A New Kind of Payday Loan Shark?

Consumer Advocates Warn of Perils of Early Wage Access Products

The ability for an employee to access wages early can be a way to manage unexpected expenses without expensive credit, bank fees, or a payday loan. However, consumer advocates say early wage access (EWA) products can carry high costs and act in ways that are similar to payday loans.

Lynne Marek in Payments Dive reports:

Payactiv, PayDaily, and Even Responsible Finance are among the biggest companies that have sprung up…