Even Instapay cash advance app review
Access up to 50% of your already-earned wages — but only if you work for an eligible employer.
The Even app has garnered thousands of positive reviews because of its financial planning tools and Instapay feature, which allows you to borrow against the hours you’ve already worked. But it’s only available through specific employers, and you’ll still have to pay a membership fee to get an advance.
Details
| Product Name | Even |
|---|---|
| Loan Term | Varies |
| Turnaround Time | Same day |
| Costs | $8 monthly membership fee |
| Requirements | Employer must be an Even partner. |
Pros
- Interest-free cash advances. InstaPay doesn’t require you to tip or pay interest for its cash advances.
- Pick up cash instantly. If you don’t want to wait one business day to have your cash advance credited to your bank account, you can pick up your cash at any US Walmart immediately at no cost to you.
- More than just a pay advance app. Although InstaPay is one of the major benefits of using the Even app, you can also budget and see how much you’ll have left to spend for the pay period after your monthly bills. And soon, you’ll even be able to set up automatic savings to reach your financial goals.
- Stellar online reviews. The Even app earns an average 4.9 out of 5 stars from customer reviews on the App Store and Google Play — with users praising the app’s InstaPay feature and helpful financial planning tools.
Cons
- Your employer must use Even InstaPay. Not everyone has access to the InstaPay feature of the Even app — only select employers back it.
- Monthly membership fee. While you won’t pay any interest, you’re on the hook for the $8 Even Plus monthly membership fee to have access to the InstaPay feature.
- No list of employers. Curious if your employer uses Even? Unfortunately, there’s no list of employers on its website. You’ll have to either contact Even customer support or ask your payroll manager for more details.
- Only borrow 50% of the net pay you’ve already earned. To help keep your finances balanced, Even InstaPay only allows you to access up to 50% of the money you’ve already earned.
Our take on Even Instapay
Even Instapay is best for people who work for an eligible employer that’s partnered with Even. For workers who qualify, you can get an advance of up to 50% of your paycheck based on the hours you’ve worked. The exact amount may fluctuate, but you can see how much you have access to anytime on the app.
Unlike some other cash advance apps that require you to tip or pay interest on what you borrow, Even offers interest-free cash advances. The only fee you pay is a $8 monthly Even Plus membership fee that gives you access to its Instapay feature. And depending on your employer, you may receive a discount on the cost of the membership.
Highly-rated by customers, Even appears to be a good app if you’re looking for a convenient way to stay on top of your finances and access cash before payday. But it’s only available for employees of eligible companies. If you don’t work for a qualifying employer, you may want to compare other payday advance options instead.
Even Instapay overview
If your employer partners with Even, you can take advantage of multiple features, including 50% payday advances, free transfers and a relatively low monthly fee compared to other services. Repaying your InstaPay cash advance is automatic — you don’t need to do a thing. Even either deducts the funds from your next paycheck or debits them from your connected bank account.
Features
- Withdraw up to 50% of the net pay you’ve already earned.
- Free transfers, but requires an Even Plus membership of $8 per month.
- One business day for bank account transfers and instant cash pickup at any US Walmart.
Requirements
Make sure you meet the following eligibility requirements to sign up for an Even Plus membership and InstaPay:
- Work for an eligible employer that partners with Even
- Have a bank account with a US-based bank or credit union
- Have debit card access to your bank account
- Have a regular source of income that’s directly deposited into your account
- Have a GPS-enabled smart phone with a data plan
Other features
In addition to payday advances, Even offers a suite of financial tools that can help make managing your money easier. This includes a special savings account you can send money to each paycheck and draw from when needed, as well as bill prediction to help you keep track of your upcoming expenses.
Even also updates your finances three times a day to give you an accurate “OK to spend” amount. This is the money you have in your bank account minus the money you’ll need for bills. It uses your previous transactions to predict future expenses.
Even Instapay reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| App Store Score | 4.9 out of 5 stars, based on 64,900 customer reviews |
| Google Play Score | 4.8 out of 5 stars, based on 46,771 customer reviews |
| Customer reviews verified as of | 20 April 2022 |
Unlike many other cash advance apps, Even is accredited with the Better Business Bureau (BBB) with an A+ business rating. It’s only registered three customer complaints in the past three years – an extremely low number to other cash advance providers. Overall, Even appears to take its customers’ complaints seriously and has responded to feedback about the app not performing as expected.
Even InstaPay cash advance vs. payday loans
Even InstaPay isn’t a loan. This means that, unlike payday loans, you pay zero interest on the amount you borrow. However, you’ll still have to pay a subscription fee, even if you don’t use InstaPay frequently.
| Even InstaPay cash advance | Payday loans | |
|---|---|---|
| Borrowing amount | Up to 50% of your earned wages | Typically up to $1,000, and most states allow only one at a time |
| Turnaround time | One business day for bank account transfers, instant cash pick up at any US Walmart | Usually next business day |
| Application process | Sign up through the app, connection to bank account required | Simple online application, typically requires Social Security number and bank account numbers |
| Costs | $8 monthly Even Plus membership fee | High interest rate that can equal fees of $15 to $25 per $100 borrowed |
| Availability | Only available through select employers | Prohibited in some states |
Is Even safe to use?
In general, yes — though no app can ensure your information stays 100% secure. Even does its part by using 256-bit encryption to keep your information safe from hackers. Its systems have also been checked over for security compliance, and it performs regular audits to ensure sure your personal and banking details are kept private.
While Even won’t sell your details, it may share your information with third parties. If you have any questions, you can read over Even’s privacy policy or contact customer support at support@even.com.
Compare Even Instapay to other cash advance apps
Compare even more cash advance apps to find the right one for your lifestyle and budgeting needs. View maximum loan amounts, turnaround times and applicable costs and fees. Visit our guide to cash advance apps to learn more about how these work — or browse a list of apps like Even.
Ask an expert
2 Comments
February 2, 2020
How soon after I set up my account can I take an Instapay?
February 2, 2020
Hi MicheleM,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
That’s an interesting question.
Once you are done with setting up your account, you can immediately apply for an Instapay or pay advance. As long as you’re done with all the necessary steps and provided requirements, then you are good to go. Please note though that if you decide to receive money through your bank account, it may take one business day before you receive your money.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua