When it comes to cash advance apps, Earnin is a popular choice. But that does not automatically mean you have to go with it. There are alternatives that do the job well and boast unique benefits. What are those and should you use them? Here, we showcase the best apps like Earnin that you can find right now.
What Earnin Is and Why Search for Other Apps Like It
Apps like Earnin have become all the rage, especially for those living from paycheck to paycheck. They’re a lifesaver for the average American and a way to get financial breathing room. But before we get to those, what is Earnin, and why are some of its users opting for alternatives?
Earnin is an app that gives you a cash advance on your paycheck. Think of it as a payday loan but without the interest or deductions. Moreover, Earnin functions as a financial management tool that notifies you when your balance is low. It’s easy to use and works in a pinch for folks in immediate need of cash.
While there are many benefits to Earnin, it also has several drawbacks. For one, the eligibility is limited because you need a direct deposit checking account set up by your company first. Furthermore, Earnin requires a consistent payroll period – whether it’s monthly, biweekly, or any other frequency. Thus, people with erratic paydays won’t get any benefit from the app. They include contractual workers, commission-based workers, or those who use money-making apps .
In addition, Earnin requires you to use online timesheets or work at the same place every day. And it accepts you only if you earn a net income of $4 per hour (after deductions). Moreover, Earnin doesn’t account for unemployment, disability payments, or supplemental security income in its calculations.
Lastly, Earnin has a lot of limitations. For example, if you’re a new user, you can only take out $100 during a cycle. While this amount can increase, it’s capped at $500 per user. Hence, it’s not the ideal solution for folks who need larger loans on their paychecks. For that, you’ll have to use apps like Dave and other alternatives.
Apps like Earnin usually have a maximum withdrawal amount that most people consider small. In Earnin’s case, the amount is $100 – not enough for emergency car repairs or medical expenses. Thus, there are alternative apps like Earnin that increase the limit. One such app is Brigit.
Through Brigit, you can borrow up to $250 a month. Like Earnin, it has no monthly fees and functions pretty well as a cash advance app. It even has advanced features like overdraft protection, instant transfers, financial analytics, and more. However, you’ll have to pay a $9.99 monthly subscription fee if you want access to those. The free version, while convenient, is limited in functionality.
2. Cash App
Cash App is one of the best apps like Earnin for folks who want something more than just advanced payments. Once installed, the app will let you send or receive money from other users or even donate to causes. It also provides convenient investment opportunities and even offers Cash App debit cards to its users.
Note that Cash App’s cash advance feature lets you only get your paycheck up to two days early, though. As a result, it isn’t ideal to use when you’re in a financial pinch. What’s more, the app charges a fee of up to 3% on some activities. Nonetheless, if you want alternative apps like Earnin that are more versatile, Cash App is a good choice.