Many apps offer a “spot me” feature, which allows users to borrow small amounts of money from friends or family members. These apps typically work by connecting to your bank account and allowing you to request a specific amount of money. The person you’re requesting money from will then receive a notification and can choose to approve or deny the request. If the request is approved, the money will be transferred to your account instantly. Spot me apps can be a convenient way to borrow small amounts of money without having to go through a bank or credit union. They can also be helpful for people who need to borrow money quickly and don’t have time to wait for a loan to be approved.
Earnin: Instant Cash Advances
Earnin is a financial technology company that offers instant cash advances to employees who have already earned their wages. This service is available to users who receive their paychecks through direct deposit. Earnin does not charge any fees for its service, but it does encourage users to leave a tip.
- Earnin requires users to provide their bank account information and a recent pay stub.
- Once your account is approved, you can request an advance of up to $100 per day.
- The advance will be deposited into your bank account within minutes.
- Earnin will deduct the amount of the advance from your next paycheck.
Here are some of the benefits of using Earnin:
- You can get access to your money right away.
- There are no fees to use the service.
- Earnin can help you avoid overdraft fees.
Here are some of the drawbacks of using Earnin:
- You can only get a maximum of $100 per day.
- The advance will be deducted from your next paycheck.
- Earnin can only be used if you receive your paychecks through direct deposit.
Other Apps That Will Spot You Money
Earnin is not the only app that will spot you money. Here are a few other options:
| App | Advance Amount | Fees |
|---|---|---|
| Dave | Up to $100 | $1 monthly subscription fee |
| Chime | Up to $200 | No fees |
| Brigit | Up to $250 | $9.99 monthly subscription fee |
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Current: Digital Banking with Early Payouts
Digital banking services have become increasingly popular, offering a wide range of features and conveniences. One of the most sought-after features is the ability to access your paycheck early, helping you avoid overdraft fees or unexpected expenses.
Several digital banking apps now offer early paycheck access, allowing you to receive your money up to two days before the scheduled payday. These apps partner with your employer to verify your pay information and typically charge a small fee for the service.
Early Payout Options
- Chime: Offers early access to your paycheck up to two days early, with no fees or interest.
- Varo: Provides early access up to two days early, with a small fee of $2.99.
- Current: Allows you to receive your paycheck up to two days early, for a fee of $4.99.
- Earnin: Offers early access up to two days early, with no fees but allows for voluntary contributions.
- Brigit: Provides early access up to three days early, with a fee that ranges from $9.99 to $19.99, depending on the amount you want to advance.
How It Works
To use an early paycheck access service, you’ll need to:
- Sign up for an account with the app.
- Link your bank account or payroll information.
- Verify your income and pay schedule.
- Request an early paycheck advance.
- Receive the funds in your account within a specified timeframe.
Comparison of Early Payout Fees
| App | Early Payout Fee |
|---|---|
| Chime | Free |
| Varo | $2.99 |
| Current | $4.99 |
| Earnin | None (voluntary contributions) |
| Brigit | $9.99-$19.99 |
Chime: Checking Account with SpotMe Feature
Chime is a financial technology company that offers a variety of banking services, including a checking account with a feature called SpotMe. SpotMe is a free overdraft protection service that allows Chime customers to overdraft their accounts by up to $200 without incurring any fees.
To qualify for SpotMe, you must have a Chime checking account and have received at least $500 in direct deposits within the last 30 days. You can also earn a higher SpotMe limit by maintaining a higher account balance.
Here are some of the benefits of using Chime’s SpotMe feature:
- It’s free to use.
- It can help you avoid overdraft fees.
- It can help you build your credit score.
If you’re looking for a checking account with overdraft protection, Chime is a great option. With its SpotMe feature, you can overdraft your account by up to $200 without incurring any fees.
| Bank | Overdraft Limit | Monthly Fee |
|---|---|---|
| Chime | $200 | $0 |
| Bank of America | $35 | $12 |
| Chase | $100 | $15 |