Nearly 80% of American workers are living from paycheck to paycheck. And worst of all, this even includes those Americans that earn over $100,000 annually.
Needless to say, you can’t even dream about savings when your net income is close to zero. But this isn’t the biggest problem – if your payments are due earlier than your payday, then a few stressful days are guaranteed.
Apps like Earnin can provide a helping hand in such situations. The assistance isn’t free, of course, but it’s better to pay a small fee than to sit without electricity or water for days.
Earnin isn’t the only early payment financial app on the market, nor is it the best. If you are in doubt that Earnin is the optimal option for your financial needs, then have a look at our list of some great Earnin alternatives.
Note that the ranking below is in no particular order.
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At its basics, Dave is very much like Earnin. You may be paid up to two days early with Dave and get up to $100 without any fees.
However, there are some remarkable features that Dave offers on top of that. Most notably, Dave has partnered with LevelCredit so that your rent payments are reported to major credit bureaus. This allows you to build or improve your credit rating.
With that said, note that Dave costs $1 per month, whereas Earnin may be used for free (though it does have monthly membership options).
Branch might be a good choice for those living in India, Mexico, Kenya, Tanzania, and Nigeria. It’s not available in the US and Europe, and it probably won’t be for the time being.
Aside from geography, what sets Branch apart is that it’s a loan service that provides up to 48-week loans with a monthly interest rate (but no late or rollover fees). Everything is smartphone-based with Branch, so applying for loans is very easy.
When it comes to cost-effectiveness, Branch is certainly not as great as Dave or Earnin. But given its geographical targeting, you most likely have no other choice.
Brigit is very much like Dave and Earnin – however, it allows you to borrow up to $250! Aside from that, if you feel that you will need cash often, you may subscribe to the Plus plan for $9.99 per month.
Plus provides you with perks like instant transfers, automatic overdraft protection, early & late paybacks, insights into your earnings, and more.
The free Basic plan also provides you with access to payday loans, but the functionality is more limited. So although you may get up to $250 from Brigit with no monthly fees, you might want to purchase the paid plan to access the platform’s tastiest benefits.
MoneyLion provides up to $1,000 loans with terms starting from 1 year. The service is willing to issue loans regardless of applicants’ credit score, and it also reports repayments to major credit bureaus, giving you an opportunity to improve your credit rating.
With that said, MoneyLion is on the pricier side. You need to purchase a monthly membership before applying ($19.99), and the APR is also high – from 5.99% to 29.99%. At least, the APR does include your monthly fee, so you’ll be saving a little there.
Possible Finance operates more or less similarly to MoneyLion, but the loan terms are different.
More precisely, Possible loans are shorter-term – up to 8 weeks – while the max loan amount is $500. And after you are done, Possible reports to major credit bureaus, so you get the chance to improve your credit score.
So if you can afford to repay quickly, Possible might be a better choice since it’ll allow you to get done with the debt sooner.
The APR with Possible ranges from 150% to 200%, which is high but actually lower than typical payday loan rates or overdraft fees.
Chime allows you to get your paycheck up to two days early – more or less like Dave or Earnin do. But Chime works slightly differently.
When you sign up with Chime, you receive a Visa Debit Card along with a Spending Account. You may optionally set up a Savings Account as well to save money with Chime.
Chime is completely free to use – there are no monthly fees or tips. The company makes money on interchange fees that incur every time you use your Chime Debit Card.
You are also charged $2.5 when getting cash out of an ATM that is not part of Chime’s ATM network (with over 38,000 ATMS) or when withdrawing over-the-counter.
7. Daily Pay
Daily Pay is very interesting in how it operates. It partners with companies and integrates with their payroll and time management systems, allowing employees to get access to their wages a little earlier than their payday.
With Daily Pay, you are building your Available Balance each day you work. You can request your Daily Pay balance whenever you want, but for a fee of $1.99. Daily Pay does not charge any other fees, so it’s actually quite cheap if you won’t be requesting money too often.
There are also no interest payments with Daily Pay because you are only getting what you’ve earned.
Note that Daily Pay may not be working with your company just yet, so be sure to ask around first to determine if it’s even available at your workplace.
8. Speedy Cash
Speedy Cash is one of the most flexible alternatives to Earnin because it offers multiple types of loans:
- Installment loans. Speedy Cash installment loans reach up to $5,000.
- Title loans. Using your car as collateral, you may borrow from $100 to $25,000 with Speedy Cash.
- Online loans. Speedy Cash offers several types of online loans – payday loans, installment loans, and line of credit loans. Unlike other Speedy Cash loans, online loans are set up 100% online.
Speedy Cash’ interest rates may be a little high, but if you want flexibility in loan options, this may be the best service for you out there.
PayActiv allows you to get up to $500 of your earned wages and pay $5 for bi-weekly use. You don’t pay any fees unless you get money with PayActiv, and there are no interest payments as well.
PayActiv works like Daily Pay – PayActiv partners with employers to allow their employees to get access to their wages earlier than their payday. So you aren’t borrowing any loans – all you get is your hard-earned money.
PayActiv also has an optional prepaid card. The card allows for quick access to your accumulated funds and may be used for in-store or online payments, as well as for cash withdrawals from over 65,000 ATMs in the United States.
Like with Daily Pay, PayActiv needs to be partnered with your employer for you to be able to access its benefits. So ask at your office whether PayActiv is available to you.
Even features instant wage payments – like Daily Pay and PayActiv – and it additionally provides free access to budgeting features, as well as to FDIC-insured Automatic Savings feature.
As for early wage payments, Even works similarly to Daily Pay and PayActiv. Even partners with employers around the United States to enable pre-payday payments. However, to access instant payments, you need to subscribe to the $8 monthly plan.
Is $8 monthly a lot? Depends on how often you will be taking your money out – and yes, Even provides access to on-demand payments as often as you’d like.
For up to four payments per month, Even would be as costly as Daily Pay (remember that Daily Pay charges $1.99 per withdrawal).
If you were to require payments more often, then the $8 monthly payment would make Even cheaper. But in the case of one-two payment requests per month, Daily Pay would work better.
Compared to PayActiv, Even would again make sense if you will need early money often. You are paying $8 monthly regardless of how many times you use the service (though if you don’t use it for two months, you are no longer charged). PayActiv only charges the $5 bi-weekly fee when you use the service.
Although FlexWage payments are again based on partnerships between FlexWage and employers, it offers a few additional services that may interest you.
One of them is Flex Pay – a service that allows you to gain immediate access to one-time compensations like tips, commissions, or bonuses.
Another interesting FlexWage service is the Pay Card – a prepaid debit card that can be used for your FlexWage compensations. Once the money is deposited onto your FlexWage Pay Card, you get access to it immediately.
But the core of FlexWage’s offering is, of course, the OnDemand service that allows you to get a portion of your earned wages before payday. Just like with PayActiv, Even, or Daily Pay.
The fees, however, vary by employer, so to be able to compare the cost-effectiveness of FlexWage with that of other services, you’ll have to ask about FlexWage at your office.
12. Vola Finance
Vola allows you to get up to $300 payments for a monthly fee of $4.99. There are no tips or other fees that you need to pay – only the monthly fee.
An interesting feature of Vola is the Vola Score – a rating system that allows you to get access to lower subscription fees and higher advances. With that, Vola could be an optimal service for you if you will be requiring extra money rather often.
Rainy Day Lending connects you with lenders around the country, providing you with access to up to $50,000 loans with varying terms.
Rainy Day Lending itself is not a lender and merely is a middleman that matches you with lenders. With that, keep in mind that the actual interest rate is difficult to predict. You will have to talk to lenders directly to determine how much you will have to pay for a loan.
You can borrow a loan regardless of your credit score – however, expect to pay higher interest if you have bad credit history.
All in all, Rainy Day Lending provides you with flexibility in choosing your terms, which is great if you want to find something optimal. However, it may take longer to find a good lender than to just use an app like Vola.
14. SoLo Funds
The most interesting thing about SoLo Funds is that it allows you to not only borrow but also lend funds and earn money. SoLo Funds is focused on loans up to $1,000 with terms from 14 to 30 days. There are no hidden fees, and the cost of the loan depends on who you are working with.
Because SoLo Funds offers accessible lending opportunities, you may get way better loan terms here than anywhere else. But, of course, you will have to look around to figure out whether SoLo truly is the best option for you.
PockBox works exactly like Rainy Day Lending, but it allows you to get loans up to $2,500. So if you don’t need the higher ceiling of Rainy Day Lending, give PockBox a shot.
PockBox and Rainy Day Lending appear to have a common owner, but we can’t tell for sure. Nonetheless, because the two platforms are so similar, they have the same requirements for issuing a loan.
And again, PockBox provides you with increased flexibility in selecting a lender, but you may have to look around longer to find a good opportunity.
16. Cash App
Finally, if you want an app that can do a little bit of everything, then Cash App is a great choice.
Aside from allowing you to receive your tax returns or paychecks up to two days early, Cash App also lets you send and receive payments or make donations. You may get the Cash Card debit card as well – with the Cash Card, you may pay online and in stores.
The Cash App offers some investment opportunities as well, allowing you to make investments in stocks and Bitcoin.
Note that Cash App charges fees on each of your transactions – up to 3%, depending on what you are doing.
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