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5 Best Apps to Get Loan Money in 2021

date September 16, 2020 time 5 min read 1186 views

Today you don’t need to plead your case at a bank or loan shark if you need a fast loan. There are tons of online apps out there that loan you money today. Many of them don’t even require a strict credit check. We’re going to examine the pros and cons of some of the best apps for getting loan money in the USA today.

Looking for apps that can loan you money quickly until payday?

You’re in luck, today there are dozens of new apps (mostly in P2P lending) that let you sign-up and receive loans quickly without all the hassles of traditional finance.

There are also a couple of other important factors you should be aware of.  We’re going to break those down for you in our review of the best money lending apps in the USA today.

Besides online lending platforms, there are many apps that can loan you money instantly (source:

The best apps for quick loan money in 2021

1. MyConstant: Get 6% APR and early repayments on crypto-backed loans

MyConstant is a platform taking part in the future of P2P lending. Catering to cryptocurrency holders who need fast loans, MyConstant lets you can take out large sums of money in moments by securing your loan with crypto as collateral. 

Pros of borrowing with MyConstant

  • APRs as low as 6.5%.
  • Early repayments accepted for lower rates.
  • Low fees.
  • Terms ranging from 3-6 months.
  • Fast transfers.
  • 40+ different cryptos to choose from.
  • Can combine the value of multiple cryptocurrencies for one loan.
  • No credit scoring or credit checks.

Cons of borrowing with MyConstant

  • Must have cryptocurrency to get a loan.
  • The value of your collateral must equal at least 150% of your loan value.
MyConstant lets you get loans at rates as low as 6.5%

2. MoneyLion: Borrow & build credit

MoneyLion is one of the most popular money lending apps in the USA. In addition to competitive interest rates, Money Lion allows you to build credit when you pay off your loans on time.

Pros of borrowing with MoneyLion

  • The MoneyLion app is free to download and you can submit a loan request the moment your account is open. 
  • On MoneyLion you can receive “credit builder” loans of up to $1,000. Credit builder loans give you a chance to improve your credit score. However you need to pay $19.99 per month for their premium account.
  • No credit check is required. This means you can get an instant loan even with bad credit.
  • Competitive interest rates starting at 5.99%.
  • Get cash advances up to $250 with no interest.

Cons of borrowing with MoneyLion

  • A monthly membership fee of $19.99 a month for credit builder loans
  • MoneyLion reviews your main checking account to check if you qualify for loans. 

3. Dave: Borrow small amounts of money

Created by famed entrepreneur Mark Cuban, Dave is an app primarily designed to help you avoid overdraft fees on your accounts by alerting you if you spend too much. You can use it to keep track of upcoming bills and even get small cash advances if you have a steady income.

Pros of borrowing with Dave

  • You can borrow up to $75 up to two days before payday. If you choose standard delivery, the money will arrive in your account within three business days. If you choose express delivery, the money will arrive in your account within 8 hours.
  • You can borrow from Dave even if you have bad credit. You just need to provide proof of consistent income via pay stubs
  • When you borrow from Dave, there are no interest fees. 

Cons of borrowing with Dave

  • You must have a steady paycheck to be eligible. You will have until your next paycheck to repay your loan.
  • Although there is no interest when you borrow from Dave, there is a monthly membership fee of $1. There is also an additional $4.99 fee for same-day withdrawals.
  • You can only borrow up to $75 at a time.

4. Prosper: Get small sums P2P

Prosper was the first peer-to-peer lending platform in the USA. While they do not have a mobile app for borrowers yet (they do for investors), their website is very mobile-friendly. Their application process is transparent but it can take up to five business days to access your funds.

Pros of borrowing with Prosper

  • You can use Prosper loans for any purpose; business, or professional. 
  • Borrowing money from Prosper does not affect your credit score. (but missed repayments may)
  • You can increase your odds of approval by explaining your situation rather than being judged purely on your credit.
  • Interest rates can be as low as 5.99% for borrowers with great credit. If you have exceptional credit, you can borrow up to $100,000.
  • Even with average credit, you can borrow up to $40,000 with as little as 7.95% APR.

Cons of borrowing with Prosper

  • If you have a low credit score, your interest rate will likely be high. You need a minimum credit score of 640 to be considered for a Prosper loan.
  • Funding takes 3-5 business days. There are better apps that loan you money instantly.
  • You have to borrow at least $2,000 which isn’t ideal if you are just looking for a payday advance.
  • Prosper is a mobile site not an app.
Prosper is one of the more popular loan apps today
Prosper is one of the more popular loan apps today (source:

5. Upstart: Borrow money instantly

Upstart looks beyond credit scores and offers loans up to $50,000. You can withdraw money in just one business day. Upstart uses a unique underwriting process for loans that also looks at alternative data like which college or graduate school you attend, your major, grade point average, standardized test scores, and employment history However, like Prosper, Upstart does not have an app. They are only available through mobile web browser.

Pros of borrowing on Upstart

  • 99% of customers reportedly receive next-day funding. 
  • You can take out loans starting from $1,000 and ranging up to $50,000. No matter how little or how much you borrow, you can expect to receive the money the next day.
  • Unlike many loan apps, there is no prepayment penalty.
  • Upstart considers areas beyond your credit checks such as your education level and the money you have in savings and investments.

Cons of borrowing on Upstart

  • There are only two terms to choose from and there are no borrowing terms greater than 5 years.
  • Origination fees can reach up to 8%.
  • Although Upstart’s rates are competitive, there is still potential for a high-interest rate based on your current situation.
Money lending apps for bad credit
Today there are many money lending apps for bad credit borrowers (souce:

Evaluating the best money lending apps in the USA

As you can see, there are many options available for both payday advances and more substantial loans, even if you have a less than desirable credit score. 

However, when borrowing money online you always need to be aware of:

  1. Credit checks
  2. Interest rates
  3. Hidden fees

Although many of these apps offer great features, you should still always look for the catch. Some apps may offer no interest payday loans, but do you expect to be taking out enough to take advantage of their membership fees? Maybe some offer a great interest rate, but their fees far overshadow any advantages.

Your finances are a serious matter. Make sure you always do your own research before taking out a loan.

And if you currently hold cryptocurrency but want to free up some of its value in cash, come check out MyConstant for a hassle-free and speedy lending process. We’re upfront about all of our terms and have a whole blog dedicated to helping you navigate the evolving world of personal finance.

Sign up for a free account today and start borrowing without the headache.

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George Schooling

George Schooling

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