Instant Pay Service EarnIn Enables Immediate Wage Disbursements for Employees
EarnIn Launches Live Pay Tool, Empowering Gig Workers with Real-Time Wage Access
EarnIn, a California-based company, has announced the launch of a new tool called Live Pay, designed specifically for gig workers and those with variable incomes. The tool provides a Visa card, the EarnIn Card, which is now available to the public.
Live Pay allows users to access their earned funds in real time as they work, up to a maximum of $1,500 per pay period, without interest, fees, or credit checks. This continuous streaming of pay means workers can use the money they have already earned as they work, helping align their income more closely with their expenses and reducing reliance on credit cards, payday loans, or overdraft fees.
The EarnIn Card works anywhere Visa is accepted, making it practical for everyday spending. Users who enable autopay on repayments benefit from reduced fees and may improve their credit scores since EarnIn reports account activity to credit bureaus.
Traditional EarnIn access lets workers draw up to $150 daily (with a maximum of about $750 per pay period) before their payday, also with no interest or credit check, helping users avoid high-cost borrowing.
ATM withdrawal using the EarnIn Card incurs a $2.99 charge per transaction. A penalty APR of 0.001% may be applied if a required payment is more than 365 days late. The standard Monthly Access Fee is $12.99, but it drops to $2.99 with autopay. There is a one-time Processing Fee of $5 (waived for autopay users) when requesting the first card.
Ram Palaniappan, the Founder and CEO of EarnIn, stated that Live Pay is a long-overdue upgrade to how we get paid. EarnIn was founded in 2012 and initially launched the earned wage access tool Early Pay. In addition to earned wage access tools, EarnIn offers credit monitoring, savings tools, and overdraft protection.
Live Pay is part of EarnIn's ongoing mission to provide financial solutions tailored to the needs of the gig economy. By offering real-time payment infrastructure, the company aims to empower workers with greater control over their finances and potentially improve their credit health without needing conventional credit sources.
Gig workers can utilize technology, specifically the Live Pay tool developed by EarnIn, to gain immediate access to their earned income while working in the ever-evolving business landscape. By using the tool's financial services, such as the EarnIn Card and credit monitoring, gig workers can potentially improve their credit health without relying on traditional credit sources.
