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Are cash advance apps the same as payday loans?

Cash advance apps may seem like payday loans, but they aren’t the same. They also are not subject to the regulations payday lenders must follow. However, the premise is similar as they both are small loans that require repayment by your next payday.

Should you use a cash advance app?

In any case, a cash advance app is a way to get a small amount of money. Repayment typically occurs automatically on your next payday. Cash advance apps are a much safer alternative to payday loans, which come with APRs of nearly 400% and often trap borrowers in a cycle of debt.

What is the difference between a cash advance app and a loan?

However, the premise is similar as they both are small loans that require repayment by your next payday. The largest difference is cash advance apps don’t charge interest, and many don’t even charge late fees.

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