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.

This week in consumer finance news — Payday loans bring pain and a new study reveals just how much: $3 billion extracted from low-wealth communities: Report: Payday and Car Title Loans Drain $3 Billion a Year from Low-Wealth Communities | Advocate… Triple-digit interest rates and car repossessions result in financial pain for borrowers. The Center for Responsible…original.newsbreak.com And if you think payday loans are painful, check out the pain caused by Phoenix Financial collecting on medical debt that wasn’t owed — and ruining consumer credit in the process:

Or will a loan from a cartoon bear leave a chill in your wallet? — I really wish this wasn’t a real ad being circulated by the Dave App. Sadly, it is. The app known for the friendly-looking cartoon bear is suggesting that you get a cash advance to cover winter expenses like heat and coats. So — Dave doesn’t care about the state of…

Coalition highlights injustice of 243% interest rate on loans from pawn brokers A coalition of leaders from various advocacy groups came together today to express support for legislative efforts to cap pawn broker loans at 36% interest rates — instead of the 243% currently charged as a result of a loophole in the Predatory Loan Prevention Act. “The pawnbrokers are waging an…

Who is financing the cartoon bear? — I’ve written before about the triple-digit interest rates charged by fintech short-term lender Dave. Should You Get a Short-Term Loan from the Dave App? Turns out, that cartoon bear is charging CRAZY interest ratesadvocateandy.medium.com Dave’s mascot is a friendly-looking cartoon bear and the app provides small dollar, short-term loans that they claim are cheaper than payday loans. Need $100 fast? …

Online payday predator asks prey to help keep the doors open — An online lending platform known for interest rates in excess of 4000% APR is asking its customers to sign a petition to allow the company to continue preying on desperate borrowers. SoLo Funds — a fintech lending platform — has started a change.org petition in an attempt to fight back…

Four major banks now offer low-cost, short-term loans — The payday lending industry capitalizes on the need to access short-term cash quickly — usually for an emergency or unplanned expense. Most major banks don’t offer these types of products — loans for $500 or less — because the cost to issue and service these loans outweighs the revenue. Survey Shows Less Than One Third of Americans “Financially Healthy” Inflation among factors negatively impacting fiscal healthblog.startupstash.com

EWA products can act like payday loans, create cycle of dependence — The realities of inflation — even as it slows — mean workers want access to their pay as soon as possible. Managing cash flow as costs rise quickly over time means accessing your pay at the earliest possible date. That’s where earned wage access (EWA) products come into play. These…

It cost one Tennessee borrower $14,000 — The need for short-term cash in the form of small loans is growing — especially with current inflation rates and wage stagnation. Payday loan stores sometimes fill-in the gap — but typically charge very high interest rates, usually at triple digits. While some states have implemented rate caps and key…