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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.
⚠️ 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
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Amounts available
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$25 to $750
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Free delivery
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Within three business days to your Current account
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Express delivery timing and fees
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Instantly to your Current account: Undisclosed fee
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Mandatory fees
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No mandatory fees
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Eligibility requirements
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Must show at least one direct deposit of $200 or more in your Current account
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Repayment
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Automatically withdrawn on the date Current determines to be your next payday
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State availability
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Not available in: Connecticut, Maryland, Nevada, Wisconsin and Washington, D.C.
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Current works by giving you an advance on your paycheck up to $750. This feature is known as Current Paycheck Advance.
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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.
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If approved for an advance, you’ll receive the funds in your Current account within three business days.
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If you want the money sooner, you’ll need to pay an instant access fee.
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On your next payday, Current will auto-withdraw the advance amount, plus any fees, from your Current account.
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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.
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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 BW. 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?
Current is a legitimate financial services company. Here’s what we know:
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Current is accredited by the Better Business Bureau with an A- rating.
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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).
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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 BW 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:
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Be 18 years or older.
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Be a U.S. citizen, legal U.S. resident or non-resident lawfully-admitted alien.
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Have a valid U.S. address and Social Security number.
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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
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Large advances: Current has larger cash advances than most of its competitors, which tend to offer $500 or less.
Current Paycheck Advance offers cash advances 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. On the other hand, Overdrive is a feature that allows you to overdraft your Current account up to $100 with no fees or interest, as long as you receive a qualifying direct deposit of at least $200 per month. Current Overdrive is also known as Current’s fee-free overdraft feature, providing overdraft protection (starting at $25) on your Current debit or build card without any mandatory fees for either service. following sentence:
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