Covering Your Midweek: 5 Ways to Avoid Getting Caught Short Before Payday
Most people get paid at the end of the week, the end of every two weeks, or on a monthly basis. But that doesn’t stop bill collectors from demanding their payments when you’re between paychecks. That can be devastating because you have to make cash stretch or negotiate for leniency when you know you have certain money coming in at a certain date. Well, what if you could get paid exactly when you need the money? Here are five ways you can do that:
Earnin App
The philosophy of the Earnin app is simple – “You worked today. Get paid today.” The service provided by the app allows you to get access to your money and avoid payday loans which often end up taking more money out of your pocket than if you had waited on your paycheck and incurred late fees on your bills. Earnin allows you to withdraw up to $100 a day of money that is already guaranteed through your paycheck. There is no interest and no fees. But Earnin does allow you to tip them based on how valuable the service is to you. And let’s face it: it’s pretty valuable.
Online Installment Loans
A tried and true method of getting cash before payday is via online installment loans. These loans, based on your income and employment status, can range from $100 to $3,000. Applying online saves you time. Instead of going into an office and possibly being denied a loan or told to bring more paperwork, you can get the installment loan requirements figured out ahead of time. Good credit is always a plus when dealing with these types of loans, and it is also wise to pay it back as soon as your paycheck comes in – even if you could use that money elsewhere – because interest can come back to bite you further down the road.
DailyPay
DailyPay is geared toward those who are involved in the gig economy – doing jobs such as Uber, Postmates, Instacart, Fasten, and DoorDash. While working independently via app-based jobs has a lot of great benefits, most of these companies (with the exception of Uber) still hold onto the money you earn for a week or more. DailyPay allows you to access this cash and have it deposited into your bank account or onto your debit card whenever you need it. There’s a small fee of 99-cents to $2.50 depending on how much you earn.
PayActiv
The PayActiv app is a little different than others because it is employee-sponsored, meaning that your employer must actually be signed up with the service in order for you to use it. Since employers don’t have to pay anything to use the service, you shouldn’t have any problems convincing them to allow you to be paid what you earned. You can even get your co-workers involved knowing that they will benefit from this service as well.
FlexWage
FlexWage is another employee-sponsored app that is involved even more closely with your employer. If your employer offers this service, you can have your earnings deposited into your account before payday. But, unlike other services, your employer controls how much you can withdraw and how often. There’s no fees because there’s no middle man.
The outside-the-box options above give you the ability to stay afloat financially and not be hampered by a regular paycheck cycle.