Apps guaranteeing to “advance” a user’s wages state they aren’t payday loan providers. Just what exactly will they be?
Matt Rourke / AP
Jonathan Raines required money. An application promised to greatly help.
He searched online for an alternate to conventional lenders that are payday discovered Earnin, which offered him $100 at that moment, become deducted from their banking account on payday.
“There are not any installments with no really high interest, me, comparing the app favorably to a payday lender” he told. (more…)