By: Dannie Phan | September 17th, 2020
Everyone runs into emergencies, but not everyone has a good savings account to fall back on. Sometimes, you just need to get paid today so you can cover your most urgent expenses. Luckily, you don’t always have to wait for your paycheck to hit on your back account. Today, we’re looking at the best, most realistic ways of getting money ASAP. From loans to cash-making gigs, we have you covered.
What Day Do People Get Paid On?
Different companies do payday differently. Some pay their employees once a month, others do it every other week, while others make payments every week. Thus, there’s no straightforward answer.
However, there are a few popular dates for getting paid. If you make money every two weeks, you can expect a payment on the 1st, 15th, or last of the month. Weekly payment schemes are often set up for Fridays, but can also be scheduled for Wednesdays or Thursdays.
What Time Does Direct Deposit Hit?
When you get paid through direct deposit, you don’t need to stand in line at the bank waiting to cash in a check. Instead, your employer sends your money electronically to your bank account.
There’s no telling how long this will take because every company’s payroll is set up differently. It could take anywhere between a few hours and three business days. You’ll only know how long your direct deposits take when you get your first pay.
If you don’t have a bank account, you can also receive your direct deposit on a prepaid debit card. This isn’t very common, but Social Security does do it for American citizens who are “unbanked.”
What Banks Give Direct Deposit Early?
If you need access to your money immediately, you could sign up for early direct deposits. Some online banks offer this option at little to no charge to you.
How can that be? It’s not as hard as you may think. Traditional banks make money from holding on to your deposit for a few days. Online banks, on the other hand, don’t because they’re trying to offer a more competitive service. Here are some banks to look into if you want to cash out early:
- Radius Bank
- OneUnited Bank
- GTE Financial
- Axos Bank
With early direct deposit you’ll get the money you worked for as soon as your employer clears it.
How Can I Get Paid Today?: 5 Money-Making Things to Try
The COVID-19 pandemic showed us that many Americans live paycheck to paycheck. That’s nothing to be ashamed of; life isn’t easy for anyone right now. If you need to make money fast to supplement your income, there are a few trusted ways to do it.
1) Drive for a Ride-Sharing App
For starters, you can sign up to be a driver for a ride-sharing app, such as Uber and Lyft. You’ll be picking up passengers and dropping them off at their location. Besides earning money for each ride, you also get to keep all your tips. Does the job description sound like this is the right gig for you?
As long as you have a car and a smartphone (Android or iOS), you’re set. Getting started is easy and simple, meaning you could start making money part-time or full-time in just a few days.
2) Buy and Deliver Groceries
You could also get paid to buy and deliver someone’s groceries. Sounds insane, doesn’t it? It’s actually a great way of helping people who can’t (or don’t want to) leave their homes.
Instacart is the leading app for this service and it’s well-trusted. When you sign up, you’ll get requests for groceries in your area. Fulfill the list, drive to the customer’s house, and drop off their groceries. On average, Instacart shoppers and drivers make $15 per hour—plus, they get to keep all their tips right away, too!
To get started, all you need is a car and a smartphone (Android or iOS). It’s a great side hustle to boost your income.
3) Deliver DoorDash Orders
DoorDash pays you to deliver restaurant orders to people’s homes. Since you get to set your own working hours, this is the perfect side hustle for making extra money.
The app is simple and easy to use—and signing up couldn’t be more straightforward. If you have a smartphone and a car, bike, or scooter, you can start delivering right away. Plus, you can cash out your earnings once a week.
4) Sell Used Stuff Online
Another great way of making extra cash quickly is to sell things you don’t use anymore online. You can easily do it through Craigslist, Facebook Marketplace, and eBay. Set up an eye-catching listing, add relevant hashtags, attach some good-quality photos, and wait for sellers to contact you. If you’re selling high-demand items, you could make serious quick cash from your listings.
If the online thing isn’t really for you, look on Google for local flea markets and yard sales. You’re bound to get worthwhile offers and you get to clear space in your house. It’s a win-win.
5) Complete Small Tasks for Swagbucks
With Swagbucks, you can also make extra money online, part-time, while you work from home. It’s as simple as playing fun games, watching short videos, and answering surveys.
You’ll get points for every task you do. Then, you can either exchange them for Amazon gift cards or get cash sent to your PayPal account instantly, as soon as you make $3. No cash-out fees and no minimum activity requirements—it’s a side hustle to help you save or make ends meet.
How Can I Get Money Before My Paycheck?
If you need to get money before payday, payday loans might be worth looking into. These loans give you an advance on what your employer owes you for your work.
Peer-to-peer lending (P2P) is another option to consider. You can get money more quickly than if you were going to a bank. Moreover, even if you have a weaker credit score, you could find a lender to borrow you some money. While P2P comes with higher interest rates, they’re still useful for emergencies.
6 Apps to Get Money Before Your Paycheck
When you feel like there’s too much month at the end of your money, you can turn to these apps. They’re a good alternative to traditional payday loans because they don’t charge interest. Think of it as a payday advance.
How it works is very simple. Say you requested an advance of $100 ten days before your payday. You get that cash and, when your salary lands in your bank account, the app will take out $100—not a cent more, not a cent less.
If you have a smartphone, you can download their mobile app. Why shouldn’t you get access to the money you’ve earned with your full-time or part-time job when you need it?
1) Earnin’ App
The Earnin app is probably one of the most popular payday advance apps. If you get paid through direct deposit and have an electronic timesheet with your name on it, you can use it. It’s also compatible with Uber, Lyft, DoorDash, and many other popular gig apps.
Besides offering these advances, Earnin’ also offers other features to help you stick to your budget. Plus, they won’t charge you any fees or commissions.
Chime works a little differently from other apps. If you get your money through direct deposit, Chime will give you access to your money up to two days earlier.
All you have to do is open an online bank account with Chime and give all the direct deposit details to your employer. As soon as they pay you, the money will land in your account. No waiting periods.
Dave is another popular and trustworthy cash advance app. You can request to cash out up to $100 per pay cycle without having to pay any interest or fees. Plus, since you don’t have to qualify, it’s a good way of getting quick money when you need it.
While Dave does charge a monthly fee to use the app’s services, you can offset that cost by making purchases at approved partner locations.
Varo works very similarly to Chime. Open an account, give your employer the details, get paid and instantly have access to your money. Genius, right?
Besides offering early payday, Varo has other services worth checking out. They charge lower fees than other banks, have an easy-to-use and convenient mobile app, and a debit card compatible with digital services (such as Apple Pay, PayPal, and Venmo).
Last but not least, we have Empower on our list. This isn’t just a pay advance app—it’s much more than that. Besides getting up to $250 in advances during your pay cycle, you’ll also get access to savings and budget features.
For instance, you can set up an AutoSavings Account to make sure you’re building a rainy-day fund. Or you can follow Empower’s suggestions for a more effective monthly budget, based on what the app knows about your income. On top of all that, you can earn 0.25% APY on your checking account, with no minimum balance or overdraft fees.
How can you beat all that? While you do have to qualify to have access to all these perks, Empower is a great mobile app to look into.
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