Education News Simulator Your Money Advisors Academy Personal Loans Review Earnin Personal Loans Review Utilize your paycheck to repay your loan instead of changing to payday loans By Sarah Li Cain Updated May 04, 2022 Facts checked by Khara Scheppmann We suggest the top products through uninvolved review processes, and advertisers don't influence our selections. The company may pay us a fee if you make a purchase from a partner we recommend. Read our advertiser disclosure for more info. Earnin logo Find Out More Earnin is an app that allows users to get an advance from a percentage of their earnings, although the company claims that these advances will in no way payday loans. Earnin does not cost interest or fees however you can aid the company by tipping what you think is fair. Earnin also has several other services not usually provided by other traditional loan providers. loan lenders. The Earnin personal loan review gives you all pertinent details you need to make an educated decision on whether or not you should avail one. Product Specifications Pros & Cons Fees APR Range N/A Maximum Loans of the amount of $500 for each period (new users begin at 100 dollars).) Amount of the loan until your next paycheque Minimum Credit Score Recommendation None (but prerequisites include a normal payment schedule and greater than fifty percent of your income paid directly into your account) Earnin logo Find Out More Table of Contents Pros Explained Cons and Cons Explained Different kinds of loans Time to Funding Features Apply Refinance Methodology Pros Explained There aren't any fees, including any origination, late, or prepayment penalties - There's no cost when you use Earnin because Earnin is a pay as you go model (tipping or transferring money isn't required). In addition, there aren't options to pay back the loan with Earnin, since Earnin automatically subtracts the amount owed on your next payday. The service offers features to help improve your future financial health including overdraft protection - Earnin offers a feature called Balance Shield Cash Outs that will fund $100 in your bank account linked to it (you'll pay this back from your next pay) if it goes below the amount. The Balance Shield Alerts feature will issue push notifications in the event that your bank balance is at risk of running low. Cash is available in just a few seconds. Earnin's Lightning Speed feature lets borrowers (also known as community members) connect their debit cards to the app in order that that loan funds are available in their accounts within a matter of minutes. Pros and Cons of the Book Low loan limit compared with traditional personal loan lenders. The lender lets users borrow with a maximum loan of $100 per pay period, but has the possibility of increasing to $500 once they have demonstrated responsible use. Not all banks available in Earnin's Lightning Speed feature - Earnin states that you might not be able to use their Lighting Speed feature. Although you may be eligible it's not every bank that offers an uninterrupted connection, which can affect the speed at which you receive money. Maximum loan amounts are contingent upon financial health - Earnin evaluates your financial behaviors each month, so the amount could change dependent on factors like how much you spend over what the amount you earn and if your primary bank account is connected to the app. Kinds of Personal Loans that are provided by Earnin There are two primary types of loans Earnin offers: Cash Out - This feature lets community members to take out up to $500 each pay period. Log into the app and select the amount you wish to borrow, and Earnin will transfer it to your bank account that is linked to your account. Balance Shield - - Borrowers may make automatic cash-outs or alerts when they're in danger of overdrafting your bank account. The Balance Shield Cash Outs are automatically activated when your bank account goes below $100 if that feature is turned on. Time to Receive Funds Members of Earnin may receive loan profits in just a few seconds if they sign up their debit card from a bank with the application. The money is expected to be deposited into your bank account within two business days. Earnin Personal Benefits of Loan Features Choose What You Pay Earnin will allow you to access the majority of its features on a free basis. You are able to give it back and aid the company through a tipping amount of your choice. Make it easier to boost your loan maximum Earnin offers a "Boost" feature that allows you are able to request another community member to increase your max loan amount. If they agree, you'll be granted an increase of $50 for a short period, that expires when you next pay period. Inquire about Medical Bills The Earnin's Health Aid feature lets community members upload images of medical bills to be reviewed. Earnin will then assist you negotiate the total balance and possible payment plans. You may submit more than one bill and Earnin will notify you within two business days. Apply for an Earning Personal Loan Here's how you can sign up for a free trial of Earnin. Download the application via Google Play or the App Store. Additionally, you can download the app by entering your phone number on Earnin's site. Check the validity of information, like your email address or phone number you used to sign into an account. Answer any questions you are asked, including bank account details, employer's name, pay period schedule, and how long you're employed during your pay period. Register a new bank account when Earnin is able to allow you to use the app to finish the account. It could take up to 48 to 72 hours to verify the information you have entered. Do You Have the Ability to Refinance a Personal Loan with Earnin? It isn't possible to refinance a personal loan by using Earnin because you'll pay back the whole amount in each pay cycle. Verdict Earnin is perfect for borrowers who need small amounts of cash to cover unplanned expenses or who are a little behind when it comes to paying bills. It's also a good choice if you want to get a short-term loan using your next pay check to repay it without resorting to expensive payday loans. But, if you're hoping to be able to cover an enormous expense and possess an excellent credit score, it is possible to look at alternatives, including existing traditional loan lenders. There are some competitors that require fees to obtain loans and you should be sure you shop around, paying particular attention for costs such as interest rates and origination charges. Methodology Investopedia is committed for providing consumers with independent thorough reviews of personal loan lenders. We collected over 25 information points across more than 50 lenders--including interest rates, fees, loan amounts, and repayment terms to ensure that our content will help consumers make the suitable borrowing decision for the needs of their situation. Learn More Related Articles Personal Loans Title Loans against. Payday Loans: What's the Difference? 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