Apps That Deserve A Spot In Your Finances
Pause the downloads on Candy Crush Saga and Bitmoji. You’re going to want to save space for another kind of app— one that can help you manage your finances easier than ever before.
The financial side of the App Store is growing, as FinTech companies roll out app after appsimplifying everything from spending your money to saving it. Check in with the list below to see what kind of FinTech apps are available and if they’re right for you.
For the savvy spender
Digital payment apps make up the largest market share of mobile wallet apps. The most popular ones are Google Pay or Apple Pay; however, they’re joined by the likes of Venmo, Square Cash, and PayPal — which is the oldest digital payment method on the market.
Regardless of the name attached to your app, this platform eliminates the need to keep cold hard cash in your pocket at the same time it replaces your credit and debit cards. They sync with your banking information, moving your accounts to your mobile, so you can pay for your purchase with just your phone.
For the mobile banker
Whether you work odd hours or live far away from your bank, your lifestyle can make it difficult to perform daily banking tasks. Things like transferring money, setting up automatic bill payments, and depositing a check in-person can be a major inconvenience.
While most of the biggest banks have apps that digitize their usual services, these apps require an account with these organizations. The underserved don’t always bank in the traditional sense because these accounts come with monthly fees and minimum balance requires.
Mobile bank apps like Chime and N26 remove many of the barriers stopping you from completing these tasks by offering their services solely online without any fees. Since they don’t have physical locations, the savings they make in overhead allows them to offer their services for free. That means the underserved can deposit a check at 2 a.m. at no extra charge, as long as they have WiFi.
For the borrower
Traditionally, a bank requires its customers to meet in person at a branch to request a personal loan. Response times vary, as these banks have a lot of policies in place that can delay reviewingapplications and distributing cash loans. Fintech apps like MoneyKeytear down many of these barriers that may stop people from securing an essential personal loan in time.
When you have the right app on your phone, you can find fast payday loans online without meeting in person. You just need to fill out basic financial information over the mobile loan app, and it will process your application in just one business day. These apps also make it convenient to service your online payday loansby reviewing your profile with a few taps of your fingers.
For the saver
While online payday loans can help you in an emergency, saving apps can help you when your finances are on track. Some, like Acorns and Chime, help meet somewhat conventional goals of savings through modern ways. They both rely on automatic withdrawals to help you sock away a little extra every month. They’re great for short-term savings that can help you create a rainy day fund (eliminating the need to borrow payday loans) or set aside money for an upcoming purchase. Other apps help you prepare for the distant future with mobile investing options. They too automate much of the process, making it easier and more convenient for people to invest—even if they don’t know the first thing about investing.
While Animal Crossing and Boomerang are fun additions to your phone, they won’t do anything more than waste your time. If you want an app that works for you, check out the growing number of FinTech apps. When you download the ones that fit your financial needs, you’ll be able to do everything you want from the convenience of your phone.