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.
“You know how they get you — the algorithms — like they’re reading your mind,” Branch said. “The ad said I could get up to $100 this week and repay it in my next pay period.”
Branch, who was working as an administrative assistant in Charleston, South Carolina, downloaded the app, agreed to the flat fee, and added the suggested “tip.” The cash helped her cover expenses until payday, when the app debited the borrowed $100, plus $18 for the fee and tip. Four years later, Branch said she still uses the app, as often as once a month.
EarnIn is one of more than a dozen companies that provide this service, billed as Earned Wage Access. The apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs. On payday, the user repays the money out of their wages. Between 2018 and 2020, transaction volume tripled from $3.2 billion to $9.5 billion, according to Datos Insights.
Related articles:
Related suggestion:
China Highway collapse kills at least 48 in GuangdongF1 'ten years' away from more Chinese drivers, ZhouChris Pine again wears his I Love LA TMariska Hargitay, 60, sizzles in edgy allAbortion consumes US politics, courts two years after SCOTUS draft leakGeorgia parliament cancels session after building damaged during huge protestsMuñoz strikes out seven over six innings to get 1st major league win, Marlins beat Rockies 4Sting and Stephen Fry threaten to resign from the Garrick Club unless women are allowed to joinSex offender asks Norway's Supreme Court to declare social media access is a human rightNew Big 12 out to prove bigger bank accounts don't always mean better football teams in 12
2.8988s , 6499.0703125 kb
Copyright © 2024 Powered by These apps allow workers to get paid between paychecks. Experts say there are steep costs ,Stellar Spectrum news portal