Podcast Episode Details
Back to Podcast Episodes
The New Predatory Lending: Paycheck and Earned Wage Advance Apps
Predatory lending through earned wage advance apps and payday loans disproportionately targets vulnerable low-wage workers, particularly those in the gig economy or service industries, many who earn less than $50K per year. These individuals, often living paycheck to paycheck, are drawn to the promise of quick cash but are hit with exorbitant interest rates, sometimes exceeding 300% APR's. According to the Center for Responsible Lending, these high rates and hidden fees can quickly spiral out of control, trapping borrowers in a cycle of debt. Instead of providing relief, these loans often exacerbate financial instability, leaving workers worse off and caught in a cycle of borrowing just to stay afloat.
→FOLLOW ON SOCIAL MEDIA←
Youtube
Instagram
Facebook
Twitter
Linked In
#thepeoplesvoicepodcast
#social issues
Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research
Published on 8 months, 4 weeks ago