Review of Earnin App
The New Kind Of Credit
When it comes to being intuitive, Earnin has definitely risen to the forefront. Being able to offer people credit without a credit check is pretty astounding, and it actually could be extremely helpful for a lot of people. Of course Earnin is going to take a bit for themselves, but that’s how credit companies work. This one allows you to snag a couple hundred bucks off your paycheck before it even hits your account.
Of course, they aren’t actually taking the money from your paycheck early, they are essentially giving you $100 dollars in credit a couple days before your paycheck that they will be taking out once your check does hit. Let’s weigh out the good and the bad and help you make your decision.
The pros here are pretty limited, but when it comes to the almighty dollar, Earnin knows it’s really all they need. Being able to offer money to people right before their paycheck hits with limited to no credit check is an absolutely brilliant move by Earnin. All they really need to know is that you are employed and when you get paid!
This can be great for emergencies and can actually offer a lot of help to those who are low income or those who simply spent a little too much before their next pay day!
The con here should be pretty obvious. Earnin is a credit app. That means that even though the purpose of this is to help someone in a pinch, people can often fall into the habit of relying too much on Earnin. There are reports that after the first loan, it can take some time to get the next batch. You also may have to update your bank account multiple times which can also take and extended period of time This means you could need that extra 100 dollars again next month but it could take longer than anticipated.
Earnin can unintentionally put someone in a bad spot by not being more forthright with waiting periods as well as letting people know how frequently they can get credit from Earnin.
There are some people complaining about Earnin making their account negative when they went to pull out the 100 dollars owed, but I find that hard to blame on the app developer. There aren’t millions of reviews, but iOS users have given it 4.6 stars in 75 thousand reviews and it has a 4.5 star review for Google Play users with about the same amount of reviews.
I would say you should give Earnin a shot, whether it’s just for fun or you are in a tight pinch. It seems Earnin is however not quite large enough to be fully reliable on a paycheck to paycheck basis and your reliance could end up biting you hard in the end.
Here is a great video uploaded by Earnin to YouTube that discusses the features and benefits of the Earnin app: