Earnin announces access to $ 10 billion in earnings for members
PALO ALTO, Calif .– (COMMERCIAL THREAD) –To win, the leader in construction products for a fairer financial system and a better life for those who live paycheck to paycheck, today announced it has unlocked access to more than $ 10 billion in revenue for his members. The $ 10 billion mark was crossed thanks to more than 125 million transactions on Cash in – the company’s basic 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 give them access. This approach is no-fee, no loan, no APR, aimed at removing barriers for consumers and eliminating a cycle of debt and fees for workers.
“The modern American worker wants to be able to access his salary as he earns. This helps avoid falling behind on bills and daily expenses and improves their overall financial situation, ”said Earnin CEO Ram Palaniappan. “Reaching $ 10 billion in transactions processed is proof that Earnin’s service providing access to income is essential for workers, providing financial flexibility and avoiding dangerous debt.”
The announcement follows a recent study conducted by Earnin who found that 92% of consumers who received EWA said it helped them pay their bills on time, avoid overdraft fees and payday loans, and become less dependent on credit cards – their enabling them to reach at least one of their financial objectives in 2020.
Helped 2.5 million active members walk the path to financial freedom
Provided its members with the tools to save a total of over $ 36 million to meet their financial goals
Saved its members approximately $ 1 billion in avoided overdraft fees1
By accessing their salary through EWA services, consumers report feeling more in control of their finances and experiencing better financial well-being:
Nine in 10 EWA users (88%) believe that having access to their wages as they earned 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 better self-esteem (81%) and improved mental health (77%).
Without access to an EWA service, 44% would consider not paying some bills on time, 38% would consider overdrafting, and 35% would consider using a payday loan.
Earnin’s mission is to create products for a fairer financial system and better lives. Designed for the unique needs of those who live paycheck to paycheck, Earnin is designed to free people from the traditional payment cycle and help them take control of their money, from the moment they earn it. Earnin’s full suite of tools include: Cash Out, which provides access to income as it is earned, Balance Shield, a low balance alert to help maintain a positive bank balance, Financial Calendar which helps people budget and schedule payments, and Tip Yourself, a way to save money to meet savings goals. Earnin is supported by the community with no mandatory fees or hidden costs. People tip whatever they choose to support the service. As of September 2021, Earnin had completed over 125 million transactions and provided access to $ 10 billion in revenue for its members.
1Assumes an overdraft fee of $ 35 would be assessed on a negative balance if the customer had not cashed out.