Wouldn't it be nice to have Christmas money now, from the paycheck you'll get next Friday? There's an app called Earnin that claims to let you get exactly that.
The download screen on the app store says you can pull up to $100 a day and up to $500 per paycheck.,
“It’s really cool,” said Maleq Israel, who swears by the app. “Instead of every two weeks, I can get paid every day if I want to.”
Where payday loans have high-interest rates and fees, Earnin works on a tip system…and its optional…if money’s tight, you can tip nothing…if you’re having a better week, tip what you want up to 14 dollars.
The app has overwhelmingly positive reviews on the app store.
Spokesperson David Claffey says the whole idea is to serve the people not banks or lenders.
“We are growing really fast and a lot of that is because of our great community supporting each other and making sure everyone has a way to stay out of the debt spiral,” Claffey said.
To use the app, you need a smartphone, a job with direct deposit and a checking account.
You have to connect your bank to the app, and prove you’ve worked, either by uploading a picture of your time sheet, or letting the app track you through your phone’s GPS, to make sure you actually showed up to work.
“We do a really good job verifying and making sure that your employer pays on a certain pay cycle,” Claffey said. “We know how much you get paid and when you’ve worked.”
It might sound like a lot of access, but Israel says it’s still better than a payday loan.