FloatMe App Review

FloatMe is a cash advance app that offers interest-free advances of $10 to $50 for new users, with the potential to qualify for up to $200 over time. To be eligible, you'll need to show anticipated income, a solid transaction history, and meet a few basic requirements like being at least 18 years old and a U.S. resident. There are no credit checks involved, and repayment is automatically debited from your linked bank account on your next payday.

Standard delivery of funds takes 1 to 3 business days and is free of charge. If you need the money sooner, you can opt for instant delivery to your debit card within 8 hours for a fee ranging from $1 to $7, depending on the amount you borrow. Keep in mind that you can only have one Float at a time—you'll need to repay your current advance before requesting another.

FloatMe charges a monthly membership fee of $4.99, which gives you access to their cash advances as well as financial tools like overdraft risk alerts and spending insights. If you're looking to avoid costly overdraft fees and get a better handle on your finances, the membership could be a worthwhile investment.

FloatMe might work well for you if:

• Avoid overdrafts: You need a small cash advance to prevent overdraft fees or cover emergencies before payday.
• No credit checks: You prefer a service without credit checks, interest charges, or late fees.
• Financial tools: You want access to features like overdraft alerts, cash flow calendars, and spending insights to better manage your finances.
• Flexible delivery: You appreciate having options between free standard delivery and paid instant transfers for receiving your cash advance.

When FloatMe might not be a good fit:

• Monthly fee: If you're not keen on paying a $4.99 monthly membership fee to access cash advances.
• Small advance amounts: If you need more than $50 initially, as the maximum first-time advance is $50.
• Instant transfer fees: If you wish to avoid additional fees for instant cash transfers via your debit card.
• Limited availability: If you live in certain states or territories where FloatMe isn't available, especially after specific dates.
• One float limit: If you need multiple cash advances at the same time, as FloatMe allows only one float at a time.

To qualify for a cash advance with FloatMe, you'll need to meet the following criteria:

1. Age: Be at least 18 years old.
2. Membership: Subscribe to FloatMe for $4.99 per month.
3. Residency: Be a U.S. citizen or lawful permanent resident living in a U.S. state (some exclusions apply).
4. Identification: Have a valid Social Security Number or Tax Identification Number.
5. Financial Assessment: Show regular income and a positive transaction history.

Note on Residency Exclusions: FloatMe services are not available in the following locations after the specified dates:

• Connecticut (after October 1, 2023)
• Maryland (after August 1, 2024)
• District of Columbia (after December 7, 2024)
• Nevada (after January 1, 2025)
• U.S. territories

FloatMe determines your eligibility and the amount you can borrow (starting from $10 up to $200) based on your anticipated income, transaction history, interactions with FloatMe, and information from your linked bank accounts.

With FloatMe, you can get your cash advance deposited into your bank account in 1 to 3 business days for free using the standard transfer.

If you need your money faster, you can opt for the Instant Float option to receive your funds within 8 hours. This comes with a fee based on the amount you borrow:

• $1 fee for a $10 advance
• $3 fee for a $20 advance
• $4 fee for a $30 advance
• $5 fee for a $40 or $50 advance
• $6 fee for an $80 advance
• $7 fee for a $100 or $200 advance

The Instant Float fee is debited when you repay the advance.

FloatMe will automatically withdraw the repayment on the date you selected when accepting the advance. Keep in mind that:

1. Automatic repayment: The repayment amount (the advance plus any instant transfer fee) will be debited from your linked bank account or debit card on the scheduled date.
2. Failed payments: If the payment doesn't go through, FloatMe will attempt to collect it up to two more times.
3. Future advances: You won't be able to request another Float until the previous one is fully repaid.

Besides the cash advances, FloatMe offers a few other features that might help you manage your finances better.

Overdraft Risk Alerts

FloatMe sends you notifications if you're at risk of incurring overdraft fees. These alerts help you stay on top of your account balance and avoid those pesky insufficient funds charges.

Financial Tools and Insights

The app includes a Cash Flow Calendar that provides a smart forecast of your upcoming week, predicting your available balance based on your regular expenses and expected pay dates. FloatMe also offers Spending Insights to help you understand your spending habits and identify any recurring or frequent transactions. This can be really useful to better manage your money.

Exclusive In-App Offers

Within the app, you can access personalized recommendations from over 40 financial partners. These offers are tailored to help you save or earn extra cash and may include products and services that match your financial interests.