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:
This Morning's Josie Gibson snaps at coFlexen and DeJong help the White Sox beat the Rays 4Soto, Judge and Stanton homer in same game with Yankees for 1st time during 9Girl, 14, 'gangHow major US stock indexes fared Wednesday, 5/8/2024Alabama lawmakers approve stiffer penalties for falsely reporting crimeTwins top Mariners 6Michigan former clerk and attorney charged after alleged unauthorized access to 2020 voter dataMaya Rudolph teases her return to SNL in new promo featuring her hiding in a closetTalulah Riley looks gorgeous in floaty floral dress as she cosies up to her husband Thomas Brodie
2.6585s , 6575.0078125 kb
Copyright © 2024 Powered by These apps allow workers to get paid between paychecks. Experts say there are steep costs ,Culture Cross news portal