Getting your salary early might sound impossible, but now you can do that without any hassle! Just imagine the horror of asking your boss for an advance on your paycheck before its due date. That is a situation that every employee tries to avoid as much as possible. But, there are bills to pay and the reality of everyday life is something you cannot avoid. Financial struggles are a part of life, unfortunately. According to the National Financial Well-Being Survey, things are not going to get easier any time soon since 40% of American adults are having difficulty staying afloat. Nonetheless, let us discuss how you can defy those odds, which is why payday loans have emerged.
Payday loans are a financial service that grows every day, where you can get a portion of your salary earlier than it’s due. That way, you can settle the most urgent expenses you have. This financial service can be very practical and helpful. But, you will need to manage these loans wisely. Due to the ridiculously high interest rate, you might find that payday loans could backfire and harm your financial situation.
Technology helps in every way possible and creates endless opportunities for us. This is why we can enhance the management of our finances without worrying about drowning in paperwork. One of the best ways you can manage your finances is through paycheck advance applications. It will be able to provide a way for end-users to access their paychecks before payday.
Paycheck Advance Applications
Many different people from all backgrounds use paycheck advance applications. Paycheck advance applications offer you the chance to get your salary at an earlier date. Additionally, paycheck advance applications offer user-friendly tools that will better equip you to effectively manage your personal finances. We recommend that you do not use the application with the wrong attitude. It’s possible that you will fall into some serious financial issues, which is why you need to be careful when you are using the application. Remember that the paycheck advance application is not free money from the application.
This application will get you the money that you earned at work at an earlier date, which will help you settle your bills on time. In other words, you will not need to meet up with your boss about giving you an advance on your paycheck. The paycheck advance application will give you a portion of it for you and there are many paycheck advance applications to choose from. All you have to do is go to the App Store and find out which application helps your current financial situation. If you plan on using this application in the long-run, then you will need to adjust your budget accordingly. You need to keep in mind that you will have less money on payday than your original amount. Make sure that you create a budget while factoring in the advanced money from the paycheck advance application.
How Do Paycheck Cash Advance Applications Operate?
These paycheck advance applications will be able to offer paycheck advances for the work you did at your job. They operate the same way that payday loans work. But, these paycheck advance applications do not make you worry about interest. But, even though there is no interest involved, that does not mean that you should not be careful. You should keep in mind that you are taking money from your upcoming paycheck. This means that the paycheck that you will get on pay day will be less than your original amount, since you are using the paycheck advance application. If you use the application wisely, then you will be able to manage your finances better.
However, if you find yourself in a tight spot and you need cash right away, then a paycheck advance application could be the right solution for you. Make sure that you are extra careful when you are handling the paycheck advance and keep track of how much you are spending from the application every month.
The Best Paycheck Advance Applications That You Should Consider
There are several paycheck advance applications to consider. But, you should think about using a paycheck advance application that offers you more features than just an advance on your pay. Other tools can include online banking services, cash-back shopping, online investing, etc. These tools can help you effectively and efficiently manage your personal finances! Now, you can download paycheck advance applications on your phone and get right to it. You will also find that there is no monopoly with paycheck advance applications, which means that you will not need to deal with a slow application that could probably give you heartburn.
Money Lion
You will need to choose the right paycheck advance application that will meet your needs. But, this is all a matter of what you prefer in a financial service. Nevertheless, make sure that you look for something that is comfortable for you. It should also be user-friendly and well-secured with a good reputation. Remember that you are giving sensitive financial information to the application, so it needs to be safe and secure. With MoneyLion, one of its best features is that it can be really flexible.
When you get this application, you will not only get a part of your salary early. You will also be getting your own portable financial consultant that you can bring everywhere with you. All you have to do is reach into your pocket and there you have it! This application contains a wide range of different features that can help you manage your finances easily. Additionally, you could possibly profit through automated investing, credit builder loans, cash advances, and mobile banking. If you want to stay informed on the latest updates and news in money and finance, then you can gain access through MoneyLion to blog posts with all the information that you need to know.
Brigit
Another option you should think about to get your paycheck early is Brigit. BrIgIt is also famous for its flexibility, one of the most flexible paycheck advance applications you will find. You can receive an advance on your paycheck within the next day, as long as it is a business day. Additionally, you will need to submit a credit check. When you get your next paycheck, the application has an automated feature of extracting the money from your bank account. Of course, you can always repay your advance earlier than when you receive your paycheck. There is another feature that you will benefit from; you can extend the due date on your first advance. Do not worry; you will not receive any fines or late fees.
Also, Brigit informs you when your account balance is dwindling. Once you are notified, you can request for an advance on your paycheck through the Brigit application. You should remember that you need to meet certain requirements to qualify and receive an advance on your paycheck. This includes your checking account, your monthly income, and your Brigit score. The Brigit Score is similar to your credit score that depends on your income level, your costs, and your financial attributes.
Empower
With Empower, you can get a paycheck advance without any interest. You will not need to pay any fines or late fees. Additionally, you will not need to go through any credit checks. To pay off your paycheck advance, there are two ways that you can do it. You can pay through your external bank account, but you will need to pay a $3 fee. Another option is through your Empower Card. If you use an Empower Card, then you will find that the transaction is free! The Empower Card offers customized benefits that you will appreciate. With the Empower Card, you can get up to 10% cashback on purchases that you normally spend on. All you will need to do is activate your card wherever you regularly spend your money and you can start getting discounts.
Also, Empower gives you the option to receive your paycheck two business days faster than most paycheck applications. The application will deposit your paycheck to your Empower Card directly and you are free to use it. But, you should remember that Empower requires you an account fee of $8 every month after the 14-day free trial expires.
Varo
Varo is an online paycheck advance application that offers you access to your paycheck. As opposed to other applications, Varo offers you easier and faster access to your paycheck. This application directly deposits your paycheck to your Varo account as soon as your employer transfers your payment. This means that you can get your paycheck two days sooner. Varo provides a Visa Debit Card that has a Zero Liability clause. In this case, you are not in charge of any money that you did not authorize, if the money is removed from your account.
Also, Varo does not need you to pay monthly fees or any transfer fees for any financial transaction you handle. You do not need to worry about your account balance dwindling or becoming ineligible for a paycheck advance. There are some paycheck applications that prevent you from getting a paycheck advance, if your account balance is too low. Fortunately, Varo does not need a minimum balance for you to get a paycheck advance.
EarnIn
EarnIn is the first paycheck advance application to emerge in the financial service industry. This application is previously known as ActiveHours. EarnIn consists of the same financial structure and operations as the application Brigit. You will find that you will not need to pay any fees to get a paycheck advance, but you are free to add a tip. The tip can reach up to $14, but it is an option you can exercise. EarnIn also offers other financial services to help you stay on a budget, without exceeding your funds. A very popular feature that you can benefit from is the Balance Shield. Balance Shield is a tool that will stop you from falling for high bank overdraft fees. Additionally, EarnIn tracks your bank balance and notifies you on any balance transaction that happens. This application can offer you a $100 paycheck advance through an automatic service.
Need More Than What the Payday Advance App Offers?
Generally, the maximum limit that you can get a paycheck advance through an application is $250. You may find that it is not enough money to pay your bills. If that is the case, then you will need to look at personal loan options. Personal loan options can benefit you, since they have manageable interest rates with easier repayment options. There are different ways to apply for a personal loan. You can get a personal loan through a credit union, a bank, a peer-to-peer lender, or online lenders. Each type of loan and lender has their own set of conditions. Even if you do not have the best credit score, there is a possibility that you can receive approval.
Also, a personal loan option will help you access more money. This means that you will be able to get a paycheck advance and keep your head above water. You should remember that personal loan options can be a danger to your finances. If you receive a large sum of money at once, then you might find it challenging to pay off your loan later on.
Overall
In conclusion, you should consider getting a paycheck advance application on your phone. It might seem unlikely, but you might need it for a rainy day. Even if you plan your budget to the “t”, you might find yourself in the middle of a tight spot and require immediate cash. This is where the paycheck advance application comes in handy. Make sure that you choose a paycheck advance application that you are comfortable with. Most importantly, make sure that the application is well-secure since you will need to share sensitive financial information.