Investobuddies.com – Building and accessing credit isn’t always easy. In fact, building credit in the traditional way can be very challenging. On this artickel we will discuss about apps like Grain.
Fortunately, new companies increase their credit with the help of innovative apps and create opportunities to access the funds they need.
Grain is one of the apps that will help you earn cash and build credit at the same time. However, it is not the only option. We have found the best apps like grains that can help you increase your credit.
What is Grain?
Grain offers a virtual credit card that allows you to build credit based on debit card transactions. However, instead of giving you an extra card to carry, you will receive a credit limit deposited into your checking account.
In reality, it looks like a down payment. If approved, Grain will offer an unsecured credit line of up to $1,000. You can transfer these funds to your checking account so that they can be used via a debit card.
At the end of each month, Grain reports balances, credit lines, and payment history to three major credit agencies. This process will allow you to build credit with timely payments.
It is not necessary to pay back the entire balance every month, but the remaining balance is subject to an interest rate of 15%.
The bottom line is that Grain can help build credit in an accessible way, and you have quick access to cash. If you manage these lines of credit responsibly, you will see your credit score go up over time.
Best Apps Like Grain
Grain is just one of the many apps that offer accessible credit generation options. Each app offers a unique twist on the credit-building experience or the opportunity to access cash when needed.
In alphabetical order, here are some of the best apps like grains.
1. Brigit Card – Apps Like Grain
Brigit is an app that offers a down payment of up to $250. The platform boasts of having over three million members and takes only two minutes to register.
If you choose to use Brigit, no credit check is required. This will help protect your credit. There are also no interest fees.
The app offers both free and paid plans. This free option provides alerts, budgeting tools, financial insights, and more.
However, if you pay a monthly fee of $9.99, you will receive additional perks. These include instant transfers, flexible payments, financial assistants and more.
Not only does Brigit have relatively fast access to cash, but it also provides credit reporting to three major bureaus. You can also open a credit maker account for as little as $1 a month.
According to the company, Brigit users increase their average credit score by 60 points as long as they have a history of payments.
For more information, check out our full Brigit review.
- Avoid overdraft costs
- Free warning option
- Built-in credit reporting
- Cost $9.99 for certain features
- Bank account access required.
2. Cash App – Apps Like Grain
The Cash App is well-known as a platform for sending and receiving funds easily. This means that you may not know that the Cash App offers the opportunity to get a loan through the platform.
Yes, you read that right. You can get a small loan through the Cash app.
Once you have a loan, you can use your funds using a cash card. A debit card is a debit card that gives you access to your Cash App balance.
All payments on this loan are reported to the Credit Bureau of Credit. Consistently making payments on time can help Cash App improve your score.
A unique feature offered by this app is the option to use boosts along with a debit card. Boost allows you to save money when buying from a specific seller.
For more information, check out our full Cash App review.
- Easy to use platform
- Save money using boosts
- Limited information available
- The terms and conditions are not clear.
3. Chime – Apps Like Grain
Chime is an online fintech that provides users with basic financial management services. One of the many features that Chime offers is the Chime Credit Builder Visa Secure Credit Card.
To access this credit development opportunity, you must be a Chime customer with a Chime spending account that acts as a checking account.
Once the Chime Shopping account is set up, funds are transferred to each other to create spending limits for your Chime Credit Maker Secure Visa credit card.
The transferred amount acts as your line of credit. Chime lowers the available credits each time you make a purchase.
At the end of the month, when a full payment is due, you can use Chime’s secure credit building feature to have your bills paid automatically.
Basically, it provides a very easy system for building credit. However, you will not be able to access the down payment along the way.
You can learn more about the Chime Credit Maker Secure Visa Card in our full Chime Credit Builder review.
- No fees
- No interest
- Auto payment function
- Mandatory expense account
- No unsecured credit option
4. Earnin – Apps Like Grain
Earnin is a lending app that gives you the opportunity to get paid for the work you have done today.
The process starts with downloading the app and connecting it to your bank account. This allows Earnin to decide when and how it can receive payments.
The built-in GPS feature allows Earnin to track while you are at work. If you work on a specific date, Earnin will deposit the funds you earn into your bank account. Once you receive your salary, your app will be paid as a salary.
Using this app is completely free. This means that you have the option to leave a tip if you wish.
Read our full review of the Earnin app to learn more.
- Get early payroll funds
- Free to use
- Only available to full-time employees
- No credit-building aspects
5. Jasper Card – Apps Like Grain
If you are looking for access to a credit card that does not have an excellent credit score, the Jasper Card is a valuable option. This card can be used by people with poor credit or a limited credit history.
You don’t need to put down your deposit to start using the card.
Jasper’s Card reported to three major credit agencies. You will also receive 1% cashback on your purchase. If you convince six friends to sign up for the card, you can also get up to 6% cashback.
These limited rewards remain attractive to people with low credit scores.
The best use of this card is to pay on time and constantly to increase your credit. Then, when you have the chance, you can consider upgrading to more reward cards.
- No annual fee
- No deposit
- Minimum prize money
- Improve credit requirements
6. Line app
The Line app is designed for working professionals. Depending on the situation, you can access a credit line between $10 and $1,000 via Line to cover an emergency.
Depending on your current plan, you’ll pay $1.97 to $9.97 per month for Line.
When working with Line, this app will help you have a better plan for your finances. Line monitors potential overdrafts from your checking account. If you need a fast line of credit to avoid fees, the Line app can provide you without regular credit checks.
The current feature helps, but Line seems to be just getting started. The work of this app has a lot of features, so it may be more interesting in the near future.
- No interest
- Credit monitoring included
- Monthly fee required
- Bank information required
7. Point Card
A Point Card is a debit card that offers rewards and benefits that you may be familiar with seeing as a credit card. However, unlike credit cards, Point Cards do not carry the risk of overspending.
When you sign up for a Point Card, no credit check is required. Currently, the point card Neon offers 5x points on some subscriptions, 3x points on food delivery, and 1x points on others.
No credit check is required, but there is no credit report either. You won’t have access to additional funds, but you’re not tempted to spend more money than you can afford.
Point Cards are best suited for those who need to avoid the temptation of credit cards or payday loans. You will continue to be rewarded for your purchases, but your Point Card protects your credit by restricting your credit options.
With it, you can’t ruin your finances.
It is also important to note that you will have to pay a monthly fee of $9.99 for this card.
- FDIC Insured Account
- No credit check
- Monthly fee of $9.99
- No credit reporting
8. Possible Finance
Possible Finance offers an alternative to payday loans that can borrow up to $500 at a time. There is no credit check, but the company evaluates your ability to repay loans based on your salary.
When you get a loan through available financing, you can choose the repayment date of your loan. If you experience issues during the 8-12 week billing period, you can defer your payment.
However, sky-high interest rates can be a deal breaker if there is another interest-free option.
When you repay a loan, the financial likelihood is that all three credit bureaus report the payment. Having said that, there is a great opportunity to build credit with this platform.
That said, it is one of the most expensive options on this list. Fortunately, the company is in the process of launching another product that is not so expensive.
- No origin fees
- Pay in four installments
- High interest rates
- Limited customer service
9. Self Card
If you are serious about building credit, Visa’s own secured Visa credit card is an option. However, you must have a Self Credit Builder account for at least three months before you can receive this security card.
Credit maker loans are required to be paid out monthly, but you do not have advance access to the principal of the loan. Instead, Self will push these funds into your savings account.
With Visa’s own secured credit card, you can use some of these locked savings as a credit line.
With it, you don’t have to make a separate prepayment. Instead, you can take advantage of the savings you’ve already built with Self.
There is no credit check to start using this credit card. With regular credit reporting, this can be a better path to credit scoring for those who are able to pay consistently on time.
- No upfront deposit
- Credit reporting
- High interest rates
- Requires your own credit builder account.
Vola offers a down payment of up to $300. It only takes a few minutes to launch this app.
Vola, a cash-out app, helps you avoid overdraft fees by checking the cash flow in your checking account. If Vola finds a potential overdraft problem, it can make a down payment to avoid large fees.
You will need to pay a monthly fee between $2.99 and $28.99 as needed. However, in general, the interest costs associated with the down payment are not experienced.
In addition to the down payment, Vola provides cost insights based on checking account activity. If you’re struggling to pay your bills on time, these insights can help you improve your finances.
- Fast access to cash
- Cost analysis
- Monthly fee
- Negative customer reviews
When accessing and building credit, you can find many solutions that can meet your needs. Using any of the above apps might be the solution you are looking for.
Good credit can open the door to thousands of dollars of savings for large financing, so trying to build a credit score is well worth it.
Also, the benefits of having access to cash when you need it speak for yourself.