October 25, 2018

Why Earnin Doesn’t Charge Fees

The concept for EarnIn began at my previous company when a few of my co-workers were finding it hard to pay their bills between paychecks. They couldn’t wait until payday for their money, and the company’s payroll system couldn’t pay up when they needed it most. Wanting to help, I pre-ordered checks from my bank account, paid them, and they paid me back when they were able. Now, those few checks have grown from a small gesture to help my co-workers into a streamlined app that’s used by people from over 50,000 companies.

An advance on a paycheck is something many workers need to avoid paying late and overdraft fees and/or high-interest loans. However, there are limited ways to get one, and charging fees to generate profits off this service didn’t sit right with me.

Fees are inherently transactional. They give power to the person who sets it, and demand compliance from the people who pay it. All companies should ask one foundational question -  if you let your customers choose the price, would they continue to pay you?

I wanted to find a way that would always be fair and lead to a balanced relationship between our company and all the individuals who chose to support it. I wanted to give people a chance to help other people. So, I asked if they would pay what they thought was fair— like a tip — and that started covering some of the costs. To this day, EarnIn continues to be supported by a community of people paying what they think is fair, with no fees or interest.

It’s wonderful to see our service being supported by voluntary tips from our community. Every person pays based on the value they get, which is so revolutionary. Traditionally, companies have set fees in order to maximize profits. At EarnIn, we believe in prioritizing people over profits.


Photo by Amber Turner on Unsplash

You may enjoy

How Putting People First Brings Value and Growth
How Putting People First Brings Value and Growth
EarnIn's focus is to empower people who are living paycheck to paycheck. Read here to learn more about how putting people first bring value and growth.
People of EarnIn: Samantha Nang
People of EarnIn: Samantha Nang
Samantha Nang shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
People of EarnIn: Duneeta Gagraj
People of EarnIn: Duneeta Gagraj
Duneeta Gagraj shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
People of EarnIn: Courtney Waters
People of EarnIn: Courtney Waters
Courtney Waters shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
People of EarnIn: Sara Marshall
People of EarnIn: Sara Marshall
Sara Marshall shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
People of EarnIn: Mailani Hernandez
People of EarnIn: Mailani Hernandez
Mailani Hernandez shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
People of EarnIn: Joy Burrows
People of EarnIn: Joy Burrows
Joy Burrows shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
People of EarnIn: Elvy Dieguez
People of EarnIn: Elvy Dieguez
Elvy Dieguez shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
People of EarnIn: Danielle Majeika
People of EarnIn: Danielle Majeika
Danielle Majeika shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
People of EarnIn: Mariah Dwyer-Britton
People of EarnIn: Mariah Dwyer-Britton
Mariah Dwyer-Britton shared her financial journey with the rest of the community. Read more about the People of EarnIn here.
Why Debt Collection Has No Place at Earnin
Why Debt Collection Has No Place at Earnin
We believe in treating people with respect. That's why we don't use debt collection. Learn more about EarnIn's values and approach on our blog.
Hidden Talents of the Earnin Team: Namrata Dev
Hidden Talents of the Earnin Team: Namrata Dev
Earnin employees are good at their jobs, but they’re more than just that. Read here about their pursuits and the hidden talents they’ve cultivated.

EarnIn is a financial technology company not a bank. Subject to your available earnings, Daily Max and Pay Period Max. EarnIn does not charge interest on Cash Outs. EarnIn does not charge hidden fees for use of its services. Restrictions and/or third party fees may apply. EarnIn services may not be available in all states. For more info visit earnin.com/TOS.

Download on the App Store
4.7 +189K ratings
Download on Google Play
4.6 +200K ratings