Earnin App Review – Get Your Paycheck Early
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With no maintenance fees (or any fees) and quick funding, Earnin is a great app in your personal finance arsenal should you fall on hard times and need a small amount fast.
9/10
Cost
9/10
Features
9/10
Ease of use
9/10
Services
8/10
If you've ever consumed personal finance content, you'll know payday loans are, in most cases, predatory. They take advantage of your bad financial situation by handing out short-term loans that are staggeringly expensive. In fact, according to the Consumer Financial Protection Bureau, a two-week payday loan with a $15 per $100 fee comes out to an annual percentage rate (APR) of almost 400%. By comparison, credit cards by most lenders charge an APR of up to 30%.
These loans create a cycle of borrowing where you have to pay the money back quickly, making your next payday even tougher to manage. If you're a little financially shaky and want money in a pinch, check out one of the many cash advance apps offering paycheck advances. One such app is Earnin.
In this article
What is Earnin?
Earnin lets you access your paycheck (or a portion) in advance. You can borrow up to $100 per day or $750 per pay period. Earnin is currently only available in the U.S. and its territories. The app has a lot going for it as well. No mandatory fees? Check. Quick funding? You got it. No interest charges? Sure thing!
To use Earnin, you must meet a set of eligibility requirements such as:
- Being employed. The company once enrolled members in its unemployment feature, but it has since sunset that product.
- Having a fixed work location, an electronic time-keeping system, and a regular pay schedule, biweekly or monthly.
- Being at least 18 years old.
- Having more than 50% of your direct deposit sent to a checking account.
As the company puts it, Earnin aims to "improve money for all." It is rated A by the Better Business Bureau, and its app on Apple's App Store is rated 4.7, while that on Google Play has a 4.6-star rating.
- Access up to $750 per pay period
- No interest, mandatory fees, or credit checks
- Over 15 million downloads and counting
How does Earnin work?
You can't use Earnin on a browser, meaning you'll have to download it on your Apple- or Android-powered smartphone. But because it's a financial technology company, signing up and using the app is a breeze.
Create an account
As noted, the Earnin app is available for Android and iOS. Simply download the app from your app store and create an account. This only takes a few minutes; however, Earnin may take a few days to verify your information. The company also tracks your hours to know what loan amount you'll be eligible for.
Link a bank account
You'll need to link your checking account, where the salary is deposited, to the Earnin app to get a cash advance. To use the app, you must receive your paycheck via direct deposit. To add earnings, you have a few options: send an electronic timesheet, use a company-provided email to sign up with Earnin, or use the app's Automagic Earnings feature, which uses GPS to verify that you're working.
Cash out
Ready to request a withdrawal? Click the "Cash Out" button. Earnin doesn't let you choose the money you can withdraw. Instead, that is determined by your pay frequency and the hours you've logged in. In addition, your daily limit and pay period limit may also come into play.
How much does Earnin cost?
Zilch. Zero. Nada. That's right, Earnin doesn't have any mandatory fees. But that's not to say there aren't any fees at all, which are optional by the way.
- Instant withdrawals: Earnin typically funds the money in one to two business days. But if you'd like fast access to your hard-earned money, you can pay $0.99 to $3.99 for a Lightning Speed feature. With this feature, you can get the cash in one to 30 minutes.
- Tips: When withdrawing money, you can add an optional tip of any amount. Again, this is entirely voluntary, and Earnin says tips help cover transaction fees, allowing more community members to transfer out with you. Earnin is 95% community-supported, and these tips help run its operations.
- Access up to $750 per pay period
- No interest, mandatory fees, or credit checks
- Over 15 million downloads and counting
Earnin features
Access your paycheck early
This is Earnin's bread and butter. Just link your bank account, and you can access up to $100 per day and $750 per pay period. The app simply deducts this advance from your next paycheck. Goodbye, interest rates!
Balance Shield
Think of it as low-balance assistance. Earnin's Balance Shield will alert you when your linked account dips below a level (between $0 and $400), so you don't end up racking up overdraft fees. Another companion feature, Balance Shield Cash Out, will deposit $100 into your bank account when your account balance falls below $100. You must pay a tip when using Balance Shield Cash Out, but they'll let you choose the amount.
Earnin Card
You'll need at least $500 in direct deposit per month to get this Visa-powered card. Evolve Bank & Trust, a member of the FDIC, provides banking services, meaning your money is insured by the federal government up to $250,000. This card lets you spend the cash advance up to your earnings in that pay period. The Earnin Card doesn't currently have any cashback rewards.
Max boosts
If you've hit your pay period max but still need some quick money, this feature can help. But to become eligible, you must have at least one successful debit with Earnin. You can use the feature just once per pay period. But where is this money coming from? According to Earnin's Cash Out User Agreement, Max boosts come from another Earnin member, and you'll have to ask them yourself.
Tips jars
Looking to save for a vacation or a new car? Tip yourself and cash out when you're ready. That's the idea behind tip jars. The app lets you send money from your linked checking account to one of the tip jars you've created. You can withdraw between $1 and $2,000 from your tip jar
This feature isn't meant to replace a conventional savings account because it doesn't incur any interest.
Who should or shouldn't use Earnin?
Earnin may be a good option if you need access to a small amount of money ahead of your paycheck. You can get up to $100 per day or $750 per pay period. That and no mandatory fees make Earnin a better option than pricey payday loans.
Yet, at the same, getting money before your actual paycheck drops isn't something to make a habit out of. And suppose you feel you've been using Earnin or any other paycheck advance app too frequently. You should probably deeply dive into your finances to identify and deal with issues appropriately.
- Access up to $750 per pay period
- No interest, mandatory fees, or credit checks
- Over 15 million downloads and counting
Pros and cons
Pros
- No mandatory fees. With the Earnin app, you don't have to worry about any fees. There is the option to tip if you're feeling generous, but you're under no obligation.
- No interest. Whatever you withdraw from the app will be deducted from your next paycheck without any interest accruing on the paycheck loan. It's that simple!
- Quick funding. You can get access to your money in one to two business days. But if you'd like that money even faster, you can pay $0.99 to $3.99 to get cash in one to 30 minutes.
Cons
- No cash back rewards. The Earnin Card is powered by Visa and connected to your Earnin app. You can use this card just like any other for groceries or gas. The downside? The card doesn't currently offer any cash-back rewards.
- It's not for everyone. Who can use Earnin is determined by the nature of their work and the way they get paid.
- May promote unhealthy habits. It's important to note Earnin is nice to have. When you need money fast, it may save your day. But you mustn't make a habit out of paycheck advances.
Earnin vs. competitors
App name | Amount | Fees |
|---|---|---|
Earnin | Up to $100 per day and $750 per pay period | None |
Chime | N/A | None |
Dave | Up to $500 | N/A |
MoneyLion | Up to $1,000 | None |
Chime
Chime is a fintech company like Earnin, but it boasts far more financial products than Earnin. One is a paycheck advance that gives you money in hand two days ahead of your paycheck deposit. But to use this feature, you'll need to open a checking account with Chime, which also offers a high-yield savings account and credit builder features. Like Earnin, Chime is mostly free and doesn't charge monthly service or any transaction fees.
Read a full review on Chime.
Dave
Dave's ExtraCash advance has no interest, credit checks, or late fees. But this isn't a paycheck advance but more like a short-term loan. Dave will loan you up to $500 for a "small service fee" to be repaid on the agreed-upon settlement date. You can receive this money in a Dave Spending account, which is the fastest way to get the loan. The money can also be sent to an external debit card or bank account.
Read a full review on the Dave Mobile Bank App.
MoneyLion
Cash advances, credit building, and investing services are features offered by this mobile banking app. You can get up to $500 per pay period, but new users start at $25 and go up based on their deposit history with MoneyLion. If you use MoneyLion’s Credit Builder Plus feature and open a RoarMoney account, you may be eligible for a $1,000 loan. There are no fees for cash advances from MoneyLion.
Read a full review on MoneyLion.
FAQs
Does Earnin offer personal loans?
No, Earnin's Cash Out is not a personal loan, but a paycheck advance. And unlike a personal, your repayment history isn't reported to the credit bureaus.
Are there are geographic restrictions?
Currently, Earnin is currently only available in the U.S. and its territories.
Does Earnin work for unemployed people?
No, the company only accepts people with a job, in addition to other eligibility criteria.
Will it affect my credit score?
No, Earnin doesn’t report information to credit bureaus.
- Access up to $750 per pay period
- No interest, mandatory fees, or credit checks
- Over 15 million downloads and counting
Is Earnin legit?
Short answer: yes.
With no maintenance fees (or any fees) and quick funding, Earnin is a great app in your personal finance arsenal should you fall on hard times and need a small amount fast. You can get your money in one to two business days, but choose to pay to get the money in as little as a minute. Earnin can also help you avoid overdraft fees on your checking account.
This advance is not meant to replace your emergency fund, which should have enough money to sustain you for six months, or a traditional loan alternative. But if you're living paycheck to paycheck, Earnin may prove to be helpful.
But within its ease of access also lies a potential problem if you're not careful. You wouldn't want to be in a position where you're caught in a cycle of withdrawing paycheck after paycheck in advance. If that is the case, it's time to dig deeper into your budgeting and identify the underlying issue.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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