About lender
The Even is a budgeting and cash advance app founded in 2014. Its staggering success allows employees to access up to 50% of their earned wages much earlier than other banking services offer. Additionally, the Even offers multiple highly effective financial features, such as payday cash advances, free transfers, paying monthly bills, and a relatively low monthly fee compared to other banking services and financial companies.
Pros and cons
Pros
Safe to use as it has 256-bit encryption to ensure that the customer's personal and banking details are safe from hackers.
Cash advances at zero interest. Customers may get their cash advances into a bank account instantly.
A great variety of financial options. Clients can also budget and see how much they have for the pay period after the monthly bills. Setting automatic payments is available as well.
Provides highly effective customer service. Most users report that the app has a useful, straightforward InstaPay feature and helpful financial planning tools.
Accredited by the Better Business Bureau (BBB) with an A+ business rating.
Repaying the InstaPay cash advance can be done automatically. Even charges the funds from the next paycheck or debits them from the connected bank account.
Provides highly effective overdraft protection.
Cons
The employer must use the Even InstaPay feature. Only some customers have access to the InstaPay feature of the Even.
The Even charges $8 as a monthly membership fee. So, customers may access the InstaPay services only by paying the fee.
There's no list of employers on the Event's website. A client will have to contact Even customer support or ask their payroll manager for additional details.
Even InstaPay services allow customers to access only up to 50% of the money they have already earned, which may not be enough for some clients.
Conclusion
Taking all pros and cons of the company into account, it is a legit app with a highly effective security system of client data and a wide range of available financing options. Customers have to take into consideration that the app has a limitation on the borrowing amount of money and charges fees monthly. So, consider all alternative banking services and financial institutions before opting for the Even.
Terms and conditions
Even has several features available for its customers.
Instapay provides you with early payments. You can get up to 50% of your paycheck in advance.
Savings account allows you to select a percentage of your paycheck you want to save. The sum can be changed any time. The account is held by Cross River Bank, a member of FDIC.
Budgeting tool helps you to track expenses and gives and personalized snapshot of what you can spend.
Earnings tracking calculates how much you made per shift and paycheck.
Fees and costs include an $8 monthly service fee.
Funding a loan
The finding time may vary for various clients. Nevertheless, it typically takes one business day to make bank account transfers and get instant cash. The money is deposited directly into the customer's bank account.
The turnaround time is typically one business day for bank account transfers, getting instant cash at any of the US Walmart banks.
