6 Apps Like Nyble | Alternatives to Consider

Nyble is a cash advance app that enables users to monitor their credit rating, build their score, and access small lines of credit (cash advances) as needed. Apps like this can be highly beneficial for new Canadians or anyone actively working to build credit and occasionally needing access to fast cash.

Cash advance apps have become a popular alternative to payday loans, enabling users to access cash quickly and without exorbitant fees.

Several other cash advance apps, like Nyble, offer similar features. Below, we’ll take a closer look at Nyble and some Nyble alternatives to help you select the right cash advance app for you.

Key takeaways:

1. Cash advance apps like Bree do not charge interest rates on cash advances, meaning you can access money in a pinch without worrying about falling deeper into debt.
2. Access to fast cash can help you avoid NSF, overdraft, and late fees on your bills and reduce your reliance on credit cards that charge high interest rates.
3. Be cautious about taking out payday loans as they often have high fees and short repayment terms, which can contribute to an ongoing debt cycle. Only use them if absolutely necessary.

Overview of Nyble

With Nyble, you can build your credit history by accessing a small line of credit that Nyble reports to the credit bureaus. The line of credit remains open until you request to close it, helping increase your average account age and boost your credit score. The amount of credit Nyble extends depends on your income. Nyble credit lines have no interest and no hidden fees. 

While Nyble touts interest-free cash advances, they have a monthly subscription cost of $11.99. Considering that $150 is the maximum amount of credit they’ll extend, the $11.99 monthly fee is then equivalent to paying 8% interest– more if you borrow less than the maximum amount. 

Benefits of Nyble

• Fast access to cash advances
• Opportunity to build your credit history
• No credit check required

Cons of Nyble

• You can only access up to $150
• Nyble has a monthly subscription cost of $11.99

Alternatives to Nyble 

Consider the following cash advance apps as you shop around for the best option. 

1. Bree 

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Bree is a cash advance app that enables you to borrow up to $250 with zero percent interest and no mandatory fees. You can access your cash within a couple of days or pay a small fee to receive your bank transfer within minutes. Bree doesn’t require a credit check, so accessing cash won’t affect your credit score. Repayment is handled automatically when you connect your bank account. For a low monthly fee, Bree offers an optional budgeting tool designed to help you practice good financial habits. 

Pros

• 0% interest and no late fees
• No credit check required
• No NSF fees are incurred if your repayment fails
• Instant funding for a small fee
• Tools to help with budgeting

Cons

• You can only access up to $250
• There is a small fee to expedite transfers, otherwise, it takes three business days

2. Pay2Day 

Pay2Day is similar to Nyble in that it offers access to payday loans through an app. You can borrow up to $1500 through Pay2Day, but the maximum amount you’ll be approved for is 50% of your net pay. They don’t run credit checks, and you typically receive your loan by e-transfer within 1-2 hours. 

Pros

• You can borrow up to $1500
• You’ll receive cash within 1-2 hours
• No credit check or hidden fees

Cons

• Only available in BC, Ontario, and Nova Scotia
• They charge $15 for every $100 borrowed

3. iCASH 

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iCash is a cash advance app that offers up to $1500 sent by e-transfer. Apply online and receive approval within a couple of hours. Once your loan is approved, you’ll receive your cash via e-transfer within a couple of minutes. iCash also offers the opportunity to earn up to 20% of your loan back.

Pros

• You can borrow up to $1500 
• Get approved within a few hours
• Repay your loan in up to three installments

Cons

• Not available in every province
• Fees for borrowing range from 15-17% depending on your province of residence

4. KOHO

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KOHO offers free spending and savings accounts for Canadians based on a prepaid Mastercard and a mobile app. For $5 per month, you can add KOHO cover, which provides up to $50 in zero-interest overdraft protection. This way, if you’re a little short on cash, you can build some extra wiggle room into your budget. Long-term subscribers can access up to $250 in overdraft protection.

Pros

• KOHO offers lots of handy features like cashback on purchases and 0.5% interest on your account balance
• Does impact your credit score
• No late fees or interest on overdraft balance
• They offer free financial coaching with a KOHO Cover subscription

Cons

• You must have a KOHO account to access the feature
• $5 per month is a lot to pay if you don’t take advantage of other features too

5. Money Mart

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Money Mart’s cash advance loans are another alternative to Nyble. You can apply online to borrow anywhere from $120 - $1500. Once approved, funds will be deposited into your account within 24 hours. Money Mart will work with borrowers with poor credit, but you must provide a recent pay stub. 

Pros

• You can borrow up to $1500
• Quick approval and fast access to cash

Cons

• Money Mart’s cash advance loans aren’t available in every province
• Fees are 15% or higher
• Loans must be repaid on the date of your next paycheck
• Late fees and NSF fees are charged if you can’t make your payments

6. Cash Money

Cash Money is an app offering Canadians loans between $50 and $10,000. They offer payday loans up to $1,500, but they are not available in every province or territory. To apply, you must have proof of income, be over 18, and have a valid government ID and a checking account. Payday loans are typically approved within a few minutes. Depending on how you opt to receive your money, you’ll have cash in hand within a few minutes or a couple of days. 

Pros

• You can borrow up to $1500
• They work with borrowers with poor credit

Cons

• Payday loans aren’t available in every province
• Must repay the loan on your next payday
• Fees range from $15-$21 per $100 borrowed

Things to Consider When Choosing an Alternative 

Before you apply for a cash advance through Nyble or one of the alternatives listed above, think carefully about the following: 

• Your individual needs vs. the features offered. Some of these cash advance apps offer an entire suite of features, but if all you need is quick cash, don’t be distracted by them (since they usually come with a fee).
• How much does the service really cost? Always factor NSF fees, late fees, interest, and possible hidden fees into the cost of borrowing money from any source.
• The amount you’ll receive. Will the cash advance be sufficient to cover your outstanding expenses in the near term? And is it a quantity you can realistically repay on time (and avoid additional fees by doing so)? Make sure you’re clear on how much cash you need before taking out a loan. 

Cash advance apps like Nyble can be a convenient and efficient way to access fast cash when you’re in a pinch, but having a plan to repay the money is critical to avoid further financial strain. Avoid borrowing more money than you can comfortably repay.