Do you find yourself with more month than money? If so, then you’ve probably had to count your options to make ends meet before the next payday. You already know that payday loans are a ripoff. You end up paying more in interest than what it’s worth to take out the loan. Credit cards are nice, but they’re off-limits for many people. Getting credit is almost impossible for people, no matter if they have a long work history or not.
Why are payday loans so essential?
No one knows what’s going to happen from one day to the next. Will you need a new set of car tires? What happens if your refrigerator goes kaput and you need to buy a week’s worth of groceries? Every day people face real problems that they can’t cover financially. A payday loan covers the cost of day to day life at a cost that most people can’t’ afford. It’s not unheard of for a payday loan to cost double or more after fees and interest are paid. Some people have no choice but to turn to a payday lender even though they know the price is way too high for even small amounts of money.
What is the Earnin app?
Earnin aims to make payday loans a thing of the past. If you’re currently employed, then you can get a loan. We’ll talk about the loan structure a little later on. Instead of going to a payday loan place, everything is done straight from your phone. You don’t have to wait in line, fill out any forms, or anything like that. You ask for the loan, and it’s deposited into your account the following workday. The entire process is quick and painless.
Who can borrow money using Earnin?
Hourly and salary workers can borrow using Earnin. If you’re an hourly worker, you must upload a picture of your timesheet or connect to your work’s timesheet via the internet. If you’re a salaried worker, then you must turn on the location detection software, so they know you’re at work. If you’re an on-demand worker, then you need to upload pictures of your receipts or show your Uber ride receipts if you’re a driver.
How much can you borrow with Earnin?
You can borrow up to $100 per day. There is a limit of $500 per pay period. The amount that you can borrow is much less than with a payday loan vendor if you consider the daily limit. What do you do if you need more money? Well, you can borrow $100 several times until you’ve reached the amount required. It’s unknown why they have a $100 limit on how much you can borrow, but it appears they won’t be changing it any time soon.
How do you pay back your Earnin loan?
The money you borrow will automatically be deducted from your checking account. You won’t have to go anywhere or send money to them by any means. Earnin takes the money directly from your account without you having to do anything. The entire process is painless, and you don’t have to lift a single finger to make it happen.
How to properly use Earnin
Now that we’ve talked about what Earnin is, let’s turn our attention to how to use it best. Earnin is like anything else in that it can be abused. You must make sure that you’re using Earnin wisely since it is a loan. No matter what Earnin calls it, you’re still taking out a payday loan. The difference between Earnin and most lenders is, they charge much less. But, still, there are fees involved, and you’re in debt all the same.
Only borrow money when it’s an emergency
An emergency isn’t needing a new video game. Did you lose your glasses and now you have to buy a new pair? If so, then borrowing some money from Earnin isn’t a bad idea. If it can wait until your next paycheck, then don’t use Earnin. You’re setting yourself up for a cycle of borrowing that only ensures that things will get worse over time.
Never borrow more than you need
Do you only need $100 between now and payday? If so, then only borrow that amount. Borrowing more money than you need will cause you to pay more in the end. Always try your best to be as conservative as possible when borrowing money. Do without if you must instead of borrowing money that you will have to repay later on.
Address your financial situation if you must keep borrowing money
Do you find yourself borrowing money every month? If so, then there’s something going on. You need to learn how to live within your means. If you always have less money than what you need before payday, now is the time to do something about it. What you don’t want to do is keep borrowing money to solve the problem.
Earnin is an easy solution for life’s little problems
The keyword here is little problems since you’ll be in hot water if you’re always borrowing money. If you need a quick fix and don’t want to pay crazy fees, then Earnin is what you should use. Millions of Americans are living paycheck to paycheck. Some don’t have any savings at all, and that’s a big problem. What do you do if something bad happens? You either borrow from family, a payday lender, or turn to Earnin. Luckily Earnin offers people a quick and easy solution to their money woes. You’ll still pay a hefty fee even though it’s labeled as a tip. Make sure to educate yourself on the fee structure, so you know how much will be withdrawn from your checking out the next time you get paid.
Are there any alternatives to Earnin?
Yes, there are alternatives to Earnin, and they include Dave, SpeedyCash, MoneyLion, Even, and Brigit. All are apps that you use on your smartphone. If you’re waiting in line at a payday loan lender for what feels like forever only to have them treat you like dirt, then it’s time to move on. Applying and getting approved for a loan should take you a few minutes at the most. There is no good reason why you have to go through all that hassle when all you need to do is tap a few times on your phone and put in some information.