Earnin is a community-based financial institution that is focused on people and not profits. What makes Earnin a unique process for obtaining a personal loan is that the system is built for emergency financial solutions and it is totally app-based. That’s right! You simply download the Earnin app and you can start drawing money from your future paycheck, similar to payday loans but without the exorbitant interest rates.
Earnin promotes its services not so much as a financial institute offering personal loans, and more as an internet-connected community of borrowers that have access to no interest, and no hidden costs financial help. if you’ve ever been stuck in the cycle of expensive bank overdraft fees or high-interest payday loans – then they offer its customers fair and honest access to their earned wages before payday arrives.
What Makes Them Great?
Earnin is uniquely positioned to help a certain borrower when they experience tight financial jams. Some people get paid every two weeks, which makes it difficult to stretch money 14 days when you have a family and bills to pay. Today’s workforce also feature a number of workers that are on-demand or contracted to work only when needed. This is what makes Earnin a great financial partner for the under-banked population, which are those who otherwise would not qualify for a traditional personal loan.
It offers early access to your wages, and instead of charging service fees the community donates small financial amounts or tips that may be used to help a borrower in need. That’s the community portion of Earnin – people being helped, and people helping others.
Do I Qualify?
Using the Earnin app will not affect your credit report, so you don’t have to worry about what your present credit scores are. The main qualifications of an Earnin early funds withdrawal is proof that you are employed, and proof that your paycheck is direct deposited into a checking account. At the time of this writing, Earnin does not work with direct deposits from government agencies like Social Security, or with any deposits made to savings accounts or prepaid accounts.
Other qualifications for using this service include having an employer that keeps track of your work hours with an electronic timesheet system. Also, you must have only one, fixed work location from which you clock your hours. You will also need access to the internet. The Earnin app works on desktops, tablets, or smartphones so you can also check your account balance or request another personal loan anywhere and at anytime.
How Do I Work With Them?
The Earnin process is quite simple if you’ve worked with other web-based apps in the past. First, you will download and install the Earnin app. Next, you will set up an Earnin account, create your profile, then you decide the terms on how you want to get paid. A verification code will be sent to your email address to verify it is you that is actually requesting the advance on your pay.
Earnin will confirm where you work, they will calculate your pay in real-time based on the electronic time-keeping system at your workplace, and notify you if you are approaching an overdraft risk. The app supports a wide range of banks including Chase Bank, Wells Fargo, USAA, Bank of America and many more. Once your bank account and payroll information is verified by Earnin, you can start taking personal loans directly from your future wages.
This financial service is not for everyone, but there is a large portion of the working community that needs a cheaper solution compared to payday loans, and Earnin could be that solution for many people. Otherwise, you can compare other lenders here. Bottom line – Earnin should be used when a financial shock occurs. That could be an emergency auto repair, damage to your home that could cost more if not fixed quickly, and emergency medical needs such as buying medicine or paying for medical appointment transportation.
You can always close your account once you’ve paid off all the money you have cashed out. So basically, you determine how long you will take to repay a loan – it’s up to you to repay it as fast or slow as you would like. And since Earnin does not charge any fees, interest on loans, or have any hidden costs, they depend on the community of borrowers to give back when they have a little extra.
- Allows the community of borrowers to access wages early to cover financial burdens.
- Everything is done online though the Earnin app, so you can complete all steps at home.
- There is no credit check required, only a fixed work location with an electronic time keeping system
- The community supports the system that does not charge interest or fees for personal loans
Ok, Lets Get Started
If Earnin sounds like the answer to your emergency financial needs, then download the app and get started today. It only takes a few days for Earnin to verify your place of employment and your checking account information. If you struggle between paychecks or face an unexpected bill, then Earnin puts the power of your future wages to work for you.