Gerald is a cash advance app that offers customers advances ranging from $40 to $200. Other popular cash advance apps include Albert, Brigit, Chime, Dave, EarnIn, Tilt, MoneyLion, Possible Finance, or Varo.
While CreditNinja isn’t a cash advance app, we do offer safe, reliable, and quick installment loans you can access online. In this guide, we’ll go over how cash advance apps work and other ways to borrow money that might be more affordable.
Pros and Cons of Gerald and Alternatives
Before submitting an application, it’s important to research lenders and consider your options. To help with that search, we’ve put together the main pros and cons of CreditNinja, Gerald, and other online lenders.
CreditNinja
- Pros — Accepts a wide range of credit backgrounds; fast approvals and funding; simple installment-loan structure.
- Cons — Loan amounts may be smaller compared to traditional banks.
Gerald
- Pros: Available via an app, no minimum repayment time, no interest or APR (0% APR).
- Cons: Low funding amounts, cannot transfer money to your bank account until you’ve spent a “minimum amount” on Gerald’s e-store.
Avant
- Pros — Loan term ranges from 24 to 60 months.
- Cons — Longer repayment periods can cost you more in the long run.
LendingPoint
- Pros — Loans up to $36,000
- Cons — High loan amounts may lead to unaffordable payments
OneMain Financial
- Pros — Over 1,000 nationwide branches.
- Cons — High starting loan amounts (could lead to debt cycle)
OppLoans
- Pros — Bad credit loan options available.
- Cons — Loans made through bank partners may have higher origination fees.
Finding the Right Personal Loan
Finding the right personal loan depends on your situation, your income, and your general financial history. Getting the best deal means thinking about your budget and loan needs before submitting an application.
For example, if you just need $50 to cover a minor expense, you may not need to apply for a traditional personal loan. In this case, you may find most cash advance apps, like Gerald, Albert, Earnin, or Brigit, helpful.
Some of the best cash advance apps have features like:
- No credit checks
- No interest
- No down payment
- No late fees
However, it’s important to remember that with apps like Gerald, funding amounts are usually very low, which means they may not be helpful if you need to take care of a major financial emergency. CreditNinja personal loans, on the other hand, come with loan amounts ranging from $300–$5,000, making them perfect for just about any expense.
What Can I Use Online Loans For?
When it comes to Gerald, it’s important to understand what you can spend your instant cash advances on. While you can transfer a portion of your cash advance to your bank account, you must spend a minimum amount at Gerald’s e-store before you can make that transfer.
For example, say you were approved for a $100 advance. You would have to spend a specified portion of that advance, say $50, at Gerald’s e-store or on their mobile plan first. Once you’ve spent the $50, you would then have the ability to transfer the remaining $50 to your bank account with no mandatory fees. In this example, your total repayment amount would be $100.
What Is The Application Process Like?
Since Gerald isn’t a traditional lender, they don’t have a typical application process like other payday loan apps might. Instead, Gerald gives you access to money you’ve already earned by using your employment information. To start using Gerald, you can download the app from the Google Play Store (Android) or the App Store (iOS).
Loans Like Gerald vs. CreditNinja
Check out a brief overview of Gerald vs. CreditNinja below:
| Lender | Loan Amount Range | Key Information |
| CreditNinja | $300–$5,000 | – No minimum credit score to apply, takes into account current employment. – No hidden fees. – No prepayment penalty. – Loans up to 24 months. |
| Gerald | $40–$200 | – Cash advance app, not a website. – Must link a debit card. – Must spend a minimum amount on “CornerStore” or “Cranberry Mobile plans” in order to transfer a cash advance to a bank account. |
Consider the Lender and Loan Process
Loan amounts, repayment terms, and even qualification requirements can vary depending on which type of loan you decide to get. Below are details about some popular loan options you may be considering:
Payday Loans
Payday loans are a type of short-term cash advance loan. Loan amounts typically range from a few hundred dollars or less, and interest rates are exceptionally high. These loans also come with short repayment terms, typically about two weeks or less.
Installment Loans
An installment loan is a type of personal loan that comes with varying loan amounts, rates, and repayment terms. Installment loans are designed to meet a variety of needs, including long-term and short-term expenses.
CreditNinja offers installment loans with affordable monthly payments, fixed rates, and a streamlined application process.
Title Loans
A car title loan is a type of secured loan where borrowers use their vehicle title as collateral. While borrowers repay their title loan, the lender is listed on their vehicle title as a lienholder, giving them partial ownership over the borrower’s car. This also means the lender has the right to repossess a borrower’s car if they miss a certain number of payments or default on their loan. Similar to payday loans, title loans come with short terms and high rates.
Things To Know Before Taking A Loan
Taking out a loan is an important decision that can significantly affect your finances. Before you apply, be smart and think about how your loan will fit in with your existing budget. Some important factors to consider include:
- Interest rate and APR
- Loan amount
- Loan term
Interest Rate and APR
Your interest rate is the cost of borrowing. It’s essentially a charge calculated on a monthly basis using your principal loan amount. Your APR, on the other hand, is calculated using your loan amount, plus interest and any fees included with your loan.
To save money on interest rate charges, you can:
- Pay more than your minimum amount due each month
- Submit multiple payments per month
Be Mindful About Loan Amounts and Loan Terms
You’ll also want to carefully think about your loan amount and loan terms. Larger loan amounts will typically require more time to repay, while you may be able to repay smaller loan amounts in a few months or less.
Also, it’s important to remember that the longer your loan terms are, the more you’ll pay in interest rate charges.
CreditNinja: How Does it Compare?
CreditNinja is an online installment loan option designed for people with bad credit who may not be able to get approved for a traditional bank loan. We offer flexible repayment options, affordable monthly payments, and easy approval.
Is There a Minimum Credit Score Required to Apply?
There’s no minimum credit score required to apply! We accept applicants with a wide variety of scores.
What Are the Repayment Options With CreditNinja?
CreditNinja offers loans up to 24 months. You can also pay early with no prepayment penalty.
What Does the Application Process Look Like With CreditNinja?
Apply for a CreditNinja loan online by filling out our quick form. After submitting your information you should receive an approval decision right away.* Once you review your terms and sign your loan contract, we’ll deposit your money into your account the same day or as soon as the next business day.*
What Will Repayment Look Like With CreditNinja?
You can make payments on your CreditNinja loan online or over the phone. You can also sign up for autopay to have your payments automatically deducted from your account on its due date.
What Are Some of the Benefits of Working With CreditNinja?
CreditNinja is trusted by over 275,000 people nationwide. Below, check out some of the benefits you can enjoy too when you work with CreditNinja.
Fast Funding Once Approved*
Have your money delivered to your bank account via direct deposit in as little as one business day.*
Flexible Repayment
With our flexible repayment plans, you can take up to two years to repay your loan. You also have the option to pay your balance off early with no fees!
Bad Credit History is Okay for Applying
There’s no minimum credit score to qualify. Everyone, including those with bad credit, no credit, or even past bankruptcy, are eligible to apply.
Excellent Customer Service
CreditNinja customer service is ready to help you out with questions about your application process, account, or loan. Just give us a call at (855)-NINJA-01).
