Ever need to pay rent on time, but you are anxiously waiting for your bi-weekly paycheck to come through? Or maybe you feel like waiting two weeks or even a month to get paid seems a bit unfair. One company is revolutionizing the way you get paid with the mission: You Should Get Paid Every Day You Work including Today!
First Of All: Why are we paid every two weeks (or longer)?
Businesses often pay their employees or contractors over a period of time. This could include daily, although it’s tougher to manage when you factor in taxes and other benefits that the employer may be responsible for. Because everything needs to get organized in the correct manner, your pay is essentially delayed.
What is the Earnin App?
Earnin will work with your employment history and your current pay schedule to get paid whenever you feel like it!
How to Set It Up?
1: Get an Account
First, you’ll need to sign up for an Account. Isn’t that obvious? You can access both the Android or iOS Links below after our review panel.
2: Sync your Timesheets
Snap a picture of your timesheet using the Earnin app. It may take several days to be approved to use the app for disbursement of money, however, once approved you’ll be able to pay out to your banking account on the day of your choice!
3: Instant Money!
Once approved you’ll be able to add money within an instant. Just choose the amount of money you want and Cash Out through the app.
4: Deducting from Bank Account
Sorry, the Earnin app will only work if you have money inside your Banking Account. You cannot sign up for the app using a Credit Card or other form of payment as of now.
5: Did We Mention It’s FREE!
We’ll explain how they make money right below…
How does Earnin make money?
One of the first questions we asked when looking through this app was: How the heck do they make money? Well, they don’t charge any money for a quick payout, nor do they charge to download the app. They request that a user could leave a tip should you feel that the app deserves it! Pretty impressive to rely on the general public for revenue stream!
No This IS NOT an Interest Bearing Advance
Many people ask me about this app and say…well do I owe any interest or is this insured or safe? The answer is yes, it’s super safe, and NO there are no interest or fees involved! The app relies on the community to keep it’s company alive and we’ve seen this among other companies like Aspiration, an online banking company.
The company uses bank-level encryption and all that jazz. If you get hacked don’t blame the app it’s probably cuz you left your Mastercard at that sketchy pizza joint.
One Major Condition…
Although you can withdrawal money at any given time, this is limited to $100 per payperiod. Meaning, you can withdrawal $10, $25, $75, or $100 within the two weeks of work. Once you’ve established yourself within the app (and used bank overdrafts) you’ll be able to upgrade to $500 per pay period.
Being paid bi-weekly could become a thing of the past with apps like these. After all, if you have worked the day, you should be able to be paid for that time immediately! Time to get rid of the notion you get paid daily! Here are samples of what type of cash you could be paid daily (without including Taxes):
- $50,000 Per Year is $26.04 an Hour, so $26.04 x 8 Hours = $208.32
- $35,000 Per Year is $18.23 an Hour, so $18.23 x 8 Hours = $145.84
If we shift our minds and hearts to a daily mindset instead of a bi-weekly paycheck, what will we become? Perhaps, we move quicker and smarter!
Other Get Paid Today Apps
We haven’t really found any significant every day withdrawal apps like Earnin, except for the Dave app. Dave will spot you $75 every pay period if you need. You’ll need to, of course, have the money within your bank account within the next period to pay Dave back. This app isn’t free but only at $1/mo.
Who is this app best suited for?
Since you aren’t going to get a full paycheck out of the app in one day, this is the kind of app that can be a nice sidekick to have in your collection. Although you could say that if you are low in funds and are running into potential bank overdraft fees this could be even more useful for:
- College Students
- Those Without Credit Cards
*New* Alternative: Stash Debit
Stash is a highly respected app that lets you invest a small amount of money into stocks. Their mission is to make things super easy for the user to invest and save in the long run. Recently, Stash released their Debit Card and Banking product that allows a user to get paid2 days quicker using the ASAP function.