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Sometimes you’re a bit short on cash and your payday is a few too many days away. What financial tool could help you out in such a situation? The Earnin app might be the solution to help you stay on track with your finances.
An alternative to payday loansthe Earnin app promises to give you “access to the pay that you’ve earned, when you want it.” Let’s jump into our Earnin app review, and learn if this new service can help you when you’re a bit low on cash.
Earnin
Paycheck Advance Loans
Key Features
- Borrow up to $500/pay period, and up to $100/day
- Instantly cash out your loan (fees apply)
- Operates on voluntary tips, so no mandatory fees
Earnin is a payday loan alternative that gets you an advance on your paycheck without exorbitant interest rates. You set up paycheck advances via the app, and you pay only tips — which are optional.
Earnin
Service fees
Optional tips from $0-14. There is a fee of up to $3.99 to cash out your loan instantly.
Maximum loan
Up to $500 per pay period
transfer time
Within minutes) with service fees of up to $3.99 or a free bank transfer that may take up to three days.
Eligibility
No credit check required. Must have direct deposit with a regular pay schedule.
What Is the Earnin App?
Earnin, formally known as ActiveHours, is a paycheck advance service that aims at getting you your earned money before your payday. We’ve seen these types of services before in the form of terrible payday loans. You need some more cash before your payday arrives, so you borrow money from a service that then charges you interest rates that are typically outrageous.
That is where Earnin stands out; the interesting catch is that you don’t need to pay anything to the service as the entire business model is based on voluntary tipping. Seriously; you can request to borrow up to $500 before your next paycheck, then when you are paid, Earnin automatically withdraws the borrowed money from your bank…
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