Coming in at number three is Earnin. Earning has a long, rich history in the payroll advance world because they were previously known as ActiveHours. Earnin has changed hands and improved upon previous business models to rank number three on our list.
Rather than setting you up for failure, Earnin only allows you to take a payday advance at a maximum of $100 per day. While this can be frustrating for some, it may actually be a blessing in disguise for others.
Another big plus to Earnin is there are no fees. It relies heavily upon the honor system in the form of tips. If you’re happy with the service, you may “tip” the app to keep it up and running.
Balance Shield is one of Earnin’s proprietary services, which helps users avoid overdraft fees. By connecting to your bank account, Earnin monitors your account usage and will automatically provide a paycheck advance to your account if the account falls below $100.
Cash back rewards are one of the more exciting features of Earnin. If customers use the app to pay for purchases, users can earn cash back rewards of up to 10% depending on what they buy.
Varo is another payday advance app that is geared towards the employee. If you integrate Varo with your bank account, your paycheck is instantly added to your account as soon as your employer releases it (which is often as early as Wednesday).
Varo is attempting to enter the credit and online bank scene by providing a debit card to users that can link to:
- Apple Pay
- Google Pay
- Cash App
Included with the debit card is the ability to access cash from the large Allpoint ATM network. You have probably heard of Allpoint because they have an ATM network of over 55,000 ATMs.
4. Axos Bank Direct Deposit Express
Axos Bank is an online bank that allows direct deposits directly from your employer. (więcej…)