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 bad credit installment loans Arkansas state 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. Rather than holding your money hostage, Axos will enable you to access your cash as soon as the deposit is made.
By using Axos Bank, you can rest assured you can access cash from any ATM without worrying about fees. Unique to Axos Bank is its unlimited coverage of ATM fees in the United States.
Similar to the other apps, Axos Bank allows you to deposit checks through their mobile app by taking a picture of the check.
We first learned about Dave from Fincon 2019. Dave is one of the newer apps in the market that has learned to improve on the best aspects of payday advance while scrapping the worst aspects. The Dave app actually works as an online checking account, which offers payday advances when you need them most.
By integrating with your bank account, Dave provides timely notifications if you are nearing a zero balance. The goal is to help you avoid overdraft fees that put you further in debt. In addition to the notification, Dave also offers you a $100 deposit to avoid the fees.
Brigit is another payday advance application that provides you your money faster than a traditional paycheck. Unlike other popular apps, Brigit allows you to access an immediate $250 with no questions asked.
Similar to that of other popular apps, Brigit takes its cut off the top before your paycheck is deposited into your account. One nice option is the ability to pay Brigit back before the arrival of your paycheck. In the event you don’t need the money borrowed or come into a nice cash flow, you can return the money.