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|No interest or fees and tips are optional||Eligibility is limited based on how you’re paid or what kind of job you have|
|Balance Shield can help prevent overdrafts from your bank account||You sacrifice some privacy|
|Available for both Android and Apple users||Low withdrawal limits|
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What you need to know about the Earnin app
Earnin is an app that, alike to a payday loan, lets you use your following paycheck as collateral to get money the lapp day. Earnin works by mechanically deducting the total you borrow from your checking report on your next payday. If you ’ re thinking about using the app to get cash before you get paid again, here are a few things to consider .
Eligibility is limited
To use the app, you must have lead depository to a checking account set up through your employer, have a reproducible pay up period — hebdomadally, fortnightly, semi-monthly, monthly — and either work at the like placement each day or use on-line timesheets to track your hours .
Your rate of pay up based on the sum deposited to your score — think of after taxes and other deductions have been deducted from your paycheck — must be at least $ 4 an hour. unemployment, Supplemental Security Income and disability payments are not included in Earnin ’ south calculation .
Earnin calculates your take-home give rate based on the money that ’ s direct deposited into your bank bill from a single employer and your work agenda. If you earn commissions, tips or have a side spear, that extra income can ’ t presently be included in your earnings. One celebrated exception is that Uber and Earnin have a partnership that allows drivers to use the app .
You sacrifice some privacy
To set up your Earnin account, you must provide your bank account numeral and routing information to link the app to your checking account .
After your account is set up, you must either upload copies of your timesheets or enroll in Automagic Earnings to have Earnin track your hours mechanically, using your phone ’ south GPS to determine when you ’ re at work.
Low withdrawal limits
The inaugural time you use the app, you can borrow only up to $ 100 during your pay cycle. But with repeated use, Earnin may adjust your withdrawal limits up to $ 500 based on how you use the app, your spend habits, what bank you have and whether your employer works directly with Earnin .
If you borrow the maximum allowed sum, you can ’ t get more money until your next pay bicycle begins .
If you only want a little loanword, Earnin ’ s low withdrawal limits can help prevent you from borrowing more than you need. But if you ’ re looking for a larger lend amount, Earnin probably isn ’ t your best count .
No interest or fees
Earnin says you won ’ thymine pay interest or fees when you borrow money using the Earnin app. rather, the caller does encourage users to “ tip ” an measure they feel is allow for using the overhaul. But tips aren ’ t required to use the app .
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A closer look at the Earnin app
If you ’ rhenium considering using the Earnin app to get a cash advance on your adjacent paycheck, here are a few more things to know .
- iOS and Android: The Earnin app is available for both Apple and Android users.
- Waiting period: It can take up to 72 hours to activate your account after you sign up.
- Direct deposit minimums: You must have a minimum of two direct deposits totaling at least $100 into your checking account to start borrowing money through Earnin.
- Lightning Speed feature: This tool gives you access to your money the same day you request it. So if you’re not signed up for Lightning Speed, you may not receive your money until the next business day. And Lightning Speed isn’t available at all banks.
- Overdraft protection: Earnin could help you avoid overdraft fees when you sign up for the Balance Shield feature, which lets you know when your bank balance is getting low. You may also choose to have amounts of up to $100 automatically transferred to your checking account to prevent overdrawing your account.
Who the Earnin app is good for
Earnin may be a good option if you occasionally need a belittled amount of extra cash before your adjacent paycheck and you meet the app ’ sulfur eligibility requirements .
But continually borrowing against your future earnings international relations and security network ’ t a sustainable fiscal rehearse. If you repeatedly use the Earnin app as an alternative to a payday loan, it may be better to review your overall fiscal situation and make some changes to improve your fiscal health .
How to set up an Earnin account
To sign up for Earnin, first download the app on your Android device or iPhone. then follow the prompts to set up your account. You ’ ll need to provide the watch information :
- Email address
- Paycheck information
- Bank name
- Bank account information
- Employer information
Not sure if the Earnin app is right for you? Consider these alternatives.
- TD Bank: A personal loan from TD Bank could be a good choice if you’re looking for a larger loan amount.
- Prosper: Prosper might be a good option for people who don’t meet Earnin’s eligibility requirements. Read our Prosper personal loan review to learn more.
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About the author: Jennifer Brozic is a freelance financial services writer with a bachelor’s degree in journalism from the University of Maryland and a master’s degree in communication management from Towson University. She’s committed… Jennifer Brozic is a freelance fiscal services writer with a bachelor ’ s degree in journalism from the University of Maryland and a master ’ s degree in communication management from Towson University. She ’ randomness committed… Read more.