EarnIn Review
Tired of living paycheck-to-paycheck? EarnIn gives access to your cash before you get paid. It's like a payday loan without the fees. But is there a catch? Read on.
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What Is EarnIn?
EarnIn is a community-based app that thrives on the pay-it-forward phenomenon. It aims to serve as an alternative to high-interest payday loans.
The app, which is available on iOS and Android devices, lets you access money you've earned before it hits your account without interest or fees.[1] New members can get up to $150 per day.[2]
Once you are an established EarnIn member, you can earn higher daily and per pay period withdrawal amounts by:
- Keeping good financial health
- Avoiding excessive overdrafts
- Working consistent hours
- Having enough money to cover your standard bills
EarnIn claims they aren't a payday loan. But others disagree. The optional tipping seems to play a role in the credit a person receives. And the tips create a high APR, much higher than even payday loans (more on this below).
Get up to $750 per paycheck
- Access up to $750 per pay period of money you've already earned.
- No mandatory fees
- No credit check
EarnIn App Features
Cash Out
Get access to the money you've earned of up to $150 per day or up to $750 per pay period.[2] EarnIn removes the funds from your next direct deposit.
Balance Shield
Avoid bank overdrafts when you link your EarnIn app to your bank account. You can set a threshold for low balance alerts. Or set up automatic cash withdrawals from EarnIn of up to $150 per day to start.
Lightning Speed Transfer Your Earnings Instantly[3]
Sign up for Lightning Speed, if your bank is on the list. You'll get cash deposits instantly rather than waiting one or more business days for traditional transfers. Lightning Speed costs up to $5.99 but you always have the option to cash out with no additional cost.
You have two limits on EarnIn. The daily limit determines the maximum daily withdrawal. Your pay period limit determines the maximum withdrawal in one pay period.
Get up to $150 a day
- Get up to $150/day of your pay within minutes of earning it.
- No mandatory fees
- No credit check
What Does EarnIn Cost?
EarnIn doesn't charge any fees.[1] But they offer a tipping option when you pay your withdrawals back.
You can also pay it forward or pay someone else's tip. Keep in mind, however, that even a $2 tip on a $150 withdrawal adds up if you use the service often.
How to Qualify
In order to qualify for EarnIn, you must have:
- At least half of your paycheck sent via direct deposit
- A regular pay schedule (it can be weekly, bi-weekly, semi-monthly, or monthly)
- Proof of your fixed employment location or proof of electronic payroll systems
You'll also need to prove your status by:
- Uploading your timesheet
- Providing access to an online version of your time sheet
- Uploading receipts for on-demand work
- Sharing your location to show you went to your salaried job every day
EarnIn uses this information to verify your income and to allow a withdrawal.
Typically, setting up your EarnIn account can take a few days. The app sends a small test deposit to your bank for verification purposes. It also checks your earnings and pay schedule. If you haven't heard anything in three business days, contact customer support
Pros & Cons
Pros
- Access Your Pay Before Payday at No Cost
If you choose not to tip EarnIn, you can access your earnings without mandatory fees. But that's not good practice within the app's community. - Get Up to $750 per Pay Period[2]
Initially, borrowers have a $150 max. But by proving yourself through on-time repayments, you may get approval to borrow more.[4] - Earn Referral Rewards
At times, EarnIn offers incentives to encourage community members to invite others to join. By sharing your personal invite link, you can earn a reward for each referral you provide.[5]
Social security earners and individuals with any other government benefits aren't eligible for EarnIn.
- No Credit Check
Unlike bank loans, you don't have to undergo a credit check. As long as you can prove your employment and the funds in your checking account, you can use EarnIn. - EarnIn Protects Your Privacy
Sharing your income, employment, and bank information online can be risky. EarnIn uses 256-bit encryption. Plus they don't store your bank log-in information. - Discourages Overspending
EarnIn doesn't promote spending money before you have it. Instead, they bail you out with $150 max deposit per day (up to $750 per pay period in some cases). It's enough to help during an emergency, but not enough to make a habit out of spending money before you have it.
Get up to $750 per paycheck
- Access up to $750 per pay period of money you've already earned.
- No mandatory fees
- No credit check
Cons
- Wait Time for a Payout
Only requests received by 9:30 AM PT receive same-day funding. All others receive funds on the morning or evening of the next business day, depending on the timing of your request. You must time your payout request carefully to receive money when you need it. - EarnIn Automatically Debits Your Account
You don't choose the day you pay your debt back. EarnIn automatically takes the funds on payday. Make sure you don't have other automatic withdrawals that may cause overdrafts. - Tipping System
Frequent EarnIn users may end up paying significant amounts if they choose to tip.
How It Compares
Brigit
Brigit monitors your bank account and provides a cash advance if you near an overdraft. There's a $9.99 monthly subscription fee for Plus plan and they pay as much as $250 per pay period.[6] Many users receive the loan the same day with no interest charges.
Get up to $250 in minutes with Instant Cash
- No interest, late fees, or tipping
- No credit check
- Just $9.99/mo. Cancel anytime
ONE@Work
ONE@Work (formerly Even) advances up to 50% of your earnings at the time of your withdrawal request. They charge a monthly subscription fee rather than interest. But your employer must partner with ONE@Work for you to use it. The platform sets up automatic debits on your next payday unless your employer deducts the amount from your paycheck automatically.
Dave
Get up to $500 with ExtraCash™ with no interest and no credit check. Members pay a membership fee of $1 per month. Dave alerts members when they are about to overdraft and funds up to $500, if eligible, to prevent overdraft charges.[7] You are responsible for settling your advance on your next payday.
Get up to $500
- No interest, credit checks, or late fees
- No lengthy application process or waiting period
- Sign up in minutes
Bottom Line
Accessing your pay before payday is not a good financial habit to get into it. But for emergency cases, EarnIn is a good option. Sometimes that extra $150 is just what you need to get by.
References
- ^ EarnIn does not charge interest and hidden fees on Cash Outs. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details.
- ^ Subject to your available earnings, Daily Max and Pay Period Max. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details.
- ^ Fees apply to use Lightning Speed. Lightning Speed may not be available to all Community Members. Transfers may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third-party fees may apply, see EarnIn.com/TOS for details.
- ^ EarnIn. How much money can I cash out with EarnIn?, Retrieved 3/23/2022
- ^ EarnIn. All About Referrals at EarnIn, Retrieved 04/19/2024
- ^ Brigit. How much does Brigit cost?, Retrieved 3/23/2022
- ^ Dave. About ExtraCash, Retrieved 5/23/2023
Get up to $750 per paycheck
- Access up to $750 per pay period of money you've already earned.
- No mandatory fees
- No credit check
Get up to $500
- No interest, credit checks, or late fees
- No lengthy application process or waiting period
- Sign up in minutes
Up to $500 Instacash℠ advances
- Short on cash? Get up to $500 of your pay, any day.
- No interest. No credit check. Enjoy flexible repayment dates.
- Link a checking account with direct deposits to see if you qualify.
Get Up to $200 Now
- Sign up in seconds: Just enter your name, email and phone to get started
- Connect your account: Link your bank, so we know where to send your money
- Access your cash: Get a Klover advance - up to $200 - with no credit check
Get up to $250 in minutes with Instant Cash
- No interest, late fees, or tipping
- No credit check
- Just $9.99/mo. Cancel anytime
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EarnIn services may not be available in all states.
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