When times are tough, it can be difficult to make ends meet. Unfortunately, there are unscrupulous people who take advantage of people when faced with desperate circumstances. While there are legitimate ways to get money, you should be on the lookout for scams that promise you quick money when times are tough. Some of the scams that arise as a result of the COVID-19 pandemic are designed to take advantage of those suffering economically due to the new coronavirus.
Fortunately, there is an alternative to payday loans that can help you access the money you need quickly and without the pain of those loans. Thanks to innovative technology, you can now access cash advances through apps that provide quick cash before your next paycheck. We looked at different applications and payday advance accounts that allow early access to direct deposit of paychecks. Here are 13 apps for cash loans that serve as payday loan alternatives.
What is Earnin?Earnin is a paycheck advance application that tracks your hours worked using a timesheet or by tracking your location and allows you to borrow the money you have earned.
The app also has a feature that notifies you when your bank account balance is low and a feature that will supplement it with a commission.
How Does Earnin Work?A cash advance app, also sometimes called a payday advance app, is a mobile application that will send you money to help you cover your expenses while you wait for your next paycheck. You can request an advance of up to 50% of your next paycheck through the app, the money will be deposited into your account and then returned with an automatic withdrawal on your next payday. Unlike payday loans, installment loans, or even (sometimes) check advances offered by your bank, cash advance apps rarely charge fees for individual loans.
The app has a platform designed to be more than just a payday loan alternative, it even allows users to pay their bills and get discounts on prescription drugs. Therefore, instead of giving you a small loan, you can receive a payroll advance through the app and the money is deducted from your checking account the next payday.