Grid Money App Review

Grid Money offers interest-free (but not fee-free) cash advances of $50 to $200 to users who meet their eligibility criteria. To qualify, you need to have a linked bank account with Grid, maintain a good repayment history, and have your income and tax refund projections approved. They assess factors like account activity, direct deposits, and repayment history to determine your eligibility and advance amount.

The app ensures repayment by automatically withdrawing the amount from your next paycheck, either in one installment or split over your next two paychecks if eligible. They monitor your linked bank account for income deposits to make sure you'll repay them promptly.

Standard ACH transfers are free and take 1-3 days to reach your account. If you need funds faster, you can opt for an instant deposit to your linked debit card within 8 hours for a $2.99 fee. There's also a $10 monthly subscription fee to access the cash advance feature, paycheck boosts, and credit-building tools. If you find these additional services useful, the subscription might be worth considering.

Grid Money might work well for you if:

• Need quick cash: If you need access to cash advances up to $200 to cover expenses between paychecks.
• Build credit: If you want to build your credit score over time without credit checks or late fees.
• Boost your paycheck: If you'd like to receive a portion of your yearly tax refund with each paycheck, up to $250 per month.

When Grid Money might not be a good fit:

• Monthly fee: If you're not keen on paying the $10 monthly subscription fee for Grid+ membership.
• Instant deposit fee: If you prefer not to pay $2.99 for instant deposits and need funds quicker than the 1-3 days standard deposit.
• Strict eligibility: If you don't meet the eligibility criteria, like being a Grid+ subscriber or having prior repayment history.

To qualify for a cash advance with Grid Money, you need to meet the following criteria:

1. Linked Account: Have a bank account or card associated with your Grid account.
2. Grid+ Membership: Be a Grid+ subscriber or have previously taken an advance from Grid.
3. Good Standing: Keep your Grid+ membership in good standing (if applicable).
4. Repayment History: Have a satisfactory repayment history with any prior advances.
5. Income Approval: Have your income and tax refund projections analyzed and approved by Grid.
6. Eligibility Factors: Meet requirements based on factors like account activity, balances, direct deposits, timely repayments, income and tax refund projections, and other risk-based factors.

Grid Money will assess these criteria to determine your eligibility and the maximum cash advance amount you can receive, which can increase over time based on your account activity and repayment history.

You will typically receive your cash advance within 1–3 days using the free standard ACH deposit.

If you need the money sooner, you can opt for instant deposit to get your funds within up to 8 hours for a fee of $2.99. This fee will be repaid along with your advance amount in two weeks.

Grid Money will typically request the money back on your next payday. Here's what you need to know:

1. Repayment options: You can choose to repay the advance in one installment deducted from your next paycheck, or if eligible, in two equal installments from your next two paychecks. You'll select the repayment method when you request an advance.
2. Automatic repayment: Grid may obtain repayment directly from your payroll account or charge your linked bank account after they see your income deposited.
3. Overdraft caution: While Grid monitors your account to ensure sufficient funds before withdrawing, they're not responsible for any overdraft fees if your balance isn't high enough.

Beyond the cash advances that Grid Money offers, the app includes a few other features that might come in handy if you opt for the $10 monthly subscription.

Build Your Credit Score

Grid Money provides a credit line designed to help you build your credit score without any credit checks or history pulls. There are no late fees associated with this credit line, making it a stress-free way to improve your credit over time.

PayBoost

With the PayBoost feature, you can receive a portion of your yearly tax refund with every paycheck. This means you could get up to $250 extra per month, giving your income a helpful boost between paydays.

Flexible Repayment Options

Grid Money lets you repay your advances in one lump sum on your next paycheck. For eligible users, there's also the option to split the repayment into two equal installments deducted from your next two paychecks, offering a bit more flexibility based on your financial situation.