Payday loan apps and early payday services are popular among consumers. You need an account to hold your cash, but you deserve more than a receptacle that holds your money. You want services that can maximize your money.
Reading through the sorts of early payday programs that are available, consider how getting paid a few days early might change your life or your financial situation.
What is an Early Payday Program?
Early payday programs are those offered by banks, financial platforms and virtual payment companies that replicate your paycheck before you should receive it. This sort of program works best when consumers have a regular paycheck that is Early to predict. For example, you’re paid $1,020.48 every 2 weeks. You can arrange your Early Payday to pay you a few days before your standard pay date.
Now that you have your money, you can manage your bills, pay off certain expenses and go on with your daily routine. Because your employer is sending a real paycheck in a few days, the bank or virtual payment company uses that paycheck to reconcile the early payment. You never need to worry about owing the bank extra money, but you can get paid early and reliably.
Think of the Early Payday program as a microloan that allows you to pay it off just a few days later with a paycheck you know you will receive.
What is an Early Payday App?
This sort of program has become extremely popular in mainstream media, so much so that many consumers choose their preferred bank or financial platform based on whether they can get paid early or not. Yes, this may not be your favorite account feature, but it’s helpful when your pay date may not be as convenient as you would like.
The app gives you direct access to your money on the go, and these companies generally offer transfer services, bill pay options and more. The Early Payday program is only one part of the app, but it might be the most important part of the app.
Remember, you don’t necessarily want to choose a payday loan company. Yes, a payday advance app might give you a payday loan that you take one time and pay off over a few weeks.
While a payday loan is a vital part of the system (and very necessary for certain consumers) you are simply asking to be paid a few days early. The app allows you to set up everything on your mobile device, and you can even enable push notifications that will tell you when you get paid early.
Why Would You Want to Use an Early Payday App?
Anyone could use an Early Payday app. These apps are generally attached to digital banks, financial platforms or payment services. You set up a direct deposit that goes directly to your account, and that money is deposited in specified intervals.
You might be paid weekly, every two weeks, twice a month or monthly. The app adjusts to your situation, whether you get paid:
- On the 1st
- On the 30th/31st
- On the 15th and 30th/31st
- Every 2 weeks irrespective of the date (known as bi-weekly 27)
You can take advantage of these programs in situations where your pay and your life don’t mix. For example:
- You get paid on the 1st and 15th, but you need to wait until you get your 2nd paycheck to pay your mortgage or rent. Getting paid a few days early can help.
- You get paid every Friday, but you have obligations you must meet in the middle of the week.
- You get paid on the 15th and 30th, but your payments do not immediately come through on those dates.
You may also reconcile your debts and obligations prior to the end of the month if you get paid on the 30th or 31st. Getting your money early helps you pay bills, stay on top of your finances and subsequently improve your credit score. The same is true for payments due in the middle of the month. Every time you get paid early, you have access to the cash you need for on-time payments.
If you put off certain things while waiting for your paycheck, you don’t need to wait quite as long. The Early Payday program can be especially helpful if you have kids, friends or loved ones who must wait for you to get paid before you can pay for particular activities.
Who Qualifies for an Early Payday?
Most programs like this are features of your account. There’s no need for a credit check, and you often don’t even need to do much more than complete a short form. You can also adjust your Early Payday if you get a raise or your job changes.
This differs from a payday loan that comes with interest payments.
What if You Can’t Get an Early Payday?
If you have an unconventional job or you’re self-employed, you may want to look at alternatives to an Early Payday. This is especially important when you know that you get paid regularly, but your paycheck is a bit difficult to predict. Therefore, a financial entity may not allow you to enroll.
Many companies have a cash advance option that serves as a personal microloan. This is not the same as requesting an Early Payday, but you can grab a little extra cash before you get paid. You simply pay off the advance when your paycheck comes through.
Popular Early Payday App: MoneyLion
MoneyLion is a financial platform that aims to rewire the American financial system. With its banking tools and services, the company wishes to affect positive change for the average consumer. Founded in 2013, MoneyLion stands by its mission to help “the 99% feel 100% about their future.”
At MoneyLion, the company offers Mobile Banking, Cashback Rewards, Zero Hidden Fees, Financial Tracking, and Buy Now Pay Later Services. Additionally, RoarMoney helps you get paid early. You can set up an investment account, or you can use a Credit Builder Plus loan to access needed cash and improve your credit. The Instacashsm Advance helps you take a simple advance up to $250, or you can invest in crypto with a MoneyLion Crypto account.
With no or low fees and few barriers to entry, MoneyLion is a simple place to manage your money where you can open your first account or your simplest account.
Payday Loan Apps Are the Future
An early payday is often the best thing you can do for your finances. Learning about these apps and availing yourself of your hard-earned money a few days early can be life changing. With a growing cache of knowledge, you can find the financial tools you need to make wise decisions.
Frequently Asked Questions
Where can I borrow money ASAP?
You can borrow money through a cash advance from a credit card, financial platform or your bank. Cash advances often have high interest rates, and you should check the terms of the advance before accepting any money. You might also reach out to a lender for a payday loan that can be paid off with your next paycheck.
How can I get payday early?
You can get paid early when you register for an Early Payday app through your bank, financial platform or virtual payment service. If you have a regular paycheck, the bank can anticipate when you will be paid, send you the money early and reconcile the transaction with your impending paycheck.