Can You Really Tip $0
Yes. You can really tip $0 to use Earnin. However, if you set up balance shield, the company will automatically charge $1.50 each time the shield is triggered .Generally, I think it makes sense to tip $1-$2 per advance if you can afford it. Tipping $1 for a $100 advance that you repay in two days is still a 182.5% interest rate. Of course, thats much more reasonable than paying a $34 overdraft fee.
How To Make Money With Earnin
The Earnin App targets people who need to borrow small amounts of money. But there are two additional ways in which it can financially benefit its members:
1) The app has a feature called Health Aid.
This feature helps to reduce the healthcare costs of its users. If you submit your medical bill to the app, it will direct you towards opportunities that you can use to save money.
The company relies on a community advocate to negotiate a lower bill and friendlier payment plans.
2) Earnin has entered into partnerships with several stores.
If you use the app to make purchases at any of those stores, you could earn a bonus cashback.
The Cash Back Rewards program offers earnings ranging from 1 percent to 10 percent of the money you spent on your purchase.
This feature is attractive because Earnin has partnered with thousands of stores. As such, you have plenty of opportunities to earn cashback.
What Are The Unemployment Qualifications In Indiana
To qualify for unemployment benefits in Indiana, you must meet several qualifications before being granted unemployment payments. There are three specific requirements mandated by the Indiana unemployment department that impact whether or not you qualify for unemployment:
Requirement #1: You are able to work.
Indiana unemployment laws require you to be able to find new work before you can receive benefits.
- You must be able to work.
- You must be available to work.
- You must be actively searching for a full-time job.
Requirement #2: You lost your job through no fault of your own.
- Did you quit your job voluntarily? If so, and your reason for quitting was not work-related, you cannot receive benefits. Work-related reasons for quitting that still allow you to qualify for unemployment benefits include the following:
- Worksite safety violations
- Unreasonable changes to your work duties or conditions
- Military service
- Moving to follow a spouse who has accepted a new job
- Harassment, family violence, or domestic abuse
Requirement #3: You earned enough during your base period.
For your claim to be valid, you must have earned at least 1.5 times the amount of your highest-quarter wages in your base period and have made at least $2,500 in the final six months of that period.
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A Closer Look At The Earnin App
If youre considering using the Earnin app to get a cash advance on your next paycheck, here are a few more things to know.
- iOS and Android: The Earnin app is available for both Apple and Android users.
- Waiting period: It can take up to 72 hours to activate your account after you sign up.
- Direct deposit minimums: You must have a minimum of two direct deposits totaling at least $100 into your checking account to start borrowing money through Earnin.
- Lightning Speed feature: This tool gives you access to your money the same day you request it. So if youre not signed up for Lightning Speed, you may not receive your money until the next business day. And Lightning Speed isnt available at all banks.
- Overdraft protection: Earnin could help you avoid overdraft fees when you sign up for the Balance Shield feature, which lets you know when your bank balance is getting low. You may also choose to have amounts of up to $100 automatically transferred to your checking account to prevent overdrawing your account.
How We Came Up With This List
In order to come up with this list, we looked at a variety of options for accessing money a little bit faster. We looked at different payday advance apps, as well as accounts that allow early access to paycheck direct deposit. We chose a variety of products designed to address different needs. Theres a strong likelihood that you will find at least one app on this list that will fit your situation.
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Start Building An Emergency Fund
How do you save right now if youre just busy trying to make ends meet? Start putting money aside even if its only $10 a week to establish a safety net. Any amount you put aside, no matter how small, will build up over time and can be your lifeline if you have any emergencies or unexpected costs. If building an emergency fund feels like an impossible task for you right now, keep looking for ways to increase cash flow. Find things to cut out of your budget or consider seeking different streams of income.
Cutoff Of Jobless Benefits Is Found To Get Few Back To Work
Prematurely ending federal programs had little effect on employment but sharply cut spending, potentially hurting state economies, researchers say.
The cutoff of federal unemployment benefits in much of the country was meant to bring a flood of workers back to the job market. So far, that flood looks more like a trickle.
A total of 26 states, all but one with Republican governors, have moved to end some or all of the expanded unemployment benefits that have been in place since the pandemic began. The governors, along with many business owners, have argued that the benefits discourage returning to work when many employers are struggling to hire.
Several recent studies, however, have concluded that the extra payments have played only a small role in this years labor shortages. And they found at most a modest increase in employment in states that abandoned the programs most of them in June even as millions of jobless workers have had to cut spending, potentially hurting local economies.
The idea was that there were lots of jobs it was just that people werent looking. That was the narrative, said Arindrajit Dube, a University of Massachusetts economist who was an author of one of the studies. I dont think that story holds up.
Advocates for the unemployed say they are worried about what will happen to workers if they lose their benefits, especially as the more contagious Delta variant of the coronavirus spreads nationwide.
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Less Income Less Spending
Average impact of ending federal programs on weekly unemployment benefits, earnings and spending, among people who were on unemployment in late April.
Notes: Data is as of Aug. 6 and includes 19 states that have cut off benefits.
The labor market didnt pop after you kicked these people off, said Michael Stepner, a University of Toronto economist who was another of the studys authors. Most of these people are not finding jobs, and its going to take them a long time to get their earnings back.
The Labor Department data that was released Friday told a similar story. The five states experiencing the fastest job growth in July Vermont, Hawaii, North Carolina, Rhode Island and Alaska have all retained at least some of the federal benefits.
Overall, states that have ended some or all of the benefits have experienced slightly slower job growth since April than states that have continued the benefits, although economists cautioned that the data was volatile and that the benefits were only one of many ways that the states differed from one another.
Further complicating the picture, states cut off different sets of benefits at different times, and in several states court challenges delayed or are continuing to delay the end of the programs. Still, the data suggests that ending the benefits has not led to a surge in job growth.
Coral Murphy Marcos contributed reporting.
Study Finds Early Unemployment Cuts May Have Hurt Consumer Spending
A new study finds states like Idaho that ended pandemic unemployment benefits early didn’t make as many economic gains as some hoped.
In June, 22 states, including Idaho, halted an extra $300 per week in federal payments to those on unemployment. Many also dropped unemployment extensions for the self-employed and those who exhausted their normal state benefits.
Gov. Brad Little said it was necessary to push people back into the workforce as companies were hurting for employees.
We want people working, Little said in a press release announcing his decision in May. A strong economy cannot exist without workers returning to a job.
But researchers suggest the move didnt seem to have that intended effect.
It didnt hyper-charge the economies in any super intense way, said Kyle Coombs, a PhD candidate at Columbia University who worked on the study.
The team analyzed banking data from Earnin, a company that offers customers advances on their paychecks. The data included about 18,000 people from 19 states that cut federal unemployment benefits early and compared them to 23 states that kept them in place.
Coombs found a 4.4% uptick in employment for states that cut benefits early compared to those that kept them. These people earned $14 per week more than from unemployment, but they also cut their spending by $145 per week.
In the short run right now its been just a real hit to the balance sheets of these lower-income households, Coombs said.
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Who Can Use Earnin
Earnin may sound exclusive, but the entry barrier is actually pretty low. As long as you get a regular paycheck directly deposited into your checking account by your employer, then you are most likely eligible to use Earnin.
Additionally, you must have a fixed work location or an online timekeeping system through your employer . Earnin does not presently work for people collecting unemployment, disability checks, or Social Security, and the app doesnt work with savings accounts .
Alternatives To Payday Advances
Depending on your credit score and financial circumstances, there may be other options for access to money that will help you pay your bills, such as:
- Local resources: If youre struggling to pay for food, utilities or rent, free assistance may be available from your local government or nonprofit organizations. See whats listed for your state.
- Negotiation: Depending on what type of bill it is, try contacting the company and asking if you can set up or adjust your payment plan to fit your budget.
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Get $100 Ahead Of Every Unemployment Direct Deposit Fees Are Optional
An app that has pioneered granting part of your paycheck ahead of time is now setting customers up to get some of their unemployment benefit early as well.
This week, Earnin rolled out its Unemployment Benefits Access feature to existing customers in most states, with the rest coming soon. If you get your unemployment benefit direct deposited to your checking account, you can set up Earnins new feature. If youre already using the Earnin app, youll be automatically eligible. For new users, theres a verification process once it identifies three unemployment direct deposits, youll be able to cash out $100 early each period.
Should You Try Earnin
Earnin works on both Android and iOS devices, so pretty much anyone who meets the 3 basic eligibility criteria and owns a smartphone can use Earnin to get the money they need before their paychecks are deposited into their checking accounts. Its an incredibly simple, useful and cost-effective way to stabilize your financial situation without worrying about where youll find the money to cover your expenses while you wait for your next paycheck.
It only takes a few minutes to set up and costs nothing for users, so try out Earnin for a few months to see how it fits into your financial management strategy.
Advertiser Disclosure: The offers that appear on this site are from companies from which this site receives compensation. This compensation may impact how and where products appear on this site . This site does not include all financial services companies or all of their available product and service offerings.
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Does Earnin Call Your Employer
The company does not contact your employer and has no interest in directly engaging with your company because the app doesnt receive money from your employer.
They wait for your salary to be direct deposited into your account. Then the amount you borrowed along with any tip you have chosen to offer is deducted. This process happens automatically.
Is The Earnin App Legit Or A Scam
This post may contain links from our sponsors. See our disclosure for more information.
Is the Earnin app legit or a scam? Thats the question. And in this review, Im going to tackle that question head-on.
If youre weighing your options for emergency funds or just would like to have the money today that you have worked hard for, youre in the right place.
I will dissect the Earnin app and let you know the pros, cons, and if it makes sense.
Lets dig in.
A Message From Earnin Regarding Unemployment
Back in March, we saw many workers get laid off from their jobs due to the COVID-19 pandemic. Concerned with the possibility of rising overdraft fees, we took it upon ourselves to help those affected by quickly launching a new feature that gave them early access to a portion of their unemployment benefits – allowing them to keep up with bills, pay rent, get groceries, etc. We also teamed up with other organizations, partnering with the city of Cupertino to distribute rental assistance to households and Harvards Opportunity Insights to provide rapid aggregated data analysis to help guide policymakers and non-profits on how to target assistance to Americans most affected by COVID-19. At the time, we didnt understand the extent of the virus, we simply saw people in need and wanted to assist in any way that we could.
As time went on, we realized that not many of our community members were using the unemployment feature. When we did some deeper analysis, we saw that members that had opted into the feature showed higher bank balances than usual, likely due to the stimulus check and the extra $600 in unemployment benefits added each week by the federal government.
Join our to find useful resources from the Earnin community.
What To Know About Hazard Pay If You’re Working During Coronavirus Crisis
Many, in fact, are turning to payday advance apps, which have largely replaced controversial payday lenders, to get cash into their hands faster during this time of crisis.
Ram Palaniappan, the founder of Earnin, said the company has seen a usage spike since the COVID-19 pandemics onset.
As of Thursday, Earnin is reported to have had over 5 million downloads in the Google Play app store and another cash advance app, Dave, is reported to have had over a million. Apples App Store does not publicly disclose download numbers.
In addition to the advances — which are automatically paid back when the user gets their next paycheck — these apps also offer free or low-cost, fee-based financial services including banking overdraft protection, budget management tools and even job searches.
However, Perkins said that her favorite aspect of using the Earnin app is “not having to pay interest.” Instead of fees or interest, users can leave a suggested “tip.”
“You only leave a tip that you think is fair and you arent even required to do so. I always do since I know that they need some form of money coming in to keep the app going for people like me,” she said.
Estona Jones, 44, who works in the financial industry in Lisle, Illinois, said she found Earnins other features, such as providing a way to track her hours as she worked at different locations, useful.
You Sacrifice Some Privacy
To set up your Earnin account, you must provide your bank account number and routing information to link the app to your checking account.
After your account is set up, you must either upload copies of your timesheets or enroll in Automagic Earnings to have Earnin track your hours automatically, using your phones GPS to determine when youre at work.
A Big Drop In Benefits
Note: Chart reflects data in 19 states that have cut off benefits, and 23 that have retained them.
Cutting off the benefits left unemployed workers worse off on average. The researchers estimate that workers lost an average of $278 a week in benefits because of the change, and gained just $14 a week in earnings. They compensated by cutting spending by $145 a week a roughly 20 percent reduction and thus put less money into their local economies.
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What Fees Does Earnin Charge
Earnin is a free app that doesnt charge any interest or membership fees. Instead, Earnin makes money from tips. Each time you draw from your pending paycheck, you have the option to leave a tip of $0 to $14. If one week you cant afford to tip, you dont have to. If you work extra hours during the month and want to tip extra, you can do that, too.
Keep in mind that a tip can add to the cost of your loan. A $10 tip on a $100 advance is similar to the fee charged by many payday lenders. So while it isnt required, be sure you can handle the cost of each tip. But when used in an emergency, Earnin is a less expensive option than overdrafting your bank account or borrowing a short-term loan.
How do I repay my advance?
Earnin automatically deducts your advance plus any optional tips from your checking account on your payday. Choose to pay manually as well, but unfortunately, Earnin requires you to send in a money order.
But there is one major downside: You can only reschedule your payment once. If you need to change your due date again, you may not be able to.