Companies Counter Pay Day Loans with Wage Advance Apps for Workers

Companies Counter Pay Day Loans with Wage Advance Apps for Workers

Running low on funds in between paychecks, you don’t would you like to move to a high-interest pay day loan? There’s an application for the.

A recent article by Sarah Skidmore Sell and Alexandra Olson for the Associated Press highlighted an increasing trend in advantages for workers: apps that allow them to have an advance to their wage to pay for shortfalls between paychecks.

Within the AP article, Sell and Olson highlighted Luis Vazquez, whom works being an support that is overnight at a Dallas Walmart. Whenever his girlfriend dropped sick and missed 30 days of work, the few ended up being trouble that is having ends meet. Vazquez had applied for a high-interest, short-term pay day loan years early in the day and was reluctant to belong to that trap once once again – especially since attempting to make the re re payments regarding the final one had resulted in a “debt spiral” and ultimate eviction when it comes to few and their toddler son once they couldn’t make both the mortgage re payments and rent. […]

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