DON’T EARNIN. JUST EARN IT

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Hey! Want to get paid a week before payday? Want to go out with buddies on the weekdays? But don’t have the funds right now? Well you could get a payday loan (adding interest), borrow off those friends you are going out with (9/10 times not), or you could download this app that lets you take money from a yet non existing paycheck?

I would love to get paid before I get paid. Having my money before I actually do work for it? That would make anyone’s day. Folks this is the real world. Who, what, when, where, and why would anybody think they could get their money faster than you work for it? Well I will tell you. It’s called “EARNIN”. As usual, it’s an App that allows you to take money from your paycheck before payday. I cling every time I see the commercial on TV, knowing some parent(s) spent thousands of dollars on their child(s) college only to graduate and lack the knowledge to know that this is a complete Suckers Game! I found a few disclaimers that many fail to read (As usual), and the numbers just never add up. If you look beyond the Dollar Sign.

  1. The App claims to be community supported. (Whatever that means.) meaning that money was gathered from tips given by the people they lent money to?
  2. No interest fees will be charged for the use of lent money. The app is supported by borrowers who tip (What they think is fair) in order to keep the flow. Although it’s not required to tip. It helps?
  3. At the moment, only a few banks are in connection with the Earnin App. Many may still see a delay in when transactions happen depending on when the bank updates your statements to Earnin. This could set off late overdraft fee’s for some account holders.
  4. In the beginning, the minimum amount you can receive before payday is $100.00 (not mentioned in the commercial). After borrowing and paying back for a certain period of time, you COULD be eligible for a maximum of $500 dollars to be borrowed before payday.
  5. A .10 cent transaction fee is sent to your bank account each time money is transfered by the App (borrowing and paying back). This does not include the banks own transaction fee from one account to another. That fee depends on how much the bank charges.

We all as human beings with brains know how hard it is to make it until payday. Some plan ahead and have the opportunity to save efficiently, while others feel there is a need to spend every single dollar that is placed in his/her hand. That commercial only glamorized young adults, out shopping, partying, and spending money on non essential things. It won’t show someone needing to pay bills or feed a family because it isn’t designed for that. Companies running this way know people are willing to go through hell and high water to get a buck. Many of those using the App will never realize that the check will be twice as small as it would have been if you waited until payday. After taxes, deductions, the .10cent Earnin transaction fees, along with the banks transaction fees, minus the amount you borrowed, and depending on if you get 40-80 hours on your weekly or bi-weekly check, and you might just be a minimum wage worker? You’ll be luck to get anything.

People, if money is needed that bad only to go out and have fun? just borrow from your parents. Better yet borrow from those “friends”. I learned early on not to borrow money from loan companies, online payday lenders, and people in general. If I don’t have it? I don’t have it. I will never go out on the town because everyone else is doing it. I, or anyone might not have it at the time, and I feel no need to put myself in the red just for a couple nights of fun. I was told not long ago.

If 3 friends (1 each) wants you to go out Friday, Saturday, and Sunday night to have fun. How many times did each friend have to spend money? And how many times did you have to spend money all weekend?

Thank you for reading. As a concerned human of global stupidity, I say this and this only. God Bless all and save your money. Never get mixed into things that glitter. Because it might and probably will never be gold.

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