Even is a financial app designed to provide employees with early access to a portion of their earned wages. This service, known as “Instapay,” is offered without any interest charges, making it an attractive option for those looking to bridge financial gaps between paydays. However, Even’s Instapay feature might require a monthly subscription, with the membership fee varying based on your employer’s agreement with the platform.
Here are four key aspects to consider if your employer offers the Even app:
- Access Earned Wages Early: Even’s Instapay feature enables users to access up to 50% of their earned wages ahead of the regular payday. The frequency of this access depends on your employer’s policies. You can receive these funds either via direct deposit or by collecting a cash advance at Walmart. Direct deposits typically take one business day to process, but compatibility with all bank accounts may vary. If your bank isn’t compatible, you can still utilize other features of the Even app.
- Budgeting Assistance: Even provides budgeting tools that help users plan their monthly expenses. The app evenly distributes your monthly bills across your paychecks, ensuring you have a consistent amount of disposable income left. However, it’s important to note that Even doesn’t offer a bill-pay feature, so you’ll need to manage your bill payments independently. Even calculates your available spending money after deducting bills, making it a useful budgeting tool if it accurately reflects your financial situation.
- Automatic Savings: Even offers an “Automatic Savings” feature that allows you to set aside a portion of your paycheck each month. This amount is deducted from your paycheck and deposited into an FDIC-insured savings account within the app. It’s worth mentioning that this savings account does not earn interest. You can monitor your Even savings balance through the app, and it updates with each payday. If you need to access your savings, you can transfer the funds to your bank account or pick them up at a nearby Walmart MoneyCenter.
- Repayment Options: When you access your paycheck early through Instapay, there are various repayment methods available. Your employer may choose to deduct the advanced funds from your next paycheck. If this isn’t the case, the app will automatically withdraw the owed amount from your bank account after your payday.
Even provides a convenient solution for employees seeking financial flexibility, but it’s important to review the specific terms and conditions, including any associated fees, based on your employer’s agreement with the platform.
Does Even offers free and premium options?
The Even app provides users with a range of financial management features, and the good news is that you can use many of them for free. However, Even also offers an upgraded subscription package called “Even Plus” for $8 per month, or $96 per year. Here’s a breakdown of what each option includes:
Free Version: The free version of the Even app provides access to most of its features, allowing users to benefit from financial planning tools and other functionalities without any cost.
Even Plus Subscription: For $8 per month (or $96 per year), users can upgrade to the Even Plus subscription package. This premium package includes both the financial planning feature and the highly sought-after “Instapay” service.
The value proposition of the Even Plus subscription becomes evident when considering the potential savings it offers. Many individuals incur overdraft fees, which collectively earned banks an estimated $15.5 billion in 2019. With Even Plus providing access to the Instapay service, users can avoid unnecessary overdraft fees and better manage their finances, potentially saving more than the subscription cost.
Choosing between the free and premium options will largely depend on your individual financial needs and whether the benefits of the Even Plus package outweigh its cost.
Who is Even good for?
Even emerges as a valuable lifeline for individuals grappling with unforeseen financial needs. If you frequently encounter financial emergencies that demand immediate attention before your next payday, Even can be your solution.
One of its standout features is the ability to access up to 50% of your earned wages in advance, eliminating the anxiety of waiting for your paycheck to cover essential expenses.
Effective Financial Management for All
Even Instapay isn’t limited to just those facing urgent financial requirements; it’s also an excellent tool for individuals looking to enhance their financial management skills. The app offers a range of practical tools designed to help you plan your monthly expenses. It evenly distributes your bills across your paycheck, streamlining the process of staying financially organized.
Moreover, Even’s automatic savings feature facilitates the creation of a financial safety net for future emergencies.
Collaboration with Employers for Seamless Access
It’s important to note that utilizing Even’s services typically requires your employer to be in partnership with the platform. If your employer is indeed affiliated with Even, this service can prove to be invaluable for your financial well-being.
While Even Instapay doesn’t impose interest charges, it’s essential to be aware that some employers may require a monthly subscription fee to access this beneficial service. We recommend checking with your employer to determine if this fee applies to you.
Is the Even app legit?
Yes, the Even app prioritizes the security of your sensitive information. Employing state-of-the-art 256-bit end-to-end SSL encryption, Even ensures that your data remains protected against any potential threats. This level of encryption is the gold standard for safeguarding data integrity and confidentiality.
Moreover, Even subjects its systems to regular security and compliance audits conducted by leading employers across the nation. These periodic assessments serve as a stringent measure to ensure that the app consistently meets the highest security standards.
With Even, you can have peace of mind knowing that your personal and financial data is in safe hands, fortified by advanced encryption and thorough security evaluations.
Best apps like Even
Here are the top 5 best apps you can explore, when seeking other options aside Even
- Earnin: Earnin is an app that provides you with access to your earned wages before your payday. It offers advances with no interest or fees, allowing you to withdraw a portion of your paycheck early. To use Earnin, you simply need to link your bank account and connect your employment information. It also offers a unique feature called “Balance Shield” to help you avoid overdraft fees.
- Dave: Dave is a financial app that offers an innovative approach to budgeting and avoiding overdraft fees. It provides interest-free cash advances of up to $100 to help you cover unexpected expenses between paychecks. Dave also includes budgeting tools, predictive alerts for upcoming bills, and the option to build your credit score by reporting rent payments.
- Chime: Chime is a neobank that offers early direct deposit, allowing you to access your paycheck up to two days earlier than traditional banks. It provides a fee-free checking account with no minimum balance requirements, overdraft fees, or monthly fees. Chime also offers a savings account and a round-up feature to help you save automatically.
- Brigit: Brigit is a financial app designed to help you avoid overdraft fees and get access to small, interest-free cash advances when needed. It connects to your bank account, analyzes your spending patterns, and predicts potential cash shortfalls. If it anticipates that you may run low on funds, it can automatically send you a cash advance to prevent overdrafts.
- MoneyLion: MoneyLion is a comprehensive financial app that offers various features, including early paycheck access, interest-free cash advances, and a fully digital banking experience. With MoneyLion, you can receive your paycheck up to two days early, access a 0% APR Instacash advance, and enjoy tools for budgeting and saving.
How does the Even app works?
The Even app goes beyond mere financial assistance; it offers a holistic approach to financial wellness that benefits both employers and employees alike.
For employers, partnering with Even through the Instapay program allows them to attract and retain top talent. By integrating payroll information into the app, employees gain access to financial progress tracking and the invaluable Instapay feature. This, in turn, boosts employee morale and ensures a degree of financial freedom.
Even’s service is designed to align with state wage-and-hour laws, employment tax laws, and federal and state lending laws, ensuring compliance across all 50 states. The integration process typically takes between 4 to 8 weeks, with connections established between payroll, attendance, and banking systems. This comprehensive network enables a thorough understanding of individual employees’ financial health.
Dedicated partners guide you through the integration process, ensuring a seamless experience. Once integrated, the system facilitates on-demand pay, enabling employees to access their earned wages instantly. Automation plays a pivotal role, streamlining various processes for a hassle-free financial experience.
Even operates on a four-pronged approach:
1. Plan: Even simplifies budgeting, automatically creating a plan based on your bank account details. It factors in your available cash, upcoming bills, future income, and expenses, thus alleviating the burden of manual budgeting. With Even’s plan in place, you can easily pay your bills on time and avoid late payment penalties.
2. Spend: The app helps you stick to your financial plan, ensuring stress-free spending. It provides an “Okay to Spend” feature, indicating your available daily spending limit until payday. By tracking your daily expenses and making adjustments, you can steer clear of overdraft fees.
3. Save: Even automates savings, turning your spending plan into a tool for reaching specific goals. Whether it’s saving for a vacation or any other financial target, the app tracks your progress, displaying how close you are to your goal. This motivates you to keep saving and stay on track.
4. Borrow: Breaking the paycheck-to-paycheck cycle is made possible with Even’s Instapay feature. This allows users to request cash advances, borrowing against their already earned but unpaid wages. The app calculates your eligible amount based on payroll information and the earnings you’ve accrued. You can access up to 50% of your earnings at any point during a pay period, either through bank deposit or cash pick-up at Walmart. Employers determine the frequency of use, and repayment is conveniently deducted from your connected bank account or paycheck.
Even app features
The Even app offers a range of financial tools and features designed to empower users with greater control over their finances:
- Early Paycheck Access: With Even, users have the flexibility to request up to 50% of their upcoming paycheck in advance, with no hidden fees or interest charges. Funds are swiftly deposited, providing quick access to needed cash.
- Automatic Savings: Even’s automatic savings feature allows users to designate a specific percentage of each paycheck for savings. The app takes care of the rest, automatically transferring the chosen amount into a dedicated savings account. Users can easily adjust or withdraw funds as needed, all while earning interest at twice the national rate.
- Budget Management: Even simplifies budgeting by identifying monthly expenses and providing users with a personalized daily spending snapshot. This feature helps users make informed financial decisions and stay on top of their budget.
- Earnings Projection: The app keeps track of work schedules and provides automatic updates after each shift. Users can monitor their earnings per shift and per paycheck, gaining valuable insights into their financial progress.
- Exclusive Access: It’s important to note that the Even app is exclusively available to employees of partnered companies. To enjoy these financial benefits, users must work for organizations that have established partnerships with Even and offer this product as an employee benefit.
Even app pros and cons
Here are some pros and cons to consider before using the Even app for financial empowerment:
Pros:
- Interest-Free Cash Advances: Even’s InstaPay offers cash advances with no hidden fees or interest charges. Say goodbye to the burdens of tipping or accruing interest on your advances.
- Instant Cash Pickup: Don’t want to wait for funds to arrive in your bank account? Even allows you to pick up your cash advance instantly at any US Walmart location, at absolutely no additional cost.
- Comprehensive Financial Management: Beyond its InstaPay feature, the Even app provides robust financial tools. You can effectively budget your expenses and gain insight into your available spending for the pay period after accounting for your monthly bills. Plus, automatic savings features are on the horizon to help you achieve your financial goals effortlessly.
- Stellar Online Reviews: The Even app boasts exceptional user ratings, earning an impressive average of 4.9 out of 5 stars on both the App Store and Google Play. Users rave about the InstaPay functionality and the app’s helpful financial planning tools.
Cons:
- Employer Dependence: To access Even’s InstaPay feature, your employer must be among the select organizations that support it. Not all users have the privilege of using this option.
- Monthly Membership Fee: While you won’t incur interest charges, there is an $8 monthly membership fee for Even Plus, which grants access to the InstaPay feature.
- Limited Employer Information: Unfortunately, Even’s website does not provide a comprehensive list of employers that offer the app. To determine if your employer supports Even, you may need to reach out to Even’s customer support or consult your payroll manager for clarification.
- 50% Earnings Access: Even’s InstaPay allows you to access a maximum of 50% of your earned income. This limitation is in place to help users maintain financial balance and responsibility.
Conclusion
In conclusion, Even offers a lifeline for individuals seeking early access to earned wages, budgeting assistance, and financial management tools. These apps empower users to bridge financial gaps, avoid unnecessary fees, and gain better control over their finances. The choice between them depends on individual needs and employer partnerships, making them valuable tools for achieving greater financial well-being.