Companies Counter Payday Loans with Wage Advance Apps for Workers

Companies Counter Payday Loans with Wage Advance Apps for Workers

Running low on funds in between paychecks, you don’t would you like to check out a payday loan that is high-interest? There’s an application for that.

A present article by Sarah Skidmore Sell and Alexandra Olson associated with Associated Press highlighted an increasing trend in advantages for workers: apps that enable them to have an advance on the income to pay for shortfalls between paychecks.

Within the AP article, Sell and Olson highlighted Luis Vazquez, whom works as an support that is overnight at a Dallas Walmart. Whenever their gf dropped sick and missed per month of work, the couple ended up being having difficulty making ends fulfill. Vazquez had removed a high-interest, short-term pay day loan years early in the day and was reluctant to fall under that trap once once once again – especially since attempting to make the re payments from the final one had resulted in a “debt spiral” and ultimate eviction for the few and their toddler son once they couldn’t make both the mortgage re payments and lease. Read more