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What Are the Best Earnin Alternatives?
Ever found yourself in deep financial trouble but you don't have any cash to spend? It's not unusual to go through such difficult times, especially when an unexpected expense arises such as medical bills, car repair, or other emergencies. Payday loans might suddenly look appealing, but before you even think about applying for one, you should educate yourself about better alternatives.
Earnin is one of the most popular apps that loan you money now. Many people love using the app because there are no interest or membership fees. It also gives you a sense of accomplishment as the app logs down your work hours and allows you to take out a loan based on those hours. Once you receive your paycheck, Earnin deducts the money you've borrowed.
Getting quick cash is made fast and easy by Earnin. But in case you're looking for alternatives, then here's a list of apps like Earnin that also allows you to take out a loan without worrying about absurdly high-interest rates.
Apps Similar to Earnin
9. Rainy Day Lending
10. SoLo Funds
Do you have that friend whom you think of right away when you plan on borrowing money? Even if you answered no, Dave is here to help you out. This app boasts of one of the largest user bases, and it's all because of how it makes quick cash loans efficient and straightforward. What's great about Dave is that it teaches you how to plan your expenses. It analyzes your spending patterns, identifies upcoming bills, and helps you prepare for future expenses. You can borrow up to $75 until your next paycheck, and the app deducts the money once you get paid. The $1 a month membership fee is well worth it considering the boatload of features of this fantastic app.
In many ways, Even can be considered as a comprehensive financial planning app. It's an excellent platform for anyone who wants to boost their financial wellness. With Even, you can instantly access your earned wages instead of waiting for your paycheck to arrive. There are also a bunch of financial management features to help you sort your finances, plan your monthly budgets, and ensure you don't fall into a vicious debt cycle. Just take note that you can only use this app if your employer uses it as well.
DailyPay isn't as popular as Earnin, mainly because it's geared toward employers who want to help employees get by until their next paycheck. It shares a similar model as Earnin in which users can connect their bank account with the app as well as the number of hours they work every day. Their balance accumulates as their working hours increase, and they can use this balance to get access to cash. Transferring money from your DailyPay account to your bank involves a small transfer fee of $1.25.
Hourly employees are often one of the most vulnerable to cash flow problems because of the pay variance they need to deal with. Branch aims to solve this by providing them with a platform that gives them the support they need to attain financial stability. Whereas some loan apps wouldn't accept your application as an hourly worker, Branch will welcome you without even checking your credit rating. No membership costs and interests to worry about, too. You get access to cash after 3 business days, but you can get cash instantly by paying a small fee.
Tired of falling in line at your local bank only to have your loan application rejected? MoneyLion provides a more convenient and efficient alternative. This app allows you to enjoy the financial services most bank offer, without any hassle involved. Some of their services include managed investing, no-fee checking, and cashback rewards. You can also take out a loan of $250 without interest. If your credit rating isn't up to par, MoneyLion offers a service called Credit Builder which lets you borrow $500 at 5.99% APR.
You can infer from the name of this app that it's another option for employees who want to turn their work hours into cash immediately. But what sets FlexWage apart is that it also offers payroll debit cards. These are perfect for employees who receive paper checks and don't have bank accounts. Take note, however, that most of their services come with small fees. The on-demand wage transfer, for one, will set you back $5. But it's still worth considering particularly if you'd benefit from their debit card.
PayActiv is yet another avenue through which employees can access earned wages before receiving their paycheck. But this app does much more than that. PayActiv users can use financial counseling, educating them about the different ways to manage their finances. You can also use the app to pay your bills and get deals on prescription medications. PayActiv offers a debit card as well, enabling you to withdraw your money quickly. Transferring cash costs a small fee, which peaks at $5.
Borrowing money from friends or family members can be a source of tension, which is why most people avoid it. But Zirtue tries to make thing a little more formal to ensure that all parties get what they want. This app streamlines the process by connecting you to people you know instead of gaining access to a large pool of lenders like in most peer-to-peer lending platforms. The primary goal of Zirtue is to help the borrower establish a structured process to prove to friends and family members that they will get their money back.
9. Rainy Day Lending
Rainy Day Lending doesn't share a whole lot of similarities with Earnin, but it can prove useful if you need a more substantial chunk of cash than most cash loan apps offer. What it does is that it helps you find personal loans quickly. As long as you have a credit card, you can apply for the loan and get the money deposited straight into your bank account the following business day. Of course, this involves paying APR, so don't forget to take that into consideration when planning your repayments.
10. SoLo Funds
SoLo Funds is a peer-to-peer lending platform, which means the money you borrow comes from other people instead of the usual financial institutions like banks. One advantage is that you get to help people who want to earn extra cash by lending their money. You also don't have to think about paying interest since this app lets you pay the money you borrow through tips. Just be careful because failing to compute how much to tip could make you end up spending just as much as taking out a payday loan. With SoLo Funds, you can borrow anywhere from $50 to $1,000.
Earnin Alternatives Comparison Table
|Name of the App||Maximum Limit||Turn Around Time||Other fees|
Same day to three (3) business days
Membership fee of $1; Express delivery fee of $4.99
Varies (50% of their earned wages)
Same day to one (1) business day
Membership fee of $8
Varies (100% of their earned wages)
Same day (Including weekends & holidays)
Transfer fee of $1.25
Three (3) business days
Express transfer fee of $3.99
Two (2) business days
Membership fee of $19.99
After 1-2 business days
Transfer fee of $5
Same day (Including weekends & holidays)
Membership and transfer fee of $5 each
Within the day
Monthly subscription of $5.95 for borrowers
Rainy Day Lending
One (1) business day
$1 per day with free 5-day trial
Same day after approval
Explore Your Options
Always remember that you have plenty of alternatives to payday loans. You can use apps like Earnin to get the cash you need right away without having to pay high-interest rates that only serve to put you in more debt.