EarnIn Cash Advance App Review 2024

Cash advance apps can help people who need money quickly for unexpected expenses — like a medical bill or a car repair.

Earnin is a free cash advance app that gives customers access to their past earnings before payday. Users can receive up to $100 per day $750 per pay period in their bank account and pay no mandatory fees or interest. Still, the app requires a more rigorous test than others: Customers qualify by proving employment and having a steady paycheck deposited directly into a U.S. bank account.

TIME’s take

Because Earnin users can get an advance on their paycheck for free, it’s a cheaper way to raise money than using credit cards, short-term loans, title loans, or other high-interest loan options. EarnIn stands out among its competitors as a cheaper option with a higher limit per payment period.

However, regularly availing cash advances can become habitual and negatively impact long-term financial goals. Use cash advance apps sparingly.

Who is EarnIn best suited for?

Earnin is best for people who live paycheck to paycheck and sometimes need access to cash before getting paid. It could also attract people who avoid credit cards and prefer cash advance apps to stay away from revolving debt. For anyone who doesn’t have emergency savings, cash advance apps like EarnIn may be better than more expensive or predatory lender options like payday or title loans. But cash advance apps shouldn’t be a replacement for a sustainable emergency fund in the long run.

This is how the EarnIn app works

New users create an account on Earnin and then connect their bank account and debit card. EarnIn verifies the user’s identity and employment income. Your hourly rate after taxes must be at least $4 – so some service providers or gig workers who rely on tips may not qualify. Social Security or other types of government income also don’t count.

Once the account is set up, connected and verified, users can apply for cash advances. EarnIn deposits the money electronically into the connected bank account.

Earnin tracks your physical location, your employer’s email address or your time card to ensure you are working. The app calculates how much cash you can withdraw based on your regular payment amount and days worked. Once you are paid, available earnings will reset.

Standard cash advances take one to two business days and are free. Lightning Speed ​​transfers complete in minutes but cost $3.99 per upfront payment. Using Lightning Speed ​​for the first time is free.

Earnin automatically deducts the advance repayment amount and any tips or fees when the next payday arrives. The app optionally requires a tip with a refund.

Requirements to get a cash advance with EarnIn

• An Earnin account.
• A linked bank account.
• Confirmed employment with a fixed direct deposit pay schedule (weekly, bi-weekly, semi-monthly or monthly).
• Must earn at least $320 per pay period.
• A fixed work location or email address provided by the employer.
• US resident and at least 18 years old.
• A valid US cell phone number.

Here’s how to get a cash advance with EarnIn step by step

Step 1: Open an EarnIn account

New customers can start from desktop or mobile. Earnin is available on the Apple App Store and Google Play.

Step 2: Link a bank account to a direct deposit paycheck

Earnin creates a secure bank account connection via Plaid.

Step 3: Verify employment and direct deposit

Earnin uses your bank account and employment information to estimate how much you’ve earned so far (and how much cash you can withdraw). EarnIn will not contact your employer directly.

Users can check earnings through EarnIn in three different ways:

• Provide a work-provided email address.
• Take advantage of their “GPS earning system” where they track you while you work at a stationary physical location.
• Upload weekly timesheets.

Step 4: Request funds

After verifying employment and direct deposit plans, users can receive cash advances of up to $100 per day for funds earned but not paid out. If requested, Earnin will electronically transfer the money to the user’s bank account within one to two business days – or within minutes for a fee.

Step 5: Pay back money

When the customer receives their regular paycheck, Earnin automatically returns the borrowed amount, plus any fees or tips, from the bank account.

EarnIn app details

Eligibility

Customers must be a US resident, at least 18 years old, and have a verified bank account and a fixed payday. You must earn at least $320 per pay period.

Deposits and withdrawals

Earnin deposits funds into the user’s bank account upon request and automatically initiates withdrawals when the user receives their next paycheck from the employer.

Interest and Fees

Earnin charges no interest or fees for standard delivery of the fund, typically one to two business days. There’s also a Lightning Speed ​​Delivery option that costs a flat fee of $3.99 regardless of the upfront amount. Tipping per transaction is optional but recommended.

Financing time

The standard financing time is one to two business days. Lightning Speed ​​funding time is just a few minutes.

Customer reviews

Earnin has a 4.0 out of 5 star rating on TrustPilot with 95 reviews. The Better Business Bureau rates EarnIn as an “A+” BBB accredited company. Still, customers give EarnIn a 2.56-star rating across 270 reviews, complaining about problems with the app and poor customer service. EarnIn actively addresses and resolves complaints on both review platforms.

pros and cons

Benefits of EarnIn

Receive funds you have already earned

Most employer policies require the work to be completed, but payment is not made until two or more weeks later. Earnin estimates how much you’ve earned each day and pays you money based on your past work.

Automatic repayment

Since repayment is automatic, users can access their earnings without having to worry about paying off this debt. This can help prevent some customers from falling into debt.

Seamless integration with bank account

Earnin securely connects to customers’ bank accounts via Plaid. This allows for paycheck verification and seamless transfers between EarnIn and the bank account.

What can be improved with EarnIn?

Higher daily cash advance amounts

Earnins $750 The cap per pay period is higher than many competitors, but the $100 per day cap may not be enough for some customers.

Reduce fees for faster deposits

Competitor apps often use a tiered pricing structure for express shipping. Earnin’s flat fee model is easier for customers to understand. However, reducing the flat fee would provide better value to customers, especially for smaller transfers.

Simplify employment verification standards

Earnin has stricter verification standards than competitors. For example, some users need to upload weekly timesheets for employment verification, while others need to consent to the app tracking their location data. Some customers may find these requirements excessive or an invasion of privacy.

How the EarnIn app performs

Who EarnIn is not suitable for

Even when financial emergencies arise, cash loan apps like Earnin can become habit-forming, and most users are better off dipping into an emergency fund. If you’re already struggling with debt or other financial problems, cash loan apps may be able to provide you with temporary relief. But be careful: in the long run, cash advances can make your worries worse.

Conclusion

Earnin compares favorably to other best cash advance apps due to its high advance limit and reasonable fees. It’s better than other apps, including Empower, which require a subscription fee or other high-interest, short-term borrowing options like credit cards or title loans. Since cash advances are the primary service offered by EarnIn, customers do not need to constantly sell other financial products.

To qualify for the more favorable cash advance terms, customers must undergo a more stringent income verification test than with other apps. Despite the positive features, users should rarely use cash advance apps to avoid habitual addiction.

Frequently Asked Questions (FAQs)

Can you get a cash advance with EarnIn?

Yes. Eligible users can access $100 per day or up to $750 per payment period.

What are the requirements for using EarnIn?

Customers must be a U.S. resident and at least 18 years of age with a U.S. bank account and a regular direct payroll deposit of at least $320 per pay period. Social Security or other government direct deposit payments do not entitle you to use this app.

What are the disadvantages of using EarnIn?

EarnIn limits cash advances to $100 per day, which may not meet the needs of some users. Customers are required to earn more than $320 per pay period, and EarnIn uses strict employment verification methods compared to other cash advance apps. Cash advances can also have a negative long-term impact on your financial health.

Which app can I borrow $100 from?

EarnIn is a cash advance app that allows users to borrow $100 per day – but it’s not the only one. Competitors, including MoneyLion and Empower, offer similar cash advance options at different costs.