Banking

App Where You Get Paid Early

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 8 minute read

Afraid about running out of money? A payday advance app may be able to assist you to cover an unforeseen expenditure and get you through to your next payment.

If everything went according to plan, finances would be a breeze. Working and earning money generally means that you may subsequently purchase the goods and services that you desire. How do you handle an unexpected expenditure when you’re living paycheck to paycheck?

Around 69% of Americans said they would be in financial trouble if their paychecks were delayed by one week, as reported by the American Payroll Association in its poll. A payday loan or a credit card cash advance may be an option to assist you to receive the cash you require. There are, however, a number of more expensive and time-consuming choices available.

You now have a better choice thanks to modern technologies. Using a paycheck advance app, you don’t have to worry about piling up a mountain of high-interest debt just to make ends meet. Paycheck advances are available through a variety of mobile applications, and the following are seven of the best.

Are apps that get you paid early bad for your credit?

When your bank account is running low and you are only halfway through the pay period, you can feel the stress start to close in. Thankfully, you no longer have to dip into your savings account or just grit your teeth until your direct deposit hits.

There are tons of apps out there now that allow you to get your paycheck early. This apps provide cash advances to help you cover emergency costs, dodge unexpected expenses, and avoid pesky overdraft fees.

Getting paid early probably sounds great, right? One thing that many people do get concerned about when it comes to interest free cash advances is whether or not they have an impact on your credit.

Most of the time, these cash advance apps, or even bank accounts that let you get paid early, don’t require a credit check and do not hurt your credit at all. Instead, many of these apps just need access to your bank account and proof that you receive a regular direct deposit.

1. Chime

Chime is a mobile banking app that can be used on iOS and Android smartphones. 3 In addition to a spending account, savings account, and credit card, there are more services available. After signing up for an account and setting up direct deposit, you can start receiving your Chime funds sooner. The account will then be linked to your company, making it possible for you to receive your paychecks ahead of schedule.

This feature allows you to get your paychecks up to two days earlier than normal. If something unexpected happens, or if you want to get a head start on paying for certain expenditures, this might be a useful tool.

In comparison to traditional banks, Chime has no monthly fees and generally offers superior advantages. This implies that there are no overdraft fees or monthly maintenance charges, and no costs for overseas transactions.* More than 38,000 fee-free ATMs are available through the MoneyPass and Visa Plus Alliance networks, and qualified Chime accounts are covered by the Federal Deposit Insurance Corp. up to a maximum of $250,000.

The Chime Savings Account also provides a substantial annual percentage yield (APY) of 0.50 percent (as of Nov. 18, 2021). 1 To put it another way, this is more than the national average of 0.06 percent annual percentage yield (APY) for savings accounts (as of Dec. 1, 2021).

2. Current

A mobile app for both Apple and Android smartphones is available from Current Bank, which lets you access your checking account information on the go. This makes it simple to keep track of your finances and check your account balance while on the road. Among the top checking accounts, Current’s 24/7 customer care and the option to transmit your paychecks early make it a popular choice.

By setting up direct deposit, you can get your paychecks as much as two days ahead of time. This will allow you to get an early direct transfer from your employer’s payroll services. You’ll be able to access your money as soon as Current gets your paycheck information from your employer.

Many extra advantages come with having a current checking account. There are no minimum balance or overdraft fees with this account, which comes with access to 55,000 fee-free ATMs globally. At selected businesses, you may now earn reward points by using your Current debit card. You may exchange these points for money in your checking or savings account. The FDIC insurance on the Current checking account is up to $250,000 dollars.

3. Empower

You may save money with an Empower interest-bearing checking account that has an automated savings function, budgeting categories, and personalized advice customized to your specific financial situation. Empower will lend you up to $250 if you find yourself in a financial bind. 4 Whether or whether you qualify for an Empower cash advance depends on your account history, activity, and direct deposit information and activity.

You can seek a cash advance on the mobile app if you are eligible and need it (available for both iOS and Android devices). Empower will make a quick transfer into your bank account. Empower sets the amount of your cash advance, so you don’t have a say in it. Direct deposit ensures that you are paid automatically when you get your next paycheck. Pay no interest, late fees, or submit a credit check using this service.

We created Empower with the goal of making it easier for people to manage their finances. If you have AutoSave set up, you will receive 0.20 percent APY (as of December 1, 2021) on the money in your checking account. Empower’s automated financial insights are also beneficial. In the long run, being alerted to banking fees or subscription price rises may save you a lot of cash. FDIC insurance covers up to $250,000 in Empower accounts.

4. Earnin

In order to obtain money before your salary arrives, Earnin is a free mobile app (available on both iOS and Android smartphones). Earnin will pay you a percentage of the money you’ve already made from your job, up to $100 every day. Before you may get a paycheck advance from Earnin, you must first link a bank account to direct deposit and provide specific job information.

In order for Earnin to know how much money you have previously made, this information must be entered into Earnin. Requesting a cash withdrawal (up to $100 per day) between pay periods is also possible. Amount paid out by Earnin will be deducted immediately from your associated bank account as soon as you earn your next paycheck.

Other Earnin features include the Tip Jar, Balance Shield, Cash Back Rewards, and Earnin Express, amongst many more.

  • Earnin’s Tip Jar allows you to save money for particular savings objectives that you can monitor.
  • Overdrafts can be prevented with the aid of a Balance Shield.
  • Using Cash Back Rewards, you may earn cash back on purchases and dining out using your own qualified debit and credit cards.
  • In order to receive your employer’s direct deposit, you can utilize Earnin Express, a virtual bank account (FDIC-insured for up to $250,000). This may allow you to receive a larger payment each pay period, as well as a paycheck that is sent earlier.

5. Dave

As an alternative to traditional banks, you may obtain your salary sooner using Dave’s mobile app (available on both iOS and Android smartphones). Set up a Dave spending account and have your employer set it up for direct deposit if you want to receive your salary early. If you follow these instructions, you may be able to obtain your paycheck two days ahead of schedule.

A paycheck advance from the Dave app might help you if you need money sooner. When you use the app to request a pay advance, you may specify how much money you need and when you’d want to pay it back. The prior advance must be repaid before you may apply for another one. You won’t have to worry about paying interest on these loans, and your credit won’t be checked.

All Dave spending accounts have no minimum balance requirements or overdraft penalties. Your account is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC), and there are 32,000 fee-free MoneyPass ATMs in the United States. To help you develop your credit, Dave collaborates with the LevelCredit service, which reports rent payments to the main credit reporting agencies. Members of Dave banking don’t pay a dime for LevelCredit, which normally costs $100 per year.

6. Brigit

You may use Brigit, a mobile app for both iOS and Android, to better your financial condition by obtaining cash advances, avoiding overdraft fees, and utilizing a variety of other useful services. Registration for the Brigit Plus account (which costs $9.99 a month) and meeting all bank and deposit requirements are prerequisites for Brigit Instant Cash.

If you meet the requirements, you’ll be eligible for a loan of up to $250. When you first apply for a payday loan, the date of your next payday should be chosen as your payback date. This service is free, and there will be no interest charged. Overdraft warnings and credit score tracking are also provided by Brigit, as well as identity theft protection and job listings to help you make more money.

7. MoneyLion

Mobile banking, cash advances, and other financial services are all available through MoneyLion. A cash advance function called Instacash may be activated in just three easy steps. The first step is to download the app, which is accessible for both iOS and Android smartphones. A checking account that matches the eligibility conditions can then be linked to the account. Finally, use the app to request Instacash.

Instacash doesn’t charge interest, and repayment is simple and uncomplicated. Every payday, MoneyLion takes money out of your connected bank account to cover your Insta Cash balance. Increasing your connected checking account’s direct deposit amount will normally boost your Insta Cash borrowing limit.

To help you keep track of your finances, MoneyLion also provides personal financial tracking, as well as investment and cashback options. Up to $250,000 in FDIC insurance is included with MoneyLion mobile banking accounts (also known as RoarMoney accounts).

8. Albert

Albert is another app that you can use to get paid early or get some extra cash to help you with an unexpected expense. The app is available for Apple and Android users to download. After you download the app and register, you will be prompted through a few steps.

One of the things you must do, much like with other apps that let you get your paycheck early, is link your bank account. You must have a positive balance in your linked bank account to go through the steps to get approved.

This app will deliver as much as $250 directly to your checking account. Some users may even qualify for same day pay from the app. When you borrow money instantly with Albert, there are no hidden fees and you will not need a credit check.

Paycheck Apps For Employers

To assist their employees to acquire the money they need between paychecks, employers may use applications. Employers may wish to investigate these applications for their workers. Whether you’re an employee, see if any of these applications are available through your company’s human resources department.

Here are a few applications that can assist companies in providing their employees with additional financial benefits:

  • Wages earned through the FlexWage program are available immediately, allowing employees to make purchases anywhere Visa or Mastercard is accepted.
  • Employees who use DailyPay have immediate access to their earned pay, including tips and gratuities, and the option to save money aside through the usage of savings tools.
  • Instant access to up to 50 percent of earned money and the ability to pay for Uber or Amazon charges and online bills via the PayActiv app are just some of the benefits of using the service.
  • W-2 or 1099 employees can obtain their pay immediately through the branch.
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