Getting a line of credit with a traditional bank is not as easy as you may think. You need to have a good credit history, recurring income and fill in a heck of a lot of papers to qualify for a credit line. Fortunately, we have apps like Grain Credit that don’t require a credit card or check credit history before offering a revolving line of credit.
And you unlock exclusive rewards, cash backs, interest on deposits, and much more as a part of plans that you would not with traditional cards. So without further ado, let’s jump right into the article.
Other apps like Grain Credit (Android & iOS)
The Point debit card takes a unique spin when it comes to traditional debit cards. It comes with many perks similar to a credit card like cash-backs, rewards, up to 10x points, and even insurance. You choose a $49/year plan and experience the debit card like never before.
However, if we rule out what the app offers, it falls to a regular debit card with only up to two withdrawals per month of up to $8. And even though we get comprehensive tools, along with a bunch of added benefits, you still may lose more cash on a yearly plan than saving money on points or cash backs.
Still, you earn points after every purchase and can redeem them once you collect up to 100 points. So, if you want a credit card like benefits in a debit card, then the Point card is the best option to go for.
SoFi is a one-stop shop for your financial needs. If you haven’t still tried this platform, you are missing out on a lot of financial benefits. In short, Sofi lets you invest, borrow, save, and more all in one app. Also, you can access your dashboard and tools via its website. Not only is it the powerhouse of essential wealth management tools, but it’s also free.
Just link your prepaid debit card or direct deposit account, and be qualified to leverage all the features that SoFi offers, such as home loans, student loans, personal loans, investing, saving, and more. Besides, with a SoFi Visa debit card, you can receive up to two days early paycheck, access to over 55k+ fee-free ATMs, a $100 welcome bonus, and 0.25% APY on your deposit balance.
It raises the bar by accrediting zero monthly and overdraft fees. Unlike other apps like Grain, it’s best for cost-conscious investors who want to streamline their finances.
Stash simplifies investing for Americans by allowing them to invest in a wide range of stocks for as low as $5. Apart from investment, it offers an online banking account and a budgeting feature to help users achieve a financial goal. Founded in 2015, Stash is an American-based finance service branch in New York, already at the pinnacle of success, recording nearly $2 billion in assets under management in 2020.
Stash has three plans, starting at just $1 per month, and its highest plan costs $9 per month. You can opt for any plan and get access to investing, saving tools, personalized advice, and a stock-back debit card.
However, to get access to the retirement investment option and to receive up to $10000 life insurance coverage by Avibra, you have to go with the bigger plan. The downside is, there is no interest paid on deposits, as you may with other platforms like Grain.
Tellus is the kind of app every finance savvy must try to boost their account balance. It aims at offering high-yielding interest rates up to 3.00% APY with a minimum deposit. What’s the catch here? Tellus pays interest even if you never purchase or invest with it, allowing you to take back your money with earned interest. Besides, there is no cap, fees, and a limit for depositing cash.
Not only do you earn a fixed 3.00% APY, but also, you can earn a daily boost and earn as much as 6.00 % APY every now and then (If you get lucky). The platform also provides world-class property management, connecting landlords and property managers using intuitive rental tools at no cost.
So if you have a property to sell or give for rent, you can use its property management tool to move things forward.
Who doesn’t want to build credit while saving money? Self is one of the best apps you can use to build a credit score from the ground up. With Self, you can receive a credit builder loan up to $ 1200 with a low credit score and pay it back in the specified amount of time.
Unlike other traditional loan builder services, it doesn’t affect your credit score when you fail to pay off the loan. It only reports your payment history to the three major credit bureaus when you have made a successful monthly payment.
Payments history makes up 35% of your total credit score so its primary focus is to help users build a credit score by offering a credit builder loan without a hard credit pull or no payment history at all. It doesn’t give you money, as it’s different from other loan types, which means you’ll receive your loan money in the end after you pay off all the monthly fees for 12 or 24 months, depending on which plan you opt for.
The plans start at $25 per month (24 months pay period) and end at $150 per month (12 months pay period). The bigger the plan you choose, the bigger the credit line you can afford and build your score. Undoubtedly, it’s one of the best apps like Grain, but with a unique approach.
Want to manage your finances all in one app? Unifimoney is the best hack. The application allows you to save, spend, invest, and more. With it, you get a high-yielding checking account, debit card, automated budgeting, investment, and 3 in 1 integration account. Managing your finances with Unifimoney is a no-brainer at all—–just open a checking account with a $100 minimum opening deposit and let the money work hard for you.
Out of your deposit, it auto-invests $25 in your investment account every month, so you grow your wealth on autopilot. Besides, it offers a 0.20 % APY on your deposits, which means, you can leave your money in your checking or saving account to grow.
On top of that, Unifimoney provides a Visa debit card with cash access to over a million ATMs worldwide and more than 55k+ Allpoint ATMs in America. On the flip side, it requires a $100 minimum deposit and is not transparent about the fees. But similar to other apps like Grain, it offers a high-yelling checking account not based on your payment history.
No credit card? No problem, One App has your back. It’s one of the best online banking solutions like Chime and Current that offers credit lines. With One, you can save, spend, share, and borrow cash all in one account. Furthermore, it lets you create different pockets such as Spend, Bills, or Gateway! and organize your money automatically with scheduled transfers. In short, Pocket fits the way you budget.
It lets you earn up to 3% APY every month on paycheck auto-save. Above all, One Banking provides an instant credit line for up to 12% APR that you can pay over time between your paychecks at just 1% per month, which is quite affordable and a good move towards building a good payment history. However, only direct deposit members can lend cash using the same account and card.
Once you set up and approve your direct deposit with One Finance, you could receive up to two days early paycheck, borrow a credit builder loan, and unlock other benefits that traditional would not. There is no minimum, hard credit pull, or fees to tick you off. Undoubtedly, One Online Banking is one of the best apps similar to Grain Credit that makes a credit line accessible for everyone, with no fees and no minimums.
Without question, Grain credit is the best credit card alternative available for everyone who has a debit card with a cash flow. However, we’ve done the heavy lifting and came up with the other credit line apps like Grain Credit that’ll wow you. If you’re looking for a high-yielding deposit account, low APR rates loans, budgeting, or smart saving tools, you might like these apps to the core.