If you are looking to get part of your paycheck early with no fees or interest, Earnin App is the option for you. You can withdraw up to $100 per day before payday. Earnin App seeks to step into the gap between when you’ve worked and your actual payday.
You can borrow up to $100 daily from your pending paycheck. It’s free to use and you don’t have to jump through hoops to see if you’re eligible. But while it’s easy to use, it’s not a long-term solution for cash-flow problems.
What is Earnin?
Founded in 2014, the app originally used to operate under the name Activehours. But they rebranded to Earnin in November 2017 and are among the first platforms to offer this type of service.
Earnin is an app that allows you to draw fee-free advances on your wages before payday rolls around. It tracks how often you work and how much you earn to come up with limits to how much you borrow.
Rather than charge you a fee to draw on your pending wages, it simply asks for an optional tip for its services — up to $14 per withdrawal. It’s not required to tip, however.
Check Out the Pros and Cons of Earnin
How Does Earnin Work?
The Earnin app is relatively simple to use. To take advantage of its services, you need a direct deposit of your paycheck into a checking account and a regular place of employment or electronic timesheet.
After you download the app, you’re walked through a brief signup process. Earnin takes a few days to verify your bank account, sending two small test transactions to confirm ownership.
When you request money, Earnin first verifies the hours you worked that week. It does this through a process that varies by how you’re paid: Hourly workers submit photos of their timesheets, while salaried workers allow access to mobile location tracking to confirm commuting to and from their job location.
Maximum withdrawal. $100 daily limit and up to $500 per pay period, depending on your income and spending
Cost. Optional tip of up to $14 per withdrawal
Turnaround. Next business day for weekday requests, two business days for weekend requests, and within minutes with Lightning Speed
Earning Features
While it is best known for wage access, Earnin has some other useful features as well.
Here’s a rundown on what you can find in the Earnin app:
Early wage access
The flagship feature of Earnin is early access to the money you’ve already earned. A payday loan alternative, this feature is completely free. Just pay what you think is fair.
Lightning speed payments
Connect your debit card to your account to enable instant payments. Using your debit card, Earnin can send funds to your account in minutes.
This works in the evenings, weekends, and holidays. If you don’t add Lightning Speed to your account, you will get paid in 1–2 business days in most cases.
Balance Shield
Because Earnin is already connected to your bank account, it can keep tabs on your balance for you. All users can view your balance when they log into Earnin on your phone.
With the free Balance Shield turned on, Earnin will notify you if your balance falls below a specific level.
Health Aid
A newer feature in the Earnin App, Health Aid, helps you save money on medical costs. You upload your medical bill and Earnin will look for opportunities to save.
A Community Advocate negotiates a lower bill or payment plan. Like the early payday feature, just pay what you think is fair.
Cash Back Rewards
Another newly added feature, Cash Back Rewards is a program to earn 1% to 10% cashback at thousands of partner stores. Shop through links in the Earnin app and you’ll earn the bonus cashback.
Find Out How Much it Cost to Use Earnin
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