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Back to The Hustler's Guide to Getting Paid.

What Is the $400 Problem

According to Ram Palianappan, the CEO and founder of Earnin, 40% of the people in America cannot find $400 in their bank account when they need it.

Unlike it might sound, this is not just a problem for the unemployed, but for people who are employed and getting paid, but simply need money off-cycle with their paycheck.

When someone's living paycheck-to-paycheck, and need money on Wednesday but the pay is only arriving on Friday, they are forced to seek other options, like aggressive Pay-Day loans and bank overdraft fees.

Earning is a project that came out of Ram's desire to fix this pay cycle discrepancy for his employees by enabling anyone to get paycheck funds whenever they need them.

The Hustler's Guide to Getting Paid ·

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More from this episode

  1. How Did Shaka Senghor Make a Name for HimselfAfter leaving a penitentiary after two decades of being locked up, Shaka started by selling his own books out of the trunk of his car.
  2. How Much Money Can an Applicant Save by Getting Paid WheneverPeople spend more on their overdraft fees than they do on fresh vegetables.
  3. How Is Earnin Able to Help People With Their Medical BillsHalf of the bankruptcies in this country are now due to medical bills because even people who have insurance, might be unable to pay the high deductibles.
  4. How Do We Introduce New Technology to the MassesWhen the old system, like pay-day loans, is broken, people tend to stay away from anything new that tries to replace it, for the fear that new system is going…
  5. What Is the Business Benefit to Offering Paychecks Any Day of the WeekBusiness are starting to adopt to a flexible pay schedule because access to money at any time enables their employees to be less stressed and therefore more…
  6. How Does Earnin Offer Flexible Pay for Free?Earnin is using the smart phone to analyze whether their users are actually working or not, and therefore able to trust their users to pay the money back.

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