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Saving money and maintaining control over our finances are goals many of us share. We’re constantly encouraged to be putting money away for a rainy day, but unfortunately, this isn’t always an option. More and more people find themselves living paycheck-to-paycheck and sometimes the month is simply too long.
When unexpected expenses crop up and payday isn’t for another week, what can be done? You might find yourself overdrawing your checking account relying on a credit card that charges very high interest. Or you might be considering a payday loan, with even higher interest rates and hidden charges. These kinds of loans are extremely dangerous and can be detrimental to your credit score and overall finances.
Before indebting yourself to the mercy of the loan sharks, consider the apps listed in this article, which may be able to offer you alternative solutions to your financial worries.
Many of these apps enable users to access small advances on their paychecks prior to payday. This kind of borrowing is in no way to be encouraged, but the truth of the matter is that with over 23,000 payday lenders in the US alone, more and more vulnerable people are falling prey to their high costs and as a result, are finding themselves buried in debt they’re unable to get out of.
If you find yourself looking into payday loans or credit cards as a way of tackling your expenses before payday, look to these apps for another way of temporarily bypassing financial emergencies. Of course, you must go into any money lending situation with your eyes wide open, fully aware of all terms and conditions, and with a clear pay-back plan. Don’t view these apps as free extra money, view them as a security cushion in times of need. They should be a backup option only when necessary, not something that is relied on each pay period.
1. Earnin
Earnin allows users to access small amounts of their paycheck before payday. The limit is $100 per day and comes with no additional costs or fees. You’re required to link your bank account and fill out some basic details about your current job. The funds that you borrow through Earnin will be automatically redeemed from your bank account on your next payday.
Signing up for the app is quick and easy. Once you’ve linked your bank account and your employer, you’re good to go. It’s worth noting that Earnin isn’t available to remote workers. To use the app you will need a specific working location. The app will ask to track your location to ensure that you are in fact going to work.
Because Earnin doesn’t have any required fees or charges, this is a good option for those that live paycheck-to-paycheck and have found themselves with some unexpected emergency expenses prior to payday. This kind of borrowing isn’t ideal and can quickly lead to out of control debt if you’re not careful. This risk is minimized though given that Earnin will automatically deduct the borrowed amounts from your bank account on payday, ensuring you’re never in the red for too long.
2. Dave
Dave also offers a service through which users can access advances on their regular paycheck. They also don’t charge any interest or credit fees, however, they do operate a paid membership-only service. Membership costs only $1 per month which isn’t a lot, but it is more than Earnin and some of the other apps listed here.