If you’re running low on cash before your next payday, it could be worth looking into money-lending applications to see if you can discover one that can help you out.
Why Earnin is unique: When you borrow money using the Earnin App, there are no interest or fees charged on your salary advance. Instead, it invites clients to consider leaving a gratuity in an amount they deem suitable. (However, you are not required to tip to use the app.)
Requirements for eligibility:
Earnin requires a constant pay schedule, which might be weekly, bi-monthly, semi-monthly, or monthly. Each pay month, more than half of your paycheck must be deposited into a single bank account via direct deposit. You’ll also need to work at the same place every day or use electronic timesheets to keep track of your hours.
Withdrawal limitations:
When you first use the app, you can borrow up to $100 every pay period. As you continue to use the app and successfully repay Earnin, your limit may climb to $500.
Funding Timeframe:
If you have Earnin’s “Lightning Speed” function, the lender promises you could be able to get your money right away. However, you will be unable to utilize this option if your bank does not accept it. Earnin claims that if you don’t have Lightning Speed, you’ll get your money in one to two business days.
Overdraft protection:
If you sign up for Balance Shield notifications, Earnin will tell you when your bank balance is about to go below a certain threshold, allowing you to avoid overdraft penalties. If your checking account balance goes below $100, you may enroll in Balance Shield Cash Outs, which automatically cashes out up to $100 of your earnings, thereby preventing a negative balance on your account.
