Because you’re not borrowing money by using DailyPay, it’s a good way of tackling any financial emergencies without finding yourself owing money to an external lender. However, as always it’s incredibly important to maintain management of your finances so that you’re budgeting effectively and leaving yourself a sufficient amount to last the pay period.
7. FlexWage
FlexWage partners with employers to provide employees early access to their earnings, should they need it. In order to gain access to the service, you will need a link from your employer, this link will direct you to an enrollment form which is to be completed. Upon completion, you will receive a specific FlexWage debit card, on to which your funds can be transferred.
FlexWage is only accessible to those whose employers are partnered with the service, and fees for early deposits depend on your employer and will be deducted from your paycheck. https://yourloansllc.com/installment-loans-wv/ Once the FlexWage Pay Card has been activated, it can be used just as you would a regular debit card.
8. Current
Like Chime, Current is a mobile banking app offering users the option to receive their paycheck up to two days earlier than their regular payday. With their checking account, direct deposits are available to access as soon as they have been deposited by your employer, often two days before payday.
To access this feature, amongst others, you will need to pay a fee of $4.99, however, they do offer a 30-day trial period. The account comes with various other financial services such as an interest-free overdraft up to $100. This might be a good way of avoiding costly fees but borrowing of any kind should be done with caution and a good deal of planning.
9. PayActiv
PayActiv offers a range of financial management services through its app. They claim that their focus lies not on lending, but on enabling their users to manage their finances effectively. Offering services geared towards streamlining outgoings and reducing overall spending.
They do, however, also offer their users access to up to 50% of their earned wages prior to payday. This amount is considerably higher than many other apps of this kind. This might be viewed as a positive thing, offering users more freedom and financial security on a short term basis. It might also be considered negative, encouraging users to borrow higher amounts which they may struggle to pay back.
PayActiv is available all over the US, but only to those whose employers are signed up and enrolled in the service. Employees can sign up using a unique login ID provided through their employer and are free to begin using the service for a fee of anywhere between $0 and $5, dependent on the amount being borrowed.
10. Branch
Branch gives users access to advances on their earnings free of charge and with no membership costs. In terms of eligibility, you’ll need to work in a ‘traditional’ workspace, meaning no remote working. You’ll also need to have spending habits that Branch do not consider to be too high, and proof of two consecutive months in which your checking account received direct deposits.
Requests can be made for wage advances using the Branch app, and are ordinarily paid quickly and without any fees, although if you need the deposit within the hour, you can opt to pay a small fee to speed things up.
If the idea of borrowing against your paycheck is not one that appeals to you, you could consider different ways of earning money quickly and through legitimate means. Here are some options: