NEW YORK (AP) — 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. ...
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.
Critics also say the costs of the loans are not always transparent. Many charge monthly subscription fees and most charge mandatory fees for instant transfers of funds, though there is typically a no-cost option to receive funds in one to three business days.
A spokesperson for DailyPay said in a statement that the app offers two option with no fees to most users and a third with what they described as a "small ATM-like fee.” “Tips keep us running for millions of members like you,” EarnIn’s in-app copy reads. The company says it uses tips to maintain a no-fee option.In 2021, the California Department of Financial Protection and Innovation found “users often feel compelled to leave due to applied pressure tactics like... claiming tips are used to support other vulnerable consumers or for charitable purposes.”
But Hawaii State Sen. Chris Lee, a Democrat who introduced regulation targeting Earned Wage Access in the state Senate, called the 300-plus percentage interest rates a “modern payday loan scheme.” Lee said he would like to see more transparency and worker protections.
Payday Loans Earnin Sheri Wilkins Andrew Lewis
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