Pay a Lot to Get Your Own Money

You earn the wages, then pay a premium to access them

Andy Spears
2 min readJun 24, 2024
Photo by Alex Kotliarskyi on Unsplash

Access to affordable credit can be a helpful, even necessary tool when unexpected expenses pop up.

A payday loan is easy — but terrible. High interest rates, aggressive collections, just an all around unpleasant experience.

There are apps like Dave — but I’ve written about why getting a loan from a cartoon bear can be a really bad idea:

There’s also a relatively new product — earned wage access.

This seems pretty straightforward — you get an advance on your earned wages. The app works with your employer to determine your expected pay for the next pay date, and you just get a portion (up to 40%) early.

Your paycheck is then reduced by the amount of the advance, less any fee.

It’s your money and it’s been earned, so these apps allow you to access it to manage your cash flow.

Of course, if I’m writing about it, you know there are probably some problems.



Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .