Mobile devices have changed our lives. Just in the last decade or so, the way we shop, the way we travel—even the way we communicate has been forever altered by the smartphone. The way we bank has changed, too. But one thing that hasn’t changed? The way we get paid. A new app is here to change that.
It’s time to get Earnin.
Earnin is a personal budgeting tool that allows you to get paid immediately after you work. Work eight hours, and collect your pay when you leave the building. It doesn’t matter if you’re on salary or paid by the hour, Earnin lets you collect your wages when you’re done working. Every day.
It’s shockingly simple. Get the Earnin app on your iOS or Android device and start an account. Then you upload your employment and wage information, plus your bank info. After that, the Earnin team confirms all that information—don’t worry, they don’t save your personal details—with your employer and your bank, and the app works behind the scenes to help you manage your money.
How Does Earnin Work?
Most of us earn a periodic paycheck. We might get paid once a week, or twice a month. However it happens, we have to wait for our pay to be deposited into our bank account in order to access the money we’ve earned. But if we need some money before payday, we’re just plain out of luck.
It’s a tough-luck spiral that’s hard to get out of. The bills pile up until payday, so you make them all at once—and then you’re broke again till next payday.
Earnin seeks to change that.
Earnin members have access to their pay on a daily basis. Earnin keeps track of how much you’ve withdrawn, and automatically deducts it from your pay come payday. It sets a limit on how much you can withdraw, though; it’s dependent on how much you make, your average bank balance, your spending habits, and other factors. Earnin members start with a limit of $100 per day, and that number adjusts as Earnin learns your wage fluctuation, spending habits, deduction predilections, and so on.
Here’s the best part: Earnin is FREE. That’s right: The app doesn’t cost a cent to download, and Earnin doesn’t charge you a cent for access to your money.
Instead, on every pay period, the Earnin app asks users to “pay it forward”; to contribute however much they can afford, whatever they feel the service is worth. Even if that amount is $0. This amount goes directly into “the Community,” to help other Earnin members who can’t afford to pay for the service.
Why Do You Need Earnin?
Imagine it’s payday. Hooray! It’s a great feeling. But if you’re like most of us, the first thing you do when you get your paycheck is … pay some bills. It’s the responsible thing to do. So you pay your rent, maybe make that late car payment you’ve been putting off. After that, maybe you treat yourself to a decent meal, or go on a date.
Even though you just got paid, when you wake up the next morning you’re already broke. It happens to the best of us. You want to go out, but you’ve got no money till payday. Maybe you just need to go to the grocery store, but you can’t afford it; instead, you’re living on ramen and tuna till the next check clears and the cycle starts all over again.
Worse, imagine you break your arm snowboarding, or need an emergency wisdom tooth extraction, or blow out a tire on your car. No matter what you need money for, Earnin gives you the opportunity to access your pay right away. Today. So you can buy yourself some real food, have that painful tooth pulled, or get that tire so you can go to work again tomorrow.
It Really Works
The Earnin website is filled with testimonials from users who say it works for them. Those with limited income, those with unexpected bills, those who just need help keeping track of their money, they all swear by Earnin. There are a bunch of videos on YouTube that explain how it works in great detail, and the site’s FAQ page is full of vital information. And if you’re still skeptical, do what we did and read the user reviews on the App Store and Google Play store.
People love Earnin. And if you have trouble budgeting—who doesn’t?—you might, too.
If you’re living in a never-ending spiral of payday/payout/broke again, give Earnin a try. It’s free to download, join, and use. And Earnin charges zero interest or fees for access to your money. What have you got to lose?