, or hidden fees. You can request up to three cash advances every pay period if you receive a paycheck and have repaid your previous advances. (Check to see apps similar to Albert)
9. Branch
The branch app is a reliable loan app that offers users up to $500 cash advance without any charges, instead of paying traditional interest on the advance, Branch requests that you tip them. According to the Branch Support Page, in order to qualify for an advance, consumers must transfer their direct deposit into their Branch Wallet.
10. Float Me
FloatMe is a trustworthy payday loan app that support the uses of third party system called Plaid to connect with your bank account. Flaotme use Plaid to help keep your account safe and secure, which means you never have to store your account numbers or routing numbers in our systems.
As a float me user, For just $1.99/ mo, plus a free 30-day trial, you can access a variety of features, including small cash advances of up to $50, overdraft alerts, and FloatMeEDU.
Conclusion
Known as a safe way to connect your bank accounts to some of the cash advance apps available, the apps listed above is a list of apps that use plaid to secure your banking transactions on most payday loan apps.
