Best Instant Money App Features

A car breakdown, an unexpected medical bill, and a broken appliance. We all know how these frustrating life events are and they always seem to crop up at the worst possible time. When life throws us unwelcome curveballs, many of us don’t have cash on hand to pay our way out of the situation.

All too often, the only option is pulling out the credit card, taking out personal loans, or approaching a payday loan provider.

Unfortunately, these options come with consequences that can linger for months, even years. They include massive interest rates, overdraft fees, strict repayment terms, and a barren bank account.

Luckily, thanks to advances in technology and the innovation of alternative service providers, you now have other options the next time you find yourself in a tight spot. And even better, these alternatives are literally at your fingertips – with just a few clicks on your smartphone.

But before we get into the good stuff, let’s spend a moment understanding the money app marketplace and what to consider when considering this product.

What Are Instant Cash Apps?

Instant cash apps are simply what they sound like – apps that you can load onto your smartphone or device to access, send and receive money. The specifics vary from app to app, but you can usually add funds to your app account using a debit card linked to your existing bank account. Some providers also provide their own debit or prepaid card as an option for loading accessible earned wages from your employer.

Typically, once you’ve installed the app, you create a free account. You’ll generally need to create a username and password or provide your email address and phone number. Once you’re all set up, you can start using the service to instantly send and receive money or make payments for goods and services.

The way the sending and receiving of payment works will depend on the app you’re using.

Things to Be Careful About

When using your instant cash app, carefully ensure that you enter the recipients’ information properly. If you make a typo, you could end up sending money to the wrong party, in which case you may have no way to retrieve it. Some providers will allow you to reverse an incorrect payment within a specified timeframe. But if that avenue proves fruitless, you’ll be dependent on the goodwill of the recipient to do the right thing and make a refund.

Also, be mindful that there are many scammers out there – do your homework and research who the best and most reputable app providers are in the marketplace. You don’t want to find yourself falling into the clutches of a predatory payday loan provider that’s simply masquerading in another dress!

Why Usage of Instant Money Apps is Showing Growth

The market and use cases for instant payment apps are growing exponentially in every sector, and for a good reason.

The first, most obvious reasons are speed and convenience. But beyond that, most instant cash apps are a safe way to pay for goods and services and exchange money with friends, family, or co-workers.

That’s because these apps (or reputable ones) will ensure that all data in transit is encrypted, and they’ll be PCI-DSS level 1 certified. Many also offer fraud protection for unauthorized charges.

Do Any Apps Really Pay Out?

Yes. Most instant cash apps will pay out very quickly and won’t require a pre-approval of your credit score, nor will they charge you any interest.

That being said, there are drawbacks with some products. For example, some have threshold payment limits, and others come with steep membership fees.

How an Instant Work App Helps You and Your Employer

From employers’ perspective, offering employees access to a reputable instant cash app to access wages that they’ve earned but not yet collected is a powerful drawcard in a competitive marketplace. Not only does it allow them to put their employees firmly in control of their own finances, but it also helps with employee retention and engagement.

As an employee, having access to your money instantly once you’ve earned it is not only convenient, but it also helps when unexpected costs arise and money is short.

Instead of having to wait for your next payday for money to land in your checking account, take out personal loans, or borrow money from family or friends, you can pay your own way, using your own money.

Why Payactiv?

In addition to accessing your earned wages before payday, Payactiv offers financial advice and counseling.

The app also has a platform specifically designed to serve as much more than a payday loan alternative, offering capabilities to pay bills and get prescription discounts.

Additionally, Payactiv has an optional prepaid card available to users, so you can access your money quickly and easily – all with the added bonus of fraud protection.

There’s no charge for on-demand pay if you set up direct deposit to the card. Without direct deposit, you pay $1 for one day of use of all services.

Here’s a more detailed overview of the features and benefits of the Payactiv solution:

Spend Safely with Smart Guidance

Our smart budgeting technology does the work, so you stay on track with spending and saving goals.

• Track spending habits at a glance
• Know what’s safe to spend
• Be alerted of low balance
• Auto transfer from earned wages

Grow your Savings for Rainy Days and Big Dreams

• Automated insights on what’s possible to save
• See your savings grow with each paycheck
• Get financial advice for near- and long-term planning
• 1-1 phone service with trained financial coaches

Get Paid Early

Get fast access to your money when you deposit to your Payactiv Visa® Card*, use-everywhere Visa® debit cards are accepted, pay bills directly from the app, and locate surcharge-free withdrawals at 37,000 in-network MoneyPass® ATMs. With direct deposit:

• Get paid up to 2 days early¹
• Get Government payments up to 4 days early
• Access wages earned anytime

Easily Send Money to a Friend

You can send and receive money between you and other Payactiv Visa Card cardholders.

• Add a phone number
• Receive and send funds
• Money moves in seconds

Peace of Mind – Included

• FDIC insured through CBKC, member of FDIC
• Protected by Visa’s Zero Liability protection²
• Lock lost or stolen cards
• 24/7/365 bilingual support
• Contactless payments (Tap-to-Pay and Apple Pay or Google Pay, making it a simpler and more secure way to pay than using your physical card.)

No Hidden Fees*

• No activation fees
• No monthly maintenance fees or inactivity fees
• No minimum balance requirements

Learn more about how Payactiv can help you.