You’re in a cash-flow crunch again. An important bill is due, and you’ve earned the money to pay that bill – but it’s not payday yet. You’re on a two-week pay cycle and have to wait for another week or so before your money is available.
What are your options? Ask a friend or relative to loan you money for a few weeks. Take out a payday loan and pay painful interest rates. Make the payment late and run the risk of penalty fees and a drop in your credit score. Ask your employer for a payday advance. All these options can be embarrassing and unpleasant.
Many Americans take the payday loan approach – approximately twelve million each year, according to 2016 research from the Pew Charitable Trusts – paying a collective $9 billion in fees and interest charges.
Payday access apps like Earnin are designed to fill this cash-flow gap. As opposed to a payday advance …