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Current offers paycheck advances to customers who show direct payroll deposits in their Current account. You then repay the advance automatically on your next payday.
In this review, I cover how the Current app works, what it costs, who qualifies and how it compares to similar cash advance apps.
» COMPARE: The best cash advance apps
⚠️ Before you borrow
Cash advance apps can seem like a quick and easy way to get money. But since most apps charge fees, you’ll likely end up owing more than you originally borrowed. This can trap you in a cycle of repeat borrowing that’s hard to break.
At a glance: Current app cash advance
| Amounts available | $25 to $750 |
| Free delivery | Within three business days to your Current account |
| Express delivery timing and fees | Instantly to your Current account: Undisclosed fee |
| Mandatory fees | No mandatory fees |
| Eligibility requirements | Must show at least one direct deposit of $200 or more in your Current account |
| Repayment | Automatically withdrawn on the date Current determines to be your next payday |
| State availability | Not available in: Connecticut, Maryland, Nevada, Wisconsin and Washington, D.C. |
How does Current work?
Current works by giving you an advance on your paycheck up to $750. This feature is known as Current Paycheck Advance.
- You’ll first need to download the Current mobile app and create a Current bank account. You’ll also need to move direct deposits from your employer to this account.
- If approved for an advance, you’ll receive the funds in your Current account within three business days.
- If you want the money sooner, you’ll need to pay an instant access fee.
- On your next payday, Current will auto-withdraw the advance amount, plus any fees, from your Current account.
- Current doesn’t offer the option to extend your payment due date. If you don’t have the funds available, Current will continue to make withdrawals as new payroll deposits hit your account.
- If you still haven’t repaid your advance within 34 days, you won’t be able to request another Current advance until you’re caught up.
How much does Current cost?
Current Paycheck Advance doesn’t have any mandatory fees.
If you want the advance funds immediately, you’ll pay an instant access fee. Current doesn’t display this fee publicly, and it did not disclose the fee amount to NerdWallet. According to its website, users are shown the instant access fee in the mobile app when they request an advance.
Unlike other cash advance apps, Current doesn’t request an optional tip for its service, which helps minimize costs.
🤔 What does that really cost?
A $75 advance with a potential $5 instant access fee works out to an effective APR of roughly 174% if repaid in two weeks. Though cheaper than taking out a typical payday loan, this would still be an expensive borrowing option. See our alternatives section below for cheaper ways to get quick access to cash. You can also avoid fees by choosing standard delivery.
Is Current legit?
Current is a legitimate financial services company. Here’s what we know:
- Current is accredited by the Better Business Bureau with an A- rating.
- The Current app is rated 4.5 stars on Google Play (177,000 reviews) and 4.8 stars on the App Store (194,000 reviews).
- There’s no recent federal regulatory action against Current.
Current receives relatively high marks on the app stores, but users should keep an eye on its standing with the BBB. Among the BBB-accredited cash advance apps that NerdWallet reviewed, Current is the only one that didn’t receive an A+ rating.
Who qualifies for Current?
To qualify for Current Paycheck Advance, you’ll need to meet the following requirements:
- Be 18 years or older.
- Be a U.S. citizen, legal U.S. resident or non-resident lawfully-admitted alien.
- Have a valid U.S. address and Social Security number.
- Show at least one payroll deposit of $200 or more in your Current account.
Current Paycheck Advance is not available for residents of Connecticut, Maryland, Nevada, Wisconsin or Washington, D.C.
🤓 Nerdy Tip
To increase your advance amount, you’ll likely need to show larger direct deposits (meaning more income) or lower overall spending. This signals to Current you can repay an advance, since you have more cash available. Current periodically updates your available advance amount in its mobile app. Pros and cons of using Current
Pros
- Large advances: Current has larger cash advances than most of its competitors, which tend to offer $500 or less. It also lets you borrow your entire available limit at once, unlike some apps, which may place disbursement limits on how much you can request at one time. Though it’s not a good idea to borrow more than you need, Current’s $750 maximum could be enough to cover a particularly large, unexpected expense.
- No mandatory fees: Current charges zero mandatory fees, including no membership, subscription or service fees. It charges a fee for expedited delivery, but if you don’t need cash instantly, you can essentially get an advance on your paycheck for free.
Cons
- Must bank with Current: To get a paycheck advance with Current, you’ll need to open a Current bank account and have your paychecks deposited there. This is less convenient than other cash advance apps, which let you use your existing bank account to qualify and receive funds.
- Slow funding: Current takes up to three business days to send you an advance. This is slower than most apps, especially when considering that Current is sending the funds to a Current-owned account. Most apps can fund a paycheck advance within 24 hours if you already have a bank account with that company.
Is Current worth it?
Nerdy Perspective
"Current’s advance amounts are more flexible than other apps, but funding time is slow. And since the instant access fee is undisclosed, it’s hard to know whether the advance will be affordable for our readers. If you already have a Current account and can wait a few days, I see this product making sense. But make sure to only borrow what you need, even if you qualify for the full $750.”
Current vs. Chime vs. Dave
Compare Current to other cash advance apps like Chime and Dave, which also require you to open an account, but offer faster funding in return.
Chime has smaller advances than Current, but it can send the funds to your Chime account for free within 24 hours. It charges no mandatory fees and has an instant funding fee of $5 or less.
Dave has the fastest funding of the three — it can send the money instantly to your Dave checking account for free. But you’ll pay two mandatory fees, which increases the overall cost.
| Current | Chime | Dave | |
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| Free delivery |
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Alternatives to using Current
There are other ways to get quick cash besides taking out a cash advance.
Explore other ways to make money: Instead of borrowing money, consider a temporary gig to cover small gaps in your budget. You can make money at home or online by selling things you don’t need, taking surveys and testing websites, among other options.
Download a BNPL app: If you need cash to purchase an essential item, like a laptop or mattress, “buy now, pay later” apps like Affirm and Klarna may be a good option. These apps split your purchase into smaller installments, usually with no interest and no fees if you pay on time, and you don’t need good credit to qualify.
Take out a friend or family loan: Friends and family are often an untapped resource for small loans. Though it may be difficult to ask for help, you can make it easier by drawing up a contract that clearly lists when you’ll repay the loan and if you’ll pay interest.
» MORE: Learn more about family loans
Consider a pawnshop loan: A pawnshop loan lets you borrow money by using a valuable item, like jewelry or electronics, as collateral. You leave the item with the pawnshop and receive a loan based on the item’s value. If you repay the loan, including fees, by the due date, you get your item back. If you don’t repay, the shop keeps the item.
Frequently Asked Questions
What is Current Paycheck Advance?
Paycheck Advance is a cash advance product offered by the mobile app Current. It lets you borrow up to $750 on your next paycheck, with free delivery in three business days. If you want faster funding, you’ll need to pay an undisclosed instant access fee. Current users can make as many advance requests as they want, up to their available credit limit.
What is the difference between Current Paycheck Advance and Overdrive?
Current Paycheck Advance offers cash advances. Current Overdrive is another name for Current’s fee-free overdraft feature, which offers overdraft protection (starting at $25) on your Current debit or build card. There are no mandatory fees for either service.
How much does Current charge for instant delivery?
Current doesn’t publicly disclose how much its instant delivery service costs, but you can view this fee in the mobile app when you request your advance. Similar apps charge a maximum fee of $5 or $6. Higher advance amounts typically come with larger fees.
Does Current do a credit check?
Current doesn’t check your credit when applying for an advance, and it doesn’t report repayment to the credit bureaus, so using its Paycheck Advance product will have no impact on your credit score.
Can I get a Current cash advance without direct deposit?
No, Current requires at least $200 or more from an eligible payroll deposit to qualify for an advance. Non-direct deposits, transfers or mobile check deposits won’t qualify.
