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

EarnIn is one of more than a dozen companies that provide this service, billed as Earned Wage Access. The apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs. On payday, the user repays the money out of their wages.

United statesSouth carolinaBucks countyMatt bahlSheri wilkinsLauren saundersAndrew lewisChris leeBryan steilRam palaniappanNational consumer law centerFinancial technology associationGovernment accountability officeCalifornia department of financial protectionHanna branchFinancial health network

Apps allow workers to get paid between paychecks but experts say there are steep costs

Apps allow workers to get paid between paychecks but experts say there are steep costs
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United statesSouth carolinaBucks countyBryan steilLauren saundersChris leeAndrew lewisMatt bahlRam palaniappanSheri wilkinsGovernment accountability officeHanna branchCalifornia department of financial protectionFinancial technology associationNational consumer law centerFinancial health network

Earned wage access apps are booming; critics want it to stop | The Arkansas Democrat-Gazette

NEW YORK 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.

Bucks countyUnited statesSouth carolinaSheri wilkinsRam palaniappanChris leeAndrew lewisLauren saundersBryan steilMatt bahlFinancial technology associationNational consumer law centerHanna branchCalifornia department of financial protectionGovernment accountability officeFinancial health network

Know the risks of using apps to advance payday cash

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.

United statesAndrew lewisMatt bahlLauren saundersSheri wilkinsFinancial health networkCalifornia department of financial protectionNational consumer law centerGovernment accountability officeHanna branchEarned wageEarned wage accessCollege stationBucks countyCalifornia departmentFinancial protection

Need money before payday? These apps will help But at a big cost

More people are using Earned Wage Access apps to get money to pay bills in between paydays. Some consumer advocates say the fees make the apps comparable to payday loans.

United statesSouth carolinaBucks countyAndrew lewisLauren saundersBryan steilRam palaniappanMatt bahlChris leeSheri wilkinsFinancial health networkNational consumer law centerCalifornia department of financial protectionFinancial technology associationGovernment accountability officeHanna branch