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.
How does Even Instapay work?
Even Instapay is a feature available to users of the Even app. If you work for an eligible employer, you may qualify for an advance of up to 50% of your paycheck based on the hours you’ve already worked. The exact amount you can borrow fluctuates, but you’ll be able to see how much you have access to anytime on the app.
- Maximum withdrawal: 50% of the net pay you’ve already earned
- Cost: Free, but requires Even Plus membership of $8 per month
- Turnaround: One business day for bank account transfers, instant cash pickup at any US Walmart
Unlike some other pay advance apps that require you to tip or pay interest on what you borrow, Even offers interest-free cash advances. The only fee you’ll be charged is the $8 monthly Even Plus membership fee that gives you access to Instapay. However, depending on your employer, you may even receive a discount on the cost of that membership.
How repayments work with Even Instapay
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. The Instapay section of the Even app will let you know where your repayment will be drawn from. If you’ve borrowed an advance well before payday, it will likely be from your next paycheck. If not, it will be through your bank account.
Additional programs available to Even users
Even is primarily a financial planning tool, not a pay advance app. Because of this, you’ll have access to a number of features 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 “okay 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. So if you have more bills due at the end of the month, Even will set some money aside from each paycheck so your bills don’t leave you with no money in your account.
Compare Even Instapay to online short-term lenders
How much does it cost to use Even?
A basic subscription with Even is free — there are no costs to use its financial planning services. However, you’ll have to get Even Plus if you want to use Instapay. This costs $8 a month, but may be subsidized by your employer.
Unfortunately, Instapay — and Even Plus membership — is only available to employees of certain companies. If your employer hasn’t partnered with Even, you won’t be able to use Instapay. Instead, you can explore other short-term loan options. 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. Even gets tremendous praise from users on Google Play and the App Store, scoring an average 4.9 out of 5 stars. People are consistently happy with not only the Instapay feature — which they say helps with unexpected bills — but also the financial planning aspects of the app that are free to all users. In addition, Even is one of the few pay advance apps to have a Better Business Bureau (BBB) page. It’s been accredited since 2015 and has an A+ rating with only two complaints — both of which date back to 2017. 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. To get access to Even Instapay, you need to download the Even app. Follow these steps to get started: That’s it. Once you’ve finished setting up the app, you can sign up for Even Plus to have access to Instapay. Make sure you meet the following eligibility requirements to sign up for an Even Plus membership and Instapay: Even was founded in 2014, but it didn’t start working with users until 2015. Its mission is to free people from the constant worry that comes along with financial planning. Since then, it’s partnered with several companies to give employees access to already-earned wages and help all users better manage their finances. Even is a good tool for anyone looking for an easy way to keep track of their monthly budget. But it won’t be much help if you’re looking to take out a cash advance and don’t work for an eligible company. And it caps how much you can borrow — only allowing advances of up to 50% of your already-earned wages. If you’re looking to borrow more or don’t work for a qualifying employer, you may want to consider your short-term loan options instead.Pros
Cons
Is Even safe to use?
What are users saying about Even?
Even Instapay vs. payday loans
Even Instapay 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 How do I use the Even app?
Even Instapay eligibility requirements
More about Even
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Frequently asked questions
