✉news BusinessPersonal Finance first seen 1 d ago, last 6 h ago, peak #9
Paycheck advance apps costing millions of Americans hundreds of dollars
Original: 10 million Americans are using advance loan apps to get their paychecks in advance—and it’s costing them hundreds of dollars more, report finds
Around 10 million Americans are using paycheck advance apps to access their wages early, but a new report finds the fees and charges add up to hundreds of dollars in extra costs per user. The findings are raising fresh concerns about hidden costs in so-called earned wage access services and their impact on household finances.
Why now: A new report on the hidden costs of paycheck advance apps has drawn attention to their rising use and expense.
Earned wage access appsAmerican consumers
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Evidence
- 10 million Americans are using advance loan apps to get their paychecks in advance—and it’s costing them hundreds of dollars more, report finds · Yahoo Finance
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