Earnin is an instant cash advance app that lets users get paid as soon as they leave work by connecting the app to a bank account and tracking work hours.
. After working enough hours, users can request a cash advance of $100 to $500 per pay period using the platform’s Cash Out tool.
App users can opt into Lightning Speed for $1.99 to $3.99 and receive cash instantly or within minutes.
– Low borrowing limit – Seemingly low tips can translate into high APR – Requires sharing personal banking information
APR example:A $100 cash advance borrower five days before payday, with a $1 tip and a $3.99 Lightning Speed fee costs $4.99 and results in an APR just over 364%.