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Payday loans tend to have high, mandatory fees, while apps often don’t. Instead, they charge small fees that users can opt into throughout the borrowing process. Those fees can add up, but they're usually less than what payday lenders charge.

For example, an app might charge a monthly subscription fee, or a fee for instant access to funds. Most cash advance apps also ask for a tip for the service.

The fee on a $375 payday loan is most commonly about $55 in a two-week period, Horowitz says. Because cash advance app fees are mostly optional, you can easily keep the cost below $10.