- Debit card with automatic locking capability.
- No fee transfers between your Varo account and anyone else who has a Varo account.
- Instant notifications when money goes in or out of your account.
- Access to over 55,000 ATMs for free.
- Capability to overdraw your account by $50 with no fees when using your debit card.
- Deposit checks remotely using the Varo app.
- Save Your Pay option lets you automatically put a certain amount of each paycheck into a Varo Savings Account.
- Save Your Change options lets you round up every transaction from your checking account to the nearest dollar and deposits it into your Varo Savings Account.
Even if you don’t choose to use all of the options available to you, Varo has so many choices that it can be difficult to even know where to begin. And that is where their live customer service can really shine.
This list of cash advance apps was a bit more difficult to create than I originally thought. The primary reason is that there are so many companies adding this feature recently. A lot of the apps mentioned have been around for a while and have been focusing on other areas of personal finance.
But, with the realization that so many of us are barely making ends meet on a monthly basis, adding a payday advance option to their platform only increases their diversity. So, I wanted to find apps that had a wide variety of other options besides just the ability to take out a cash advance. The hope here is that any of these options will create payday loans in Oxford a more robust app to help you along your financial journey and not charge any excess fees along the way.
What to watch out for with cash advances
Even if a cash advance sounds like it might be a good solution to your temporary financial cash flow issue, there are some things to watch out for.
Many cash advances come with hefty fees attached to them. The companies mentioned in this article do not, but reading the fine print is extremely important before taking out any kind of loan. Some of these fees can range between $10 to 5% of the loan, depending on the cash advance and the servicer.
High APR’s are another thing to really be careful with. While none of these companies charge an APR to take a payday advance, most others on the market do. And sometimes they can charge an APR of up to 400%. That is just crazy!
If the fees and the ridiculously high APR weren’t enough to make you stop in your tracks, there is one other thing to seriously consider. When you take a cash advance, your next paycheck is reduced by that amount. Plus any fees or APR that may be tacked on. When you do this, you are shorting your future self money you might need to make ends meet during the next pay period.
Therefore, once you take one cash advance, it can easily create a downward spiral in which you will have to continue to do so. When this happens, it makes it so much harder to ever get back on the right side of the ship.
Most important features of a cash advance
If you are considering a cash advance to help you bridge the gap until your next paycheck, there are a few very important features to consider before pulling the trigger.
The amount you can withdraw
The amount you are allowed to withdraw will not be the same across the board. The amount you have available as an option for a payday advance may be based on a multitude of differing criteria. The most common numbers are between $100 – $250 per pay period.