A loan app may also charge extra for express deposits. Advances are usually interest free, though you may pay a fee or optional tip. An app instead reviews your employment information, checking account and borrowing activity to decide your eligibility and loan amount. These payday advances don’t involve credit checks. When payday arrives, the mobile app usually withdraws the advance amount and any fees from your linked bank account. These funds may be deposited to a debit card or into your checking account.
They typically give you access to a portion of your next paycheck, up to a limit set per day or pay period. Cash advance apps are popular alternatives to payday loans.
