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They always say there’s an app for that and of course, there is one for a payday cash advance without fees. You heard that right without fees.
I have never used a cash advance service or payday loan, but I know that millions have. The problem with them is that they charge high interest rates and that makes it harder for people to get them fully paid off.
Pouring salt on the wounds of people who truly need it.
People often think they will pay off these loans when they get their next check. Interest is added on and it ends up being more expensive than they can afford. That results in them needing another cash advance before the next payday and the cycle continues. This is great for the cash advance stores raking in the money, but not for the poor working guy.
I truly feel for these people stuck in this cycle. That is why I was so excited when I heard about this app. This could be the answer to get at least some people off the cash advance cycle.
This Is A FREE Service To Use!
Yes, it is free, but they say to pay what you think is fair. It is a tip if you like or can. There are some people who don’t pay and some that will pay after a couple of transactions. You just can’t beat that. Even if you contribute every so often the costs will be minimal. You really can get a cash advance without fees.
This wonderful app is Earnin.com
It is really simple to use. You tell them where you bank and where you work. Then the app notes how long you were at work.
When you want money you will tap cash out. Earnin send the money to your bank account. When payday rolls around you get paid as usual and then Earnin will deduct what they gave you.
Piece of cake!
You can only get up to $100 per pay period. But that could go up to $500 after you have used it for a while.
Your employer is never involved and they don’t know that you are getting your money early.
There Are A Few Restrictions That You Should Know About
1 This is for hourly paid people only.
2 You need the app downloaded so it can track your location and prove you were at work.
3 You need to supply your bank account information to confirm your employment information, hourly pay and pay cycle.
4 They work your hourly pay based on the take-home amount and number of hours worked so this will be lower than your actual hourly pay. They figure it after taxes or anything else is deducted from your pay check like union dues.
5 There will be limits in the beginning on much you can get.
6 You must have an actual bank account. You can’t use cards like Netspend, Green Dot, Bluebird etc. They can’t send money to them and take it out.
7 If you cash in hours before 8:00pm PT, they will be in your account the next business morning. If you cash in hours after 8:00pm PT on a Friday, it will be in your account on the next business day in the evening. They have other timelines that you can see on their site.
This won’t work for everyone.
For those that it will work for this could be the app that changes your financial situation. Just remember that this company is working on good karma so try to tip every once in awhile.
I know I said no fees
There are other companies that you might want to know about. They might have fees or might need your employer to be signed up.
DailyPay
This is for people who freelance for companies like Uber, Postmates, Instacart, Fasten, DoorDash, GrubHub, or Lyft.
You can get a single payment with the day’s earnings for $1.25 and you get the money the next day. If you need it right now you can pay $2.99.
Instant.co
Okay, this one doesn’t charge a fee, but your employer must be signed up. If you work in fast food or the restaurant industry many places are starting to use this now.
Every day at that the end of your shift you will get a notification that allows you to receive up to 50% of what you earned for the shift you just completed.
What’s cool about this is that you get an instant card that your money will be sent to. You will be able to spend it easily and if you want to move it to a bank account later you can.
Your employer will need to be signed up with them for you to get paid. On the bright side, they don’t have fees either.
You can get on-demand pay. They have payroll cards that your employer can load money onto for your regular paycheck and there is a direct pay for times that they are paying you for something that isn’t regular payroll.
Employers
You can get up to 50% of the income you earned in the pay period. There is a PayActiv card that you can get to load money onto or use your own bank account. There are a few other perks that they have such as discounts on prescription drugs, savings tools, financial counseling and if you don’t have a bank account that is okay.
If your employer isn’t signed up with one of these companies and you want to take advantage of getting at least some money early then Earnin is for you.
Take advantage of what they have to offer and try to avoid the blood suckers at the cash advance places.
