The average U.S. household has over $8701 in credit card debt. Unfortunately, using credit cards spirals out of control when emergency use turns to dependency.
Yes, we get paid at specific points throughout the month. But sometimes we can’t wait that long, especially when things need to be bought.
However, some online banks pay earlier, so you don’t have to wait for your money. If you’re ready to learn how to get paid early, read on to learn more.
The Problem with Conventional Banks
Most people have a conventional bank account whose details are given to their employer to receive payment. However, when you work in a typical day job that pays you through direct deposit, it can take up to five days for the money to reach your account.
That doesn’t bode well for anyone who needs to have their money on specific days. Also, you’re liable for any account or overdraft fees your account might incur.
Using Online Banks That Pay Early
Depending on the online bank you decide to go with, some will either have low or no fees at all. So you won’t have to worry about losing too much money from the institution tasked with protecting it.
Also, with online banks, you can get paid up to 4 days faster than the specified due date. But how? Each online banking app has a specified way to ensure you get paid earlier than expected.
There are multiple get paid early apps such as:
- Payactiv
- Current
- Chime
For example, a get-paid early app like Payactiv uses an Earned Wage Access program, which allows you to get your funds early. To withdraw your cash, you can use direct deposit cards.
Using programs like these will keep you away from amassing large credit card debt. It’ll also keep you from living paycheck to paycheck. Who doesn’t want more freedom to manipulate their finances as they please?
Are There Cons to Using Get Paid Early Apps?
Compared to conventional banking, the only cons you may come across while using online banking apps are:
- ATM fees
- No savings account
- Some deposit restrictions
Although these are minor drawbacks to using online banking apps, they are still a better choice than waiting for your money when facing a dire situation.
However, it’s imperative to research each banking app. You need to ensure you find the best fit for your financial situation.
Now You Know How to Get Paid Early
With the information above, you have a clearer understanding of how to get paid early. You’ll no longer have to wait until your company’s direct deposit date to get paid.
You’ll have access to your funds days earlier so you can take care of any pressing matters. Please do your research and give it a try.
If you’re interested in learning about other ways to get early access to your paycheck, visit our blog for related content.
