Did you know that in 2016, half of all Americans made less than $31,099 per year? The U.S. Bureau of the Census’s compiled income data shows that was the median individual income just three years ago. Your short-term loan services know that it’s why you see them competing for side-by-side in every working-class neighborhood.
Even with two adults working full time, the timing of paychecks can cause cash flow problems, and high-interest rates on short-term loans and payday advances cause hard-working people with good cash management skills to lose thousands of dollars every year to these unexpected fees when cash flow gets tight. That’s where Earnin can help, right?
We’ll go over the app details and you can see if it’s for you in this Earnin app review for 2019.
What is Earnin?
Earnin is the app that lets you get cash advanced any day you work, up to $100. There are peer-paycheck limits, of course, and you can’t get more than you earn that day. However, you can withdraw whenever you want without questions asked if you can upload the right information verifying your wage and work hours:
- Build a cash reserve
- Never pay more than $15 per transaction
- Update your limits as your finances improve to get more per pay period
- Your withdrawals are deducted from your paycheck
What You Should Know about Earnin
- Withdraw up to $100 per day as needed
- Make withdrawals any day you work
- Weekly or per-pay-period limits vary between $100 and $500
- Fees in the form of “tips” between $0 and $15 are applied to each transaction
- Not every transaction requires a tip fee
- Build a cash reserve by making withdrawals up to your limit even when you don’t need them
- Next-day deposits to your regular bank account
It’s clear this option is cheaper than other ways of accessing your salary early. You might be wondering how it all works, though.
How Does Earnin Work?
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When you sign up to Earnin, you provide them with your time sheets, location tracking information, and other data they need to verify your salary and your work schedule daily. Then, you are authorized to make a withdrawal if you need one. Some banks even support instant fulfillment. Add your tip, and then you just wait for processing. On payday, Earnin deducts those withdrawals from your paycheck. This does mean it has to access your bank account, which is why it comes with hefty encryption. It’s also why it doesn’t work for freelancers and many other multiply-employed people.
You can start with Earnin whenever you want, but to get money as fast as possible, you need to be on the service and verified. Signing up takes a day or two as your work is verified and you confirm your account. After that, you can get your money the next day by requesting it as you leave work. Some banks even offer same-day fulfillment of Earnin transaction requests.
All sounds good so far? Don’t wait to get access to your money as you earn it. Download Earnin for your mobile device today and save money every time you need an advance.
Is the Earnin App Right for Me?
For most people, the financial obligations that cause issues leading to a cycle of debt are relatively small, it’s just their timing that creates an issue. Large expenses have financing support, and they tend to be invoiced in ways that don’t expect immediate payment, but a car repair, unexpected home repair, or injury can cause a $200-500 hiccup that costs twice as much or more by the time all the financing fees are handled.
Financial freedom for many would be as simple as getting paid on the day they worked. Having a two-week pay period followed by a week of paycheck processing means getting paid as much as three weeks late, and your daily expenses don’t wait. If you want cash advanced without cash advance fees, there is an option.
Join Earnin and Save
If you’re wishing you had a financial management app that included the ability to withdraw your pay the same day you work, you are in luck. Earnin provides just that service, to anyone who is employed salaried, hourly, or on-demand. Freelancers and other self-employed individuals like professionals in practice will need to find a different service, but they also have the option of accessing business financing not open to the traditionally employed. That’s what this app brings you.
Need Quick Cash Now?
If you need quick cash before payday, you probably already know the traditional options. You also know they’re expensive, and they can pose a risk to your financial freedom. When you need cash advanced to cover expenses, there is an option that is just as fast as traditional short-term loan services, but with fees that are a fraction the cost.
Find out how much you can save. Sign up with Earnin today.
Earnin
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Pros
- Access your pay any time you want for the hours you work.
- No loans, fees, or hidden costs.
Cons
- No fees, but users can donate a “tip” of any amount, but regular tips can add up.
