The Center for Responsible Lending’s (CRL) research report entitled, “A Loan Shark in Your Pocket: The Perils of Earned Wage Advance,” is another resource showing the dangers of predatory lending. “By offering predatory credit with just a few taps on your cell phone, cash advance apps are a loan shark in your pocket. This report shows many cash advance app borrowers are trapped in a cycle of debt like that experienced by payday loan borrowers,” said Candice Wang, senior researcher at CRL. “Cash advance app companies issue loans with triple-digit annual interest rates in nearly every corner of America – even where those rates are illegally high – inflicting financial pain on a growing number of consumers.”
