PALO ALTO, Calif.--(BUSINESS WIRE)--EarnIn, a pioneer in Earned Wage Access (EWA), or on-demand pay, announced today the launch of $2.99 expedited transfers (also known as Lightning Speed), becoming a leader in low-cost EWA. EarnIn’s new low-cost transfer solution can be available to any US worker with a consistent paycheck. Customers simply need to download the EarnIn app, and forward a qualifying Direct Deposit1 through a virtual account with our partner bank2.
This new low cost transfer allows customers to access their earnings into their current bank account, without requiring a subscription, membership fee, or use of a pay card. With nearly 60% of the country living paycheck to paycheck, EarnIn’s latest offering allows customers to access a portion of their earnings into their own bank account right away- and ahead of payday- for only $2.99 per expedited transfer.
“Working Americans are struggling to make today’s payday schedule work for their everyday expenses. Bills are not due on payday and expenses are not incurred systematically. We need a financial system that meets the growing demands of payments today, while reaching people in a way that is economically feasible,” said Ram Palaniappan, Founder & CEO of EarnIn.
EarnIn’s $2.99 expedited transfer offering is in addition to their always-on, no-cost EWA solution, in which EarnIn offers wage access to anyone with a paycheck at no cost, with no interest, no mandatory fees, and no credit checks3.
About EarnIn
EarnIn lets you access your money as you earn it — not days or weeks later.
We're on a mission to reimagine the way money moves to empower every person’s potential. That starts with payday every day and builds with automated savings tools, credit monitoring, and low-balance alert features. All with no interest, no credit checks, and no mandatory fees4. So our customers have as many opportunities as possible to spend and save on their terms.
EarnIn’s pioneering Earned Wage Access app is backed by world-class partners like A16Z, Matrix Partners, and DST. Since our founding in 2013, 3.8 million customers have given it over 380,000 5-star reviews for helping them access over $15 billion in earnings.
Learn more at EarnIn.com.
1Eligibility for qualifying direct deposit may vary based on the specific EarnIn product you use. For detailed information, please refer to the terms of service associated with each product (Cash Out, Deposit Account, EarnIn Card).
2EarnIn is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust, Member FDIC.
3Restrictions and/or third party fees may apply, for more information please review our Terms of Service available at http://EarnIn.com/TOS.
4EarnIn does not charge interest or mandatory fees for use of its services. Restrictions and/or third party fees may apply, for more information please review our Terms of Service available at http://EarnIn.com/TOS.
