Payday advance services have been around for a long time. However, traditional payday advances come along with the looming threat of creating greater financial risks in the future.
Owing to the high fees and interest rates, people often end up renewing their loans and falling into a vicious trap. In times like these, alternate payday services such as Earnin come into the scenario as a savior.
Earnin is a mobile application that allows you to borrow $100 to $500 between each pay period. You can easily repay the loan after you receive your next paycheck. Hence, the app helps you to get immediately paid as you work.
How does the App Work
The prerequisites required for using Earnin are very basic – all you need is a steady payday, a bank account, and a smartphone. The first step to use the app is connecting your bank account and providing your employment details.
The next step is to update your earnings in the app. In doing so, you have two choices. Either you can send in your electronic timesheet, or you can use the Automagic Earnings feature to add in your earnings automatically.
Interestingly, the finances provided through this app are entirely community-supported. You too can contribute towards the welfare of the community by tipping whatever you deem fit and fair. However, there is a $0 tip option that leaves tipping up to you.
Features of the App
This feature is aimed at empowering you with complete control and access to your finances, as soon as you have worked without any interests or hidden fees.
It allows you to cash out up to $100 per day. The money is deducted later from your linked bank account after you have received your paycheck.
Balance Shield serves as much-required protection from overdrafts by ensuring that you have sufficient account balance at all times.
You can set up alerts to intimate you whenever your account balance reaches anywhere between $0 to $400. Additionally, if your balance falls below $100, you can seek automatic cash out of $100.
Earnin earnestly tries to reduce your burden of medical bills. You can submit your medical bills so that the app can negotiate for lower terms or payments in order to fit them within your budget.
You can select from the myriad options provided under your personalized Health Aid and even allocate an agent to negotiate on your behalf.
Cash Back Rewards
There are several local businesses that are a part of the Earnin community. You can enroll your card and every time you shop or dine at any of the partner businesses, you will get an opportunity to earn some extra cash.
It enables you to earn up to 1% to 10% cashback using your card that you can cash out any time as per your need.
Benefits of the App
Security is of utmost priority as you would be sharing your banking details with the app. Therefore, the app has employed 256-bit data encryption to maintain the complete security of your sensitive information.
Furthermore, the app complies with all laws and regulations for the protection of privacy and data security.
The app is available across both Android and iOS devices, making it easily accessible. Moreover, it transfers your required cash-out amount on the same day without much hindrance.
Furthermore, you need not worry about the repayment as well, since the app automatically deducts the amount from your linked bank account after you have received your paycheck.
Since the app is majorly community-based, it does not function on heavy interest rates or charge expensive fees for its services. There are no registration fees or hidden costs.
Moreover, you get to choose how much you wish to tip. In fact, there is an option for $0 tip as well.
The Bottom Line
Often, you meet with certain unforeseen circumstances for which you may not possess sufficient finances. A payday advance can assist you to easily navigate through the crisis and prevent such difficulties.
This is where apps like Earnin come into action. With their swift cash out provisions, you can borrow some extra cash to meet your expenses.