I seen so many ads about this App with the cheesy dates and buying groceries; so I decided to make a video on the app and do some research. The main idea or concept is basically not having to wait till Fridays to get paid but having access to your money as soon as your done working. Which in theory sounds great, but the average person that needs daily access to cash might not be in the best financial situation. What I mean by this is, if you have a budget and everything planned out and balance, you wont need daily cash.
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Key Questions Answered
Fun Fact: app use to called Activehours
1. What is Earnin?
– They give you access to your earning before pay day for no fee, but you can tip them for it. Up 14$ tip
2. What does the app promise?
– Overdraft protection feature, that sends you money incase your account is about to be overdraft but they charge you $1.50 minimum fee, plus counts towards your daily limit. Quarter of there user have this feature enabled.
3. How does it work?
– Works for salaried, On demand employees * uber* and even hourly employees
4. Customer service test ?
– What does this mean for my tax withwoldings
– No phone number just emails and chats wtf
5. How long does it take to receive the cash?
– same day or next day
– weekend on the second business day
– same day only if your bank supports it
6. Limits of withdraws?
– Max amount to withdraw is $100-$500
– Daily limit is $100
– This can change based on your activity in the app or if you tip.
7. Requirements
– Hourly, salaried or on demand job
– Get paid by direct deposit
– Provide access to checking to which you get paid your direct deposit, and connect it to receive cash out
– Upload a timesheet or location service so app can know you went to work ( basically keep tabs you)
8. I could see this app working well for people with 2 week pay periods.
Paying to get your earnings early is not a good long-term plan. It also scans your bank information and if a bill is due it will limit your withdrawal with them.
Reviews: Blaine, said she used earnin for a year and then all of sudden they kept taking money from her without her asking or using the overdraft feature. She contacted customer serive they kept disconnecting her. And problem is still at large and she threaten legal action.
Solution: call her bank report the activity and they would have put a stop to it asap.
Bad reviews on customer service.
Invasive : they track, need your bank info, timesheet and now your debit card.
Link: https://www.nerdwallet.com/blog/loans/earnin-personal-loan-review/
Earnin App Review – Is it a Better Alternative to Payday Loans?
https://www.serchen.com/company/earnin/ review
https://www.bbb.org/us/ca/palo-alto/profile/payday-loans/earnin-1216-642613/customer-reviews review
https://www.finder.com/earnin-app info
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