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These apps allow workers to get paid between paychecks Experts say there are steep costs | Cora Lewis

These apps allow workers to get paid between paychecks Experts say there are steep costs | Cora Lewis
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South carolinaUnited statesBucks countyRam palaniappanSheri wilkinsMatt bahlLauren saundersBryan steilChris leeAndrew lewisNational consumer law centerHanna branchFinancial technology associationCalifornia department of financial protectionGovernment accountability officeFinancial health network

The emergence of earn-to-pay apps

When Anna Branch, 37, had her hours at work reduced at the start of the pandemic in 2020, she suddenly noticed ads for an app called EarnIn. “You know how they get you the algorithms like they’re reading your mind,” Branch said. “The ad said I.

South carolinaUnited statesBucks countyLauren saundersMatt bahlAndrew lewisRam palaniappanBryan steilSheri wilkinsChris leeNational consumer law centerHanna branchGovernment accountability officeFinancial technology associationCalifornia department of financial protectionFinancial health network

Experts warn of steep costs to worker wage access apps

While Earned Wage Access apps have been around for over a decade, the pandemic and its aftermath boosted their popularity.

United statesSouth carolinaBucks countyLauren saundersBryan steilRam palaniappanAndrew lewisChris leeMatt bahlSheri wilkinsHanna branchFinancial technology associationFinancial health networkCalifornia department of financial protectionNational consumer law centerGovernment accountability office

These apps allow workers to get paid between paychecks Experts say there are steep costs

NEW YORK — When Anna Branch, 37, had her hours at work reduced in 2019, she suddenly noticed ads for an app called EarnIn. “You know how they get you — the algorithms — like they’re reading your mind,” Branch said. “The ad said I could get up to $100

United statesSouth carolinaBucks countyLauren saundersBryan steilMatt bahlAndrew lewisChris leeSheri wilkinsRam palaniappanGovernment accountability officeFinancial technology associationCalifornia department of financial protectionNational consumer law centerHanna branchFinancial health network

With these apps, workers get paid between paychecks, but at what cost?

These apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs.

United statesBucks countySouth carolinaMatt bahlSheri wilkinsLauren saundersRam palaniappanChris leeAndrew lewisBryan steilNational consumer law centerHanna branchCalifornia department of financial protectionGovernment accountability officeFinancial technology associationFinancial health network