Released: September 12, 2023

Why so many people are paying to get their paychecks

Source: Tatiana Walk-Morris, Vox

For some cash-strapped workers, the solution can be found in an earned wage access app — an increasingly popular service that offers users early pay, often in exchange for a fee, for work they’ve already completed but haven’t yet gotten a paycheck for.

Early pay programs can spot workers who are short on cash, and some can be less costly compared to credit cards. But some apps charge service fees so high that many experts say they’re merely payday loans by another name, draining precious funds from already cash-strapped low-wage workers.

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