How a new class of online lending apps, which promise to “advance” users' wages, are much the same as traditional payday lenders
Apps promising to “advance” a user's wages say they aren't payday lenders. So what are they? — Jonathan Raines needed money. An app promised to help. Tweets: @aflemingesq , @hypervisible , @theatlantic , and @martinsfp Tweets: Anne Fleming / @aflemingesq : Alex Horowitz of Pew Trusts: “They aren't the same [as payday lenders], but they share the same DNA...These are small amounts of money to people who are living paycheck to paycheck [and] don't have a buffer to allow for volatility in income, or expenses.” https://www.theatlantic.com/ ... Dread / @hypervisible : “They aren't the same [as payday lenders], but they share the same DNA...” https://www.theatlantic.com/ ... @theatlantic : The app-based lending marketplace is largely unregulated, with many users giving over more data and more dollars than they realize, @sidneyfussell writes. https://www.theatlantic.com/ ... Martin Sfp Bryant / @martinsfp : “The new payday lenders are much the same as the old payday lenders—except that the high-tech gloss also means that in addition to money, users are forking over an immense amount of data” https://www.theatlantic.com/ ...