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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

These Apps Allow Workers To Get Paid Between Paychecks Experts Say There Are Steep Costs

These Apps Allow Workers To Get Paid Between Paychecks Experts Say There Are Steep Costs
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United statesSouth carolinaBucks countyMatt bahlBryan steilAndrew lewisLauren saundersRam palaniappanChris leeSheri wilkinsFinancial health networkNational consumer law centerGovernment accountability officeCalifornia department of financial protectionFinancial technology associationHanna branch

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

More people are using so-called Earned Wage Access apps to get money to pay bills and buy groceries in between paydays. The typical user earns less than $50,000 a year,

South carolinaUnited statesBucks countyRam palaniappanLauren saundersBryan steilSheri wilkinsAndrew lewisMatt bahlChris leeGovernment accountability officeNational consumer law centerAssociated pressCalifornia department of financial protectionCharles schwabCharles schwab foundation

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