Compare the pros and cons of the best cash advance apps for gig workers to see which one works best for your financial needs.
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.