Naturally, sometimes we find ourselves in a financial crisis- Maybe we spend more than we earn or any rise in bills or any emergency, etc.
And we end up opting for payday loans. However, they are harder to pay back than traditional loans owing to high interest and have more chances of getting trapped in debts.
Before making any decisions, it’s always important to educate ourselves properly about that particular thing and also its alternatives.
Earnin and apps like Earnin are alternatives to these Payday loans. Let’s dive in and see how they can help us improve our financial stability.
What Is Earnin?
Payday loans are hefty while paying back. Sometimes you pay them twice as much the amount you took. That’s where apps like earnin have come up.
Earnin lets you have or receive the wage of the hours you worked before payday. However, unlike payday loans apps like earnin don’t charge any fees.
Users can withdraw up to $100 based on the work hours and you pay a tip to them for their service. Though freelancers, remote workers, will not be able to do this and the users should receive a paycheck through direct deposit only then, they can use earnin.
So how will they know if you are actually working or not.? That depends on the kind of work you do. You may have to turn on your location, connect the company’s timesheet to the app, or upload photos of your task receipts.
Earnin encrypts user data safely, however, it can still be a little scary as it will have all the details of your bank account. Making sure that we have the knowledge and understanding of all this is necessary before signing up.
It may be that you are looking for its alternative because of the lower borrowing limits or any other reason. Whatsoever, there are apps like earnin that are worth making use of…
Therefore, in this article, we have compiled a list of apps like earnin that will certainly help you in times of your needs.
Best Apps Like Earnin
Here are the best apps like Earnin that will help you and not worry about high-interest rates.
If you are willing to boost Your credit and want to combine your Bank investment and installment loan accounts then Money Lion’s the best choice for you. It will rid financial obstacles with their blended financial hub and application.
MoneyLion offers you mobile banking, instant cash with no interest that’s up to $250, and free credit monitoring to enhance your credit. It provides Credit Builder Plus that’s very helpful for small business or small credit builder loans that are up to $1000.
Furthermore, you can earn rewards using a Roar Money account or MoneyLion app and obtain an advance paycheck or instant cash up to $50 at 0% APR. There are no maintenance fees and balance so you can easily invest and anyone can open a MoneyLion account.
After you sign up you are enrolled in MoneyLion Roar Money free checking account and MoneyLion Manage investment account. Then you can refer to a builder Plus account and also can customize your investment portfolio.
Dave is another app like earnin that governs your checking account and gives emphasis to overdraft protection and charges monthly $1. It lends you a $75 loan with no interest, however, only if you have a stable job with a steady paycheck.
It has two payback options that are either you can pay back earlier on time or else the app will collect from the user’s next deposit paycheck.
With the help of your past expenses through the account you linked, it predicts future expenses and if you select Dave banking you will get 32000 fee-free ATMs for which you don’t have any overdraft fees or minimum deposit.
Users can also boost their credit with Credit Pop. It costs $100 though, it’s free for those who receive direct deposits. Moreover, you can also apply for jobs in the economic sector. It is best suited for those who don’t monitor their finances much.
Daily Pay makes payroll lenient and more beneficial for both employees and employers.
It allows employees to have access to their earnings or wages anywhere through the Wisely Play card. Only the employer has to turn on their payroll.
It’s more like an ATM for employee’s earnings. Moreover, DailyPay with its API technology and AI reduces employee’s financial burden and increases stability.
The Branch is yet another nice app like earnin that lets you access a part of your paycheck earlier. The branch app is effective for hourly employees who often have cash flow troubles.
If you want quickly then it charges $2.99 to $4.99. However, you can also opt for standard advance and that’s for free but it will take 3 days to receive your money.
Though, the amount the branch advances you is limited to around $500 maximum and may not help you if you are in an expensive need. Instead of the skyrocketing interest charges, you only have to pay a tip for their service.
The Branch is not available to remote workers and the ones eligible should have a debit card of the supported bank and spending activity which shouldn’t be much high.
As the name suggests FlexWage inevitably is for those who want money for their work hours instantly.
With FlexWage also you can have your paycheck or what they call OnDemandPay early whenever you have an emergency or need.
For employees who are unable to use direct deposit can use a flex wage payroll debit card. Moreover, it’s largely utilized among different income level employees and also by temporary, part-time, and unbanked employees.
Considering all the features it offers, flexwage is a reasonable app like earnin.
Brigit is relatively fair among apps like earnin that offers a paycheck advance of up to $250 without interest.
For most of its features to have access we need to pay a $9.99 monthly fee and not everyone is eligible to sign up.
To qualify for Brigit you should have a brigit score that should be either more than 70 or at least 70 and it calculates this by looking at your banking history, income, and spending history.
It aids in preventing overdraft fees with the automatic advances feature where it automatically transfers the money to cover the shortcomings.
This one’s quite a different app. Zirtue is a friendly money lending and borrowing app from friends and family with automatic ACH (Automated Clearing House) loan payments.
Yes, there are many other apps through which friends and family can send money to each other, however, no other platform sets up repayment options.
Both the parties i.e the lender and borrower can talk about the terms and have a digital agreement. So, now you can focus on your relationships as Zirtue look after and simplifies all your repayment procedure.
Moreover, users will have a personal dashboard, receive notifications and reminders, automatic monthly loan payments, and easy messaging and notes.
Now comes PayActiv, another good app for our needs. With PayActiv, employees are awarded cash based on their attendance, working hours, and performance. Users can have up to $500 paycheck per pay period.
It has apps on both Android and iOS that let users set up saving goals, earn wages, pay bills, and will also acquire discounts on online purchases. And you don’t even need a bank account to set up PayActiv.
The employer or manager can regulate the employee’s analytics by using a self-service portal.
9. SoLo Funds
SoLo Funds allows borrowers to withstand their financial shortcomings by creating an opening for lenders.
Lenders can lend money directly and see where their money goes and there’s no minimum loan as such so they can start with as much little they want. However, as there’s no guarantee that the loans will be repaid, it’s more suitable for lenders who take risks.
Yes, here borrowers help those who want to earn some extra cash as they will be paying back through tips. Users can borrow from $50 to $1000 and have to repay the loan in 14 to 30 days.
Similar to SoLo Funds, Rainy Day Lending allows you to find a personal loan quickly. Well that said, it acts more like a middle person.
Regardless of your credit score and with the presence of a credit card, you can take a loan. however, the amount of interest has to be paid and should be directly discussed with the lender.
You can take loans as little as $200 to a maximum of $50000. Rainy Day Lending costs $1 per day and has a 5-day free trial.
Payday loans have several alternatives that are much more beneficial. Among them is Earnin and Earnin has its good features however other apps like earnin are equally good and can be considered.
The above-mentioned apps are best to avoid getting trapped in debts and paying huge interest to payday loans.
Hope you found this article useful and let us know if you have any questions regarding the same.