This new Payday Lender Appears a Lot Like the Old Payday Lender

This new Payday Lender Appears a Lot Like the Old Payday Lender

Apps guaranteeing to “advance” a user’s wages state they aren’t payday loan providers. What exactly will they be?

Matt Rourke / AP

Jonathan Raines needed money. a software promised to greatly help.

He searched on line for a substitute for old-fashioned payday lenders and found Earnin, which offered him $100 at that moment, become deducted from their banking account on payday.

“There are not any installments with no actually high interest,me, comparing the app favorably to a payday lender” he told. (more…)