Approximately 53% of adults don’t have enough savings to cover emergency expenses. Having to wait for payday can mean serious problems for many families. Fortunately, there are easy ways to get an early paycheck.
In this article, we discuss how to get cash before payday so you don’t have to worry about covering that unexpected bill. Continue reading to learn how payday apps work and how they can benefit you.
Payactiv is a popular option for employers to get their workers an early paycheck. The way it integrates with many existing systems such as ADP, Kronos, and Paychex (and others) makes the process seamless.
The company pays the cash before payday and then gets reimbursed before the funds transfer to an employee’s bank account. This works for hourly and salaried workers alike.
To enjoy this paycheck advance, you have to register for a membership and pay a fee. After that, there is no interest or hidden expenses. You can learn more about this process at https://www.payactiv.com/earned-wage-access/.
Earnin works in a manner similar to other payday apps in that you can take out $100 or more each day without added fees or interest. The company earns its money from users that choose to tip for the service.
Tips are optional and max out at $14. However, if you don’t tip you lose access to certain features such as overdraft protection. The amount of the paycheck advance is deducted from the user’s next direct deposit.
Brigit isn’t like other payday apps in that it’s primarily a budgeting app. While they can still help you get paid early, you have to pay for their upgraded plan which costs $9.99 per month.
The benefit of this paid upgrade is that you can request up to $250 as an early paycheck and have it in your account the same day at no additional cost. You just have to request the payment before 10 a.m ET.
DailyPay is another popular option among the different payday apps in that you can withdraw funds on the same day you work. You can even transfer the money to your account instantly any day of the week.
Unlike the other payday apps, this isn’t a loan that you have to remember to repay. The amount taken out is deducted from your direct deposit.
Pros and Cons of a Cash Advance App
Deciding whether to get paid early by one of these payday apps requires weighing the pros and cons.
The main benefit is that you can get quick access to your paycheck before payday. This is a significant benefit to people who experience financial emergencies and is less risky than other high-interest, short-term loans.
However, it’s important to take care when using these apps. Getting cash before payday is great, but it can also be habit-forming. If you become too dependent on this type of paycheck advance you may get stuck in a cycle of debt.
Enjoy an Early Paycheck
Getting an early paycheck can be a lifesaver in the event of emergencies or unforeseen expenses. Used wisely, apps that get you cash before payday are a great tool. Find an app that meets your needs and repayment abilities for the best experience.
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