Earnin Review: What To Know About the Paycheck Advance App

Earnin can help you get access to your paycheck before payday. It provides employees from a wide range of industries with real-time access to what they have earned. To use the service, you'll need three things: a steady paycheck, a checking account and a smartphone.

With Earnin, you can cash out up to $150 per day and Earnin withdraws it (plus any tips you give) from your bank account on your payday. Earnin doesn't charge interest or fees. Instead, the company relies on its customers tipping an amount they feel is fair when they use the app.

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Pros

• Offers quick access to available earnings

• No penalties or interest

• No mandatory fees

Cons

• Low daily and pay period maximums

Loan amount

You can use Earnin's cashout product to access up to $150 per day and up to $1,000 per pay period.

Fees

Earnin doesn't charge any interest or mandatory fees -- and it's 100% free to use the app. Members are asked to leave a tip that they feel is fair for getting their money early. However, if you want instant access to your money, you have to pay $3.99 per transfer.

Features

In addition to Earnin's cash out feature, you can get paid early by routing your paychecks through the company. Earnin charges a $2.99 service fee for this.

If you enroll in the Balance Shield Cash Outs feature and your bank account dips below a certain amount, Earnin automatically sends you up to $100 per day with a max of $1,000 per pay period.

Earnin never sells your data and uses it in accordance with its privacy policy. You won't have to supply your Social Security number unless you enroll in Earnin Express. Additionally, the company won't make an inquiry on your credit report, so your credit score won't take a hit.

Earnin further protects its customers by using data encryption technology, which ensures users' account information remains private and secure.

How Earnin Stands Out

Earnin offers users quick access to their money, in some cases within minutes of the request (if you enroll in the Lightning Speed program). It's easy to use, and customers can check their earnings on the app's dashboard and set up updates for which they want to receive notifications. It's a great alternative to a predatory payday loan.

Comparable Options

Here's a look at alternatives you might consider so you can decide whether Earnin or another option is best for you.

Dave

Dave enables you to get your paycheck up to two days early and take out a no-interest cash advance of up to $500. With the Dave Spending account, you'll never pay overdraft, minimum balance or ATM fees (you must use one of the 32,000 MoneyPass ATMs). Another feature that Dave offers is the option to receive notifications if you are close to overdrawing your account. Dave isn't completely free, however; it charges a $1 monthly membership fee.

Branch

Branch works with some employers to allow employees to get up to 50% of their paycheck early. You can wait three days and not pay any fee or pay for faster delivery. CashFlow is the app's overview of your upcoming payments and expenses, which you can use to monitor your finances, and it will send you a low balance alert if you come close to overdrawing your account.

How To Use Earnin

Once you download the app, you just connect to your checking account and add your employment information so the company knows when you get paid. Then, you add your earnings to the app by submitting an electronic timesheet or by signing up with your work email address.

The Earnin website breaks down exactly how to use the app in three steps:

• Navigate to the home screen of the Earnin app.

• Tap the "CASH OUT" button once you've made sure you have earnings in your account and you haven't reached your daily or pay period maximum.

• Wait for the money to hit your account within two to three business days.

Who Earnin Is Best For

Earnin works best if you have a regular pay date, get paid by the hour, and want to avoid fees and taking out a costly cash advance. If you don't have a regular pay date, however, you should look elsewhere.

FAQ

What is the catch with Earnin?

Only certain types of workers can use Earnin: on-demand, salaried or hourly. That means if you're a freelancer it's not for you. In addition, you must get your paycheck by direct deposit to use Earnin, as it needs to track your work hours.

Does Earnin give you $100?

If you ask to cash out $100, you'll get exactly that — unless you add an optional tip. Earnin will deduct that $100 (plus any tip you give) once you get paid.

Is Earnin a payday loan?

Earnin is not a payday loan. It charges no mandatory fees or interest, unlike payday loans. Instead, Earnin asks members to leave tips they feel are fair for getting early access to their money.

Is Earnin legitimate?

Yes, Earnin is absolutely a legitimate app. Although it might seem odd that you can use it for free, the company makes money via different avenues and through tips from customers who want to pay it forward.