EarnIn Announces They Have Provided Access to $10 Billion in Earnings for Members

EarnIn, the leader in building products for a more equitable financial system and a better life for those living paycheck to paycheck, today announced they have unlocked access to over $10 billion in earnings for their members. The $10 billion milestone was reached via more than 125 million transactions on Cash Out – the company’s core Earned Wage Access (EWA) product.

EarnIn empowers consumers by allowing workers to access their pay as they earn it, rather than when employers decide to provide access to wages. This approach comes with no fees, no loans, and no APRs, aiming to remove barriers for consumers and eliminate a cycle of debt and fees for workers.

“The modern American worker wants the ability to access their wages as they earn. It helps avoid falling behind on everyday bills and expenses, and improves their overall financial situation,” said EarnIn CEO Ram Palaniappan. “Reaching $10B in processed transactions is proof positive that Earnin’s service enabling access to income is critical for working people, providing financial flexibility and avoiding dangerous debt.”

The announcement follows a recent study conducted by EarnIn which found that 92% of consumers given EWA reported it helped them to pay bills on time, avoid overdraft fees and payday loans, and become less dependent on credit cards – empowering them to achieve at least one of their financial goals in 2020.

EarnIn has:

• Helped 2.5 million active members get on the road to financial freedom
• Provided its members the tools to save a total of over $36 million to reach their financial goals
• Saved its members an estimated $1 billion in avoided overdraft fees*

By receiving access to their wages through EWA services, consumers report feeling more in control of their finances and experiencing better financial well-being:

• Nine in 10 (88%) EWA users believe that having access to their wages as they earned them during the pandemic was essential to their financial well-being
• A strong majority of EWA users reported feeling less stressed about their financial situation (82%), having higher self-esteem (81%) and an improvement in their mental health (77%).
• Without access to an EWA service, 44% would consider not paying certain bills on time, 38% would consider going into overdraft and 35% would consider using a payday loan.

*Assumes overdraft fee of $35 would be assessed on a negative balance if the customer had not Cashed Out.