This Black Friday, a cartoon bear wants you to buy now and pay later — I’ve written a lot about the pain of buy now, pay later loans. In short, while Buy Now, Pay Later CAN provide relatively easy access to small-dollar credit at rates that are comparatively better than payday loans, the profile of BNPL borrowers seems to suggest that these loans are adding…

Brigit App and a subscription you couldn’t cancel — App-based nonbank lender Brigit was recently hit with an $18 million fine by the Federal Trade Commission (FTC). The crux of the enforcement action was that Brigit’s subscription was incredibly difficult to cancel. …

You’ll only have to join the Cartoon Bear Club — Need groceries? Fuel tank a little low? Maybe you want something flavored with pumpkin spice? No worries! The friendly cartoon bear over at the Dave App has you covered. Just take an “easy” cash advance from their lending club and you’re on you way. Full of coffee, gas, and groceries. …

Need a loan for your latte? — You know what no one ever orders with their coffee? Debt! But the brilliant marketers over at the Dave App are seriously hoping that you crave coffee so much you’re willing to go into debt to buy some. Today! With an Extra Cash advance. From Dave. The App with the…

Easy to sign up, impossible to exit — It all sounds great. The free trial. The easy access to a service you need. The chance to decide if you want it. And the promise of no obligation and easy cancellation. Then, the reality hits. You see a charge on your bank statement and realize you forgot to cancel…

It’s all tricks with a short-term loan from the Dave App — Need to have a Halloween party or get a costume but you’re short on cash? No worries! A cartoon bear with stacks of cash is heading to the rescue. The Dave App never seems to miss a chance to encourage users to take out an “extra cash” advance. You know…

And fines for Chime, oh my! — Those two bears helped someone pay their rent. Now, they’re looking for their money back — plus interest! A pound of flesh, that’s just an appetizer! In recent consumer finance news, the cartoon bear of the Dave App is looking to lend cash to help pay rent. Can a Cartoon Bear Help You Pay Rent? It’s possible — but there are some strings attachedadvocateandy.medium.com

The E-Z lending app comes with a fair share of risk — Getting an advance on your paycheck may seem like a good idea — a way to manage cash flow and avoid overdraft fees or late fees. Fintech lending app MoneyLion offers an “InstaCash” advance that purports to make borrowing from your next direct deposit easy and low cost. However, the…

Turns out, a loan from a cartoon bear has to be repaid with real cash — The above is, well, amusing. It’s from the Dave App suggesting that a short-term loan from the Dave App will keep you out of debt. But, of course, a loan from the Dave App becomes a debt. A debt that must be repaid. Can you stay out of debt by…

It’s possible — but there are some strings attached — The Dave App is everywhere. It’s the friendly cartoon bear with some extra cash to help you in a tight spot. The latest campaign focuses on helping you catch up if you can’t quite pay your rent. It all seems so easy. Just get a cash advance right from your…

The weather’s cooling off, but those triple-digit interest rates still burn — Just. Don’t. Do it. Maybe you feel like you need some extra cash just because the season changed to fall. Or, you’re in a car near a mountain and think: “High-interest cash would make this trip better.” Well, you’re wrong. You don’t need an extra cash advance from a cartoon…

Here’s some advice: Don’t borrow from a bear charging triple-digit interest rates — Our friends at the Dave App just want to help you out. You know, by offering you a cash advance to cover expenses, like back-to-school needs. Not only will Dave give you a cash advance, but the app also has some tips for getting the most out of your high-cost…

These predators will eat your lunch and more — Turns out, there are some new bullies seeking to take more than just your lunch when you head back to school. Fintech payday predators are out in force, encouraging families to use app-based loans to manage back-to-school costs. The ad above from Dave is one example. And it sounds so…

Lender sets up gambling game to encourage borrowing — The Dave App’s cartoon bear is no stranger to using games of chance to encourage risky borrowing. Gambling with a Cartoon Bear How the Dave App entices borrowers to go further into debtadvocateandy.medium.com In the latest promotional email from the app-based lender, borrowers can be entered for a chance to win a cool $2000 in the heat of the summer.

SoLo funds reaches settlement in three states, other apps could soon see regulatory action — Charging a 500% APR on a short-term loan falls outside the bounds even in the most payday predator friendly states. But when you disguise your fees as “tips” or “donations” and you couch your lending model in the world of fintech, you might get away with it. SoLo Funds is…

Payday predator seeks comeback in California, DC — The payday predators over at SoLo Funds — home of the 4000% APR loan — are making a comeback in DC and California. Predatory Fintech Lender SoLo Funds Plots Return to DC, California SoLo was charging interest rates in excess of 500%advocateandy.medium.com Jason Mikula at Fintech Business Weekly reports on the relatively mild penalties paid by SoLo in DC and California and then asks and important question: Will the…

SoLo was charging interest rates in excess of 500% — Fintech lender SoLo Funds, a company that was shut down from doing business in Connecticut because its loans sometimes had interest rates of 4000% APR, has announced plans to return to doing business in both the District of Columbia and California. Based on Connecticut’s analysis of loans facilitated in the…

It’s a warning about the economy — We’ve got a problem. I’ve been writing about it for a bit. The reality of buy now, pay later is that it is masking income inequality. It’s masking the makings of a great recession … or, a depression. Everything is ok — because I can “pay in four.” …

SoLo Funds is not so fun for borrowers — Tennis great Serena Williams is now an active venture capitalist. Her firm, Serena Ventures, is now partnering with a fintech lender — SoLo Funds. Here’s what Serena has to say about the partnership: Speaking about the investment, Serena Williams, managing partner at Serena Ventures, said in a written statement: “SoLo…

It goes really bad — Seems easy, right? You have your job direct deposit your money into an account you can easily access on your phone. Everything integrates with your online/app-based payment system. Sure, it’s not FDIC-insured -but, well, that’s an antiquated system based on Depression-era worries. Umm. Well, Jason Mikula over at Fintech Business…