The benefits explained
- No fees, including set-up, late or prepayment penalties – There is no charge, as Earnin offers a pay-as-you-go model (tipping or term payment is optional). Plus, there’s no option to pay off your loan, as Earnin automatically deducts the amount you owe on your next payday.
- Offers features to help your future financial health, like overdraft protection – Earnin offers a feature called Balance Shield Cash Outs that will deposit $100 into your linked bank account (you’ll pay it back on your next paycheck) if it drops below that amount. Alternatively, its Balance Shield Alerts feature will send push notifications if your bank balance might be low.
- Gets the funds for you in seconds – Earnin’s Lightning Speed feature allows borrowers (also known as community members) to link their debit cards to the app so loan proceeds can arrive in their accounts in seconds.
- Low loan limit compared to traditional personal lenders – The lender starts users at a maximum of $100 per pay period, with the option to go up to $500 after demonstrating responsible use.
- Not all banks are available in Earnin’s Lightning Speed feature – Earnin says you may not be able to access its Lighting Speed feature. Even if you are eligible, not all banks offer a reliable connection, which could affect the time it takes to receive funds.
- Maximum loan amounts differ based on financial health – Earnin tracks your financial behavior each pay period, so it can go up or down based on factors like whether you’re spending more than you earn and whether your primary bank account is connected to the app.
Types of personal loans offered by Earnin
There are two main types of loans offered by Earnin:
- Collection – This feature allows community members to borrow up to $500 each pay period. Simply log into the app and select the amount you want, and Earnin will deposit it into your linked bank account.
- Shield of Balance – Borrowers can set automatic alerts or collections when you are at risk of having an overdraft in your bank account. Balance Shield withdrawals are automatically activated when your account drops below $100 if the feature is enabled.
Deadline for receipt of funds
Earnin users can receive loan proceeds in seconds if they link their debit cards from a participating bank to the app. Otherwise, the money should arrive in your bank account within two business days.
Earnin Personal Loan Features
Choose what you pay
Earnin will let you use most of its features for free. You can pay it forward and help the company by tipping any amount you choose.
Increase your maximum loan amount
Earnin offers a “Boost” feature where you can ask another member of the community to increase your maximum loan amount. If your request is approved, you will receive a temporary increase of $50, which will expire on your next pay period.
Negotiate medical bills
Earnin’s Health Help feature allows community members to upload photos of medical bills to submit for review. Earnin will then help you negotiate the total balance and payment plan options available. You can submit more than one invoice and Earnin will notify you within two business days.
Once registered, members can earn 1% to 10% cashback at participating retailers simply by using their linked debit or credit card. Cashback rewards will be deposited into your bank account once you have redeemed them.
Apply for an Earnin personal loan
Here’s how you can sign up to start using Earnin.
- Download the app through Google Play or the App Store. You can also download the app by entering your phone number on the Earnin website.
- Check information, such as your email address or the phone number with which you registered to create an account.
- Answer qualifying questions, such as your bank account information, employer location, pay period schedule, and the number of hours you work each pay period.
- Connect a bank account once Earnin qualifies you to use the app to finalize the account. Verification of your details may take 48 to 72 hours.
Can you refinance a personal loan with Earnin?
You cannot refinance a personal loan with Earnin, as you will repay all proceeds in the next pay period.
Earnin is ideal for borrowers who need small amounts of money to cover unexpected expenses or who can’t pay their bills. It’s also a great choice if you want to take out a short-term loan and use your next paycheck to pay it off without resorting to expensive payday loans.
However, if you want to be able to cover a large expense and have a decent credit score, you may want to consider alternatives, such as other traditional personal lenders. Some of these competitors may charge fees to take out loans, so be sure to shop around, paying close attention to costs such as interest rates and origination fees.
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