Smash Notes
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.
a16z
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The Hustler's Guide to Getting Paid
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at 1:26
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On this episode
- How Did Shaka Senghor Make a Name for Himself
- What Is the $400 Problem
- How Much Money Can an Applicant Save by Getting Paid Whenever
- How Is Earnin Able to Help People With Their Medical Bills
- How Do We Introduce New Technology to the Masses
- What Is the Business Benefit to Offering Paychecks Any Day of the Week
- Why Is Earnin Able to Provide Flexible Play at No Cost When Others Charge Outrageous Fees
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