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The Earnin App: An In-Depth Review

The Earnin app which is available in the Google Play Store offers what essentially amounts to a very low-cost payday loan with all business being conducted online over an app on your mobile phone.

The amount you can borrow starts out at $100 per pay period but can increase to $500 per pay period with continued use. The loan itself is free with no interest but you are asked to leave an optional tip that can be as little as $1.00 and up to $14.00 per loan but this is just a suggestion. Tipping is not required.

The Earnin app gives loans based on the money that you have already "earned" on your job. It uses GPS tracking to determine when you are at work and when you are at home. Once the app determines that you have worked that day, you can then withdraw that money right away and the same amount will be withheld from your next paycheck.

The app works great when it works but God forbid your payday falls on a different date than the one you entered during sign up, which is what happened to me. Once this happens you might as well consider that date the end of all future loans.

The company reached out to me via email stating that they cannot determine when my next payday is and when I told them that I typically get paid on the same day every pay period, but sometimes due to the month of February or any other month that may have 28, 29, 30 or 31 days in it, my payday will change.

For some unknown reason, they just can't seem to wrap their heads around this simple concept. Their solution to the problem is to request that I make a copy of my paystub and email it to their support team so that they can determine my payday.

After doing what they ask and hoping to resume my borrowing, I am again denied a loan based on the exact same reason. I reach out to the company again and tell them that I have already sent them my paystub as they have requested and their response was to have me send it again because they have no record of receiving it.

This scenario of me emailing my paystub and them telling me they never received it went on for at least three full cycles until I couldn't take it anymore and just gave up. If they haven't received my paystub in three attempts, they never will.

Either this is somebody's idea of a sick joke or this company is quite simply the worst at conducting day to day business since the beginning of time and mankind.

Fast forward to today, almost two years later, they are still sending me emails once a month stating that they are unable to determine my paydays and asking me to email a copy of my most recent paystub so that I can resume borrowing. I'm done.

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Store Cards vs Major Credit Cards

If you have a credit card that reports to any of the three major credit bureaus, preferably all of them, this will help in building your credit score as long as you are making at least the minimum monthly payment before the bill is due...I would suggest paying more whenever possible for the best results.

A single department store credit card when used regularly and responsibly can build your credit just as quickly as having a stack of major credit cards at your disposal. It all comes down to how committed you are to achieving your credit goals.

Having multiple major credit cards might make you feel good inside, but they'll do nothing to improve your credit if you're delinquent every month trying to pay them all. When it comes to credit building, sometimes slow and steady is the way to go.

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What Do Credit Reporting Agencies Do?

Credit reporting agencies keep vital track of all your credit history that has been reported to them by “some” creditors that you have dealt with in the past. I say “some” because not all creditors report.

This reported information can be either good or bad but the goal is to keep your credit profile stuffed with as much positive information as possible as this will improve your overall credit score and increase your worthiness to potential creditors.

Conversely, poor credit history will negatively impact your credit score and greatly hamper your ability to earn trust and qualify for loans and other forms of credit in the future. Negative credit history can haunt you for years so it is always best to try to keep your credit as positive as possible.

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Credit Inquiries Are Overrated

Ask any finance professional about credit inquiries and most will tell you that multiple credit inquiries are very damaging to your credit and credit scores. And although there is some truth to that statement, it is nowhere near the doom and gloom that they make it out to be.

How do I know? It's because I've tested this theory time and time again and the credit score drop that you experience if any, is very minimal...usually between two and five points and it's only temporary. Your score will shoot back up in just a few weeks like nothing ever happened.

My credit is still a work in progress and I was able to get approved for over 10 unsecured credit cards. I would never have been able to accomplish this if I were not willing to risk credit inquiries to get there. The key is finding out what works and what doesn't in order to build a baseline so you know not to repeat the same mistake twice.

Now, you can't just go "willy nilly" all over the place applying for credit anywhere and everywhere hoping that someone will approve you. You have to have a plan. The good news is that I've done the work for you. You can reap the benefits of my mistakes so that you don't have to repeat them.

I have compiled a list of places that grant easy credit approvals...most of which have already been discussed on my blog but there are many more out there that for whatever reason serve me no purpose but you might find them useful. Examples are women's clothing stores, online furniture outlets, craft, and specialty stores. The list is almost endless if you know where to look.

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How To Make Late Payments Without Hurting Your Score

Contrary to popular belief, in most cases, you do not have to pay a credit card bill by the date of which the bill is due. The reason for this is because most credit card companies offer a 25-30 day grace period. This little known secret could come in handy if you're running short until payday.

Here's how the grace period works: Let's say that your bill is due on the 1st of the month. You can pay your bill anytime before the 25th or 30th (depending on your grace period) without it being reported as a late payment to the credit reporting agencies. They've allowed you a few days grace.

Now, this does not mean that you won't be charged a late fee for making the payment after the due date, because in most cases you will. It simply means that credit card companies that offer a grace period will not report your late payment to the credit bureaus as long as they receive a payment within the stated grace period on your credit agreement.

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