- What, if you could access a portion
of your paycheck before payday?
That could help you stay on top of your bills, right?
But the traditional ways to access your paycheck early
are burdened with extensive fees
that can make it difficult to get ahead.
Luckily, Earnin offers you the opportunity
to get early access to a portion of your paycheck
without a high interest payday loan attached.
In this video, we'll review a bit
about Earnin and discuss some Earnin alternatives
for you to consider with cash advance options.
Hey everyone, this is Andy with The College Investor,
investing and personal finance for millennials.
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As you're watching the video,
know that all of the resources mentioned will be available
in our video description below.
Okay, what is Earnin?
FinTech is disrupting the industry
by helping underserved Americans
access the tools they need to get ahead financially.
With Earnin, you can access a portion
of your paycheck ahead of time.
Depending on your paycheck,
you can get an advance of up to $100.
You'll pay Earnin back once you receive your paycheck.
The ability to tap into a modest advance
can help you avoid bank fees that can really cut
into your budget over time.
And the best part is that Earnin
is making these tools available for free.
Although there is an optional tipping feature,
you don't have to give a tip if you can't afford it.
If you're looking for a way to gain access to some
of your paycheck, Earnin isn't the only option out there.
Here are some other options to consider for you.
Number one, Albert.
Albert is an all in one personal finance assistant
that can help you with banking, saving, and investing.
Plus Albert can provide cash advances based
on your paycheck.
If you have a W2 job, Albert can provide advances up
to $250, but you may not need the advance
because Albert can help you access your direct deposit
up to two days early.
Number two, Brigit.
Brigit is another personal finance app
that offers cash advances.
Through the plus plan,
you can have access to cash advances of up to $250.
However, you'll have to pay a monthly membership fee
of $9.99 to unlock this privilege.
In addition to cash advances,
Brigit offers overdraft protection,
credit report monitoring, up to $1 million
in identity theft protection, and credit builder loans.
Number three, Chime.
Chime is a FinTech that offers banking services
through its partner, the Bancorp Bank, or Stride Bank, N.A.
What sets Chime apart from the crowd
of banks that want to hold your money is
that it prides itself on a minimal fee structure.
You won't run into any maintenance fees, overdraft fees,
foreign transaction fees, or return check fees,
but you will have to pay $2.50
for out of network withdrawals.
Chime doesn't offer a cash advance option,
but this lack of fees
could be the banking experience you've been looking for.
Plus chime can help you gain access
to your paycheck up to two days early.
Number four, Dave.
Dave is a banking app with a $1 monthly membership fee.
As a member, you may qualify
for interest free cash advances up to $250.
Although you will have to pay a $4.99 express fee
if you want the funds within eight hours.
This is still a very low cost way to get access
to the funds you need.
Beyond the cash advance opportunity,
Dave offers a checking account
that automatically builds credit by reporting
on time rent payments.
Number five, Empower.
Empower's a personal finance app designed
to help you take control of your money.
After connecting a checking account, you may be able to tap
into cash advances between $25 to $250.
You won't have to deal
with any fees or interest charges to work with Empower.
Additionally, Empower offers an auto save feature
and a debit card that offers up to 10% cash back
on some purchases.
Number six, MoneyLion.
MoneyLion was built to provide the right financial tools
to the customers that need them most.
With that, there are minimal fees attached
to these helpful financial tools.
One of the most helpful tools is MoneyLion's
Insta Cash advances.
Although your limit will start at just $25,
that can rise up to $250 based on your paycheck.
The advance is fee free unless you choose
to pay a $3.99 fee for instant delivery.
When working with MoneyLion,
you can take advantage of its automatic investment options
and credit builder loans.
Number seven, Varo.
Varo Bank offers modern banking solutions.
This online bank offers both a bank
and savings accounts with no monthly fees attached.
If you run into a cash crunch,
you may instantly qualify to receive a cash advance
of up to $100.
The downside to the cash advance is
that there are fees involved.
You'll pay $5 for a $100 cash advance,
$4 for a $75 advance, and $3 for a $50 advance.
But you won't have to pay any fees for a $20 cash advance.
Varo also offers relatively high APY's
that make opening an account even more attractive.
Number eight, Vola.
Vola is a financial platform
that offers cash advances up to $300.
Plus overdraft fee protection helps keep your budget safe
from unwanted bank fees.
You'll have to pay a monthly fee of $2.99 to $28.99
to use Vola.
But using a Vola debit card
will help you keep your monthly fee on that lower end.
In the end, there are plenty of apps like Earnin available.
Whether you wanna get paid early
or tap into interest free advance
or otherwise maximize your paycheck,
there is an app out there for you.
With the right option,
you could improve your financial picture over time.
Enough from our side, we wanna hear from you, everyone.
Which one of these Earnin alternatives
are you considering trying?
Have you used Earnin before?
What was your experience working with them?
Please let us know
in the comments below and everyone just so you know,
all the links for all these resources mentioned
in today's video are in our video description.
This is Andy from the College Investor
and we'll see you in the next video.
(warm music)