Earnin is a financial services company that provides a paycheck advance. You can borrow up to $750 per pay period and the loan is repaid when your direct deposit hits your account.
There are no mandatory fees for the cash advance and no interest is charged — essentially making it a free payday loan.
If there’s one complaint about the financial system in the United States it is that the system isn’t fair. People with lower and unstable incomes often end up paying the most for financial services.
When you combine monthly checking fees (for keeping an insufficient balance), overdraft fees, and high interest debt (especially Title loans or payday loans), it is easy to understand why so many Americans struggle to get ahead. When the financial system seems stacked against you, it can be discouraging to try to make good money moves. But disruptive companies are looking for ways to serve underserved people.
Earnin is one of those disruptive companies. Earnin is a paycheck advance app that’s working to improve the financial lives of those living paycheck to paycheck. Here’s what you need to know about the app.
See how Earnin compares to other popular cash advance apps.
Quick Summary
- Paycheck advance app
- Borrow up to $750 before payday
- No direct costs, relies on tips
Earnin Details | |
---|---|
Product Name | Earnin |
Max Loan Amount | $750 per pay period |
Fees | $0 (Optional Tipping) |
Promotions | None |
What is Earnin?
Earnin is an app that allows workers to get an advance of up to $100 per day ($750 per pay period) sent directly to their bank account. You have to prove that you have earned the money, either by uploading your timesheet, or using GPS to show that you were at work.
The paycheck advance is deposited into your checking account and is repaid when your direct deposit is deposited.
Instead of paying a fixed fee for the advance, users can opt for a tip (generally between $2 and $14). You can opt for a tip of $0 if you really need every last cent.
To qualify for an advance you must meet all of the following criteria:
- You must be paid through direct deposit.
- Hourly workers must connect Earnin to their company’s online timesheet (or upload photos of their daily timesheet).
- Have a fixed work location and have GPS on the app turned on, or an employer provided work email address.
- Salaried workers must allow Earnin to track their location, so the app can confirm that they went to work.
- Gig economy workers can upload receipts or trip information to the App for early payouts.
What Does It Offer?
Earnin offers a way to get an advance on your paycheck for an affordable price, or free if that's what you can afford.
Upon request, Earnin will transfer up to $100 per day into your checking account. There is no mandatory fee, but you can choose to leave a tip for this service.
Your transfer limits will be determined by a number of factors, one of which is your earnings. The amount will be between $0 and $100, with $85 per day being the average. You do need to earn at least $320 every pay period to qualify.
Payroll Advances
Upon request, Earnin will deposit money into your linked checking account. The advance will then be repaid when your direct deposit hits your account.
To qualify for a payroll advance you have to prove you've earned the money. During the sign up process you'll set up your employer, pay, and work location. You can then let the Earnin app track your location, which will prove when you are at work, or give Earnin access to your timesheet.
You have to earn at least $320 per pay period to qualify for a payroll advance.
Lightening Speed
Normal transfers from Earnin take 1-2 business days to appear in your account. However, if you need the money right away, you can opt for the Lightening Speed feature.
This feature will deposit the money into your account within a few minutes, even on weekends and holidays. However, this feature costs up to $3.99.
Balance Shield
Balance shield is an optional feature that allows for automatic transfers from Earnin. Earnin will monitor your bank account balance and if it drops below a preset amount, Earnin will do an automatic transfer.
For example, you could set Balance Shield up to transfer $100 if your account balance drops below $50.
Your daily and pay period limits still apply. So if you've already reached your limit for your pay period the Balance Shield transfer would not occur.
Boost
Boost allows you to temporarily increase your limits by $50 for that pay period.
If you have already borrowed up to your limit for the period and you need a bit more, you can request a Boost. To do this, you need a friend who is also using Earnin to vouch for you. You can make this request by sharing your Earnin code with your friend via the app, and requesting a Boost.
If they vouch for you, you can receive an additional $50 for that pay period.
Free Credit Monitoring
Credit monitoring is an optional feature that allows you to access your credit score through the Earnin app.
This allows you to see your Vantage 3.0 score and track it's history over the past 12 months. You can also get alerts if changes are made to your report, such as hard credit inquiries.
How Much Does It Cost?
You really can tip $0 to use Earnin. If you've earned money that you haven't been paid for yet, you get get a payroll advance from Earnin. There is no fee, but you are encouraged to leave a tip. You really can tip $0 to use Earnin.
If you need the advance right away, you can opt for Lightening Speed, which will cost up to $3.99 per transfer.
Generally, I think it makes sense to tip $1-$2 per advance if you can afford it. Tipping $1 for a $100 advance that you repay in two days is still a 182.5% interest rate. Of course, that’s much more reasonable than paying a $34 overdraft fee.
However, if you appreciate the service it's a good way to ensure the company stays profitable and will be there to help you, and others, in the future.
What Does Earnin Compare?
Earnin is a high quality cash advance tool. The only reasonably priced competitor is Dave, which costs $1 per month.
See our list of cash advance apps here.
That said, cash advances aren’t the only way to improve your cash flow. If you can be responsible with credit cards, they can help you float your living expenses for a few days while you wait for a check to come in. Look for a 0% APR credit card to get started.
Header | |||
---|---|---|---|
Rating | |||
Cash Advance Limits | $750 | $500 | $250 |
Fees | $0 | $1/mo | $9.99/mo |
Banking? | |||
Cell |
How Do I Contact Earnin?
You can contact Earnin customer support directly in the app. They are available 24 hours a day, seven days a week via the a chat feature in the app.
Is It Safe And Secure?
Earnin is a safe and reliable company. It's smart to be cautious before you give a company access to your bank account, but since Earnin needs to be able to both deposit and withdraw funds from your account, they definitely need access.
Rest assured, that they use bank level security and do not sell your personal information.
How Do I Open An Account?
To open an account, you'll first need to download the app. You'll then start the sign up process with your phone number which will send a verification code to your phone.
Next, you'll fill out your personal information such as email and bank account info. It also asks for your debit card, which allows you to use the Lightening Speed feature.
Lastly, you'll need to verify your employment. You'll select your employer from a list employers. If your employer isn't on the list, you can select to "add a new employer". Here you will fill in your working information including how your hours are tracked. You can choose to share an online timesheet, if your company offers that, or you can select to upload copies of your timesheet to Earnin in order to verify your working hours.
If you are paid salary, you'll be asked to give the location of where you work, your earnings will be tracked via GPS, with Earnin verifying your employment by you physically going to work. If you are remote, you'll need to verify employment via your work provided email.
Once you've completed those screens on the app, you should be ready to get your first payroll advance.
Is It Worth It?
If you need the occasional bump to get to your next payday, then Earnin is definitely worth it. The fact that there are no mandatory fees is amazing. You can pay exactly what you can afford at the time, and even the Lightening Speed feature has a very reasonable fee.
The negative part is that you have to track your earnings with the company and prove you've earned the money before you can get the advance. However, it's understandable that the company needs to know it will be repaid before it gives you a, potentially, free loan.
Earnin Features
Product | Payroll Advance |
Pricing | Optional tip for standard transfer, up to $3.99 for instant transfer |
Cash Advance Limits | Up to $100 per day, or $750 per pay period |
Monthly Fees | $0 |
Customer Service Hours | 24/7 |
Customer Service Number | No phone, available via chat on the app |
Mobile App Availability | iOS and Android |
Promotions | None |
Earnin Review
-
Fees and Charges
-
Customer Service
-
Ease of Use
-
Tools and Resources
-
Products and Services
Overall
Summary
Earnin is a paycheck advance app that allows you to borrow money as a payday loan alternative.
Pros
- No fees for standard transfers, optional tipping
- Relies on technology to provide approvals
Cons
- You have to prove you’ve earned unpaid income via timesheets or GPS
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Claire Tak