NerdWallet Ratings Methodology for Cash Advance Apps

Ratings Methodology for
Cash Advance Apps

NerdWallet currently rates and reviews cash advance apps.

Data collection and review process

We survey 10 popular cash advance apps. These companies offer direct-to-consumer advances to users via their mobile apps.

We assess five categories and 21 subcategories. They include:

Affordability, including fast funding fees, tips, subscription fees and protections from overdraft fees (35%).
Flexibility, including due date extensions, advance amounts and funding time (30%).
Customer experience, including customer ratings, fee disclosures and available customer support (25%).
Customer protections, including bank account requirements, caps on advances and borrowing limits for first-time users (10%).

The fifth category is unweighted and discretionary. An app’s rating may be lowered if it has faced governmental regulatory action in the past five years or been accused of predatory practices by a reputable source. An app that offers a unique feature that helps users budget, manage their finances or build credit may earn a higher score.

Data accuracy

Cash advance app reviews are thoroughly reassessed annually. Writers and editors also make updates to data, such as new features and star ratings, throughout the year as necessary. We establish and maintain contact with providers’ primary point people to ensure current information.

The review team

The review team is made up of reporters, writers and editors who cover cash advance apps, plus other credit products like personal loans, high-interest installment loans and buy now, pay later. Each team member adheres to NerdWallet’s strict guidelines for editorial integrity.

Our writers’ bylines have appeared in The New York Times, The Associated Press, USA Today, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets in addition to NerdWallet.

Do you want to provide feedback? Contact us at [email protected].