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Education News Simulator Your Money Advisors Academy Personal Loans Reviews Earnin Personal Loans Review Utilize your paycheck to repay your loan instead of switching to payday loans By Sarah Li Cain Updated May 04, 2022 Facts verified by Khara Scheppmann We select the most effective products through an impartial review and the advertisers are not a factor in our selections. We might receive compensation when you decide to visit the partners we recommend. Read our advertiser disclosure for more info. Earnin logo Learn More Earnin is an app which allows users to receive an advance on part of their pay, though the company states that the advances are certainly not payday loans. Earnin does not charge interest or other fees but you are able to support the business by giving it a tip that you think is reasonable. Earnin also provides a several other services not usually available from other traditional loan providers. loan lenders. A review of our Earnin Personal loan review contains all the necessary details to make an educated choice about whether or not to obtain one. Product Specifications Pros & Cons Fees APR Range N/A Sums of Loans Up to $550 per payday (new users start at 100 dollars).) Amount of the loan until your next paycheck Minimum Credit Score Recommended None (but your requirements must include a regularly scheduled pay calendar and more that 50% of your wage paid directly into your account) Earnin logo Find Out More Table of Contents Pros Explained Cons & Cons Explained Types of Loans Time to Funding Features Apply Refinance Methodology Pros Explained There are no fees, which includes the cost of origination, late payment, or prepayment penalties - There are no fees when you use Earnin because Earnin offers a pay-as-you-go-as-you-want (tipping or making a payment forward is an option). There are also no alternatives to repay the loan with Earnin, since Earnin automatically deducts the amount you owe when the next payday. Offers features that aid in your financial future, such as overdraft protection the Earnin service offers a feature known as Balance Shield Cash Outs . These can deposit $100 into your linked bank account (you'll pay back this from your next paycheck) If your balance falls below that amount. Alternately, the Balance Shield Alerts feature will issue notification via SMS if you're bank balance is in danger of becoming low. You can get the money in just a few seconds. Earnin's Lightning Speed feature lets borrowers (also known as community members) link their debit cards to the app , so that that loan money can be transferred to their accounts within seconds. Pros and Cons explained Low loan limit when compared with conventional personal loan lenders - The lender initially allows customers with a maximum loan of $100 every pay period, with the possibility of increasing to $500 if they demonstrate responsible usage. There aren't all banks that support Earnin's Lightning Speed feature - Earnin states that you may not be able use it's Lighting Speed feature. Although you may be eligible, the banks you choose to use may not provide an efficient connection, which could impact the time it takes to receive your money. Maximum loan amounts vary based on the state of your financial health. Earnin evaluates your financial behavior each pay period, so it can fluctuate up or down dependent on factors like whether you are spending more than you make and if your most frequent bank accounts are linked to the application. Different types of personal loans are offered by Earnin There are two main kinds of loans Earnin offers: Cash Out - This feature enables community members to borrow up to $500 each pay period. Just log in to the app and choose the amount you want, and Earnin will deposit it into the account linked to your bank. The Balance Shield feature allows borrowers to set up automatic alerts, or cash-outs whenever they are at risk of overdrawing your bank account. Cash outs from Balance Shield are automatically enabled when your balance is at or below the $100 mark if the feature is turned on. Time to Receive Funds Users of Earnin will receive loan cash in mere seconds if they can connect their debit card through a bank partner with the application. If they do not, the funds will arrive in the bank account of your choice within two business days. Earning Personal Cash Select Which You Pay Earnin allows you to access the majority of its features with no cost. You can also pay it forward to help the organization by leaving a tip amount of your choosing. Then, increase your maximum loan amount Earnin offers an "Boost" feature in which you can ask another community member to raise your amount to the maximum loan amount. If they agree, you'll be granted 50 percent increase in your loan, which will expire when your new pay time. The Negotiation of Medical Bills Earnin's Health Aid feature lets community users upload photos of medical bills to be reviewed. Earnin will then help you negotiate the balance total and payments plans available. You can submit more than one bill. Earnin will notify you within two business hours. Apply for an Earning Personal Loan This is how you can sign-up to get started with Earnin. Download the app through Google Play or the App Store. It is also possible to download the app by entering your telephone number on Earnin's site. Verify any information, such as your email address as well as the phone number you used to sign on to make an account. Answer any questions you are asked, like your bank account details, your employer's location, pay period schedule, and the length of time it takes to work during a pay period. A bank account must be connected once Earnin allows you to apply the app for the finalization of the account. It can take up to 72 hours to verify your details. Are you able to refinance a personal Loan by using Earnin? It isn't possible to refinance a personal loan using Earnin, as you'll pay all the money back within an upcoming pay period. Verdict Earnin is perfect for borrowers who require little cash to cover unplanned expenses or have a problem when it comes to paying bills. Also, it's a great choice in the event that you're planning borrow a short-term loan to pay it back with your next paycheck to repay it without resorting to expensive payday loans. If, however, you'd like to be able to cover an extensive expense and are blessed with an excellent credit score, you may want to look into alternativesto existing traditional loan lenders. Some of these lenders might charge fees for taking out loans and so it is important to research, paying close attention to charges such as interest rates and origination fees. Methodology Investopedia is committed to providing consumers with honest and comprehensive reviews of particular loan lenders. We collected over 25 data points from more than 50 lenders, including interest rates, fees, loan amounts, and payment terms. This ensures that our content assists users in making the right borrowing decision for their particular needs. Learn More Related Articles Personal Loans Title Loans Compare. Payday loans What's the difference? 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