New Research Report “A Loan Shark in Your Pocket: The Perils of Earned Wage Advance”
WASHINGTON, DC – The Center for Responsible Lending (CRL) today released “ A Loan Shark in Your Pocket: The Perils of Earned Wage Advance,” a report on the fast-growing market for cash advance apps and how these loans harm consumers. The report features a dataset of transactions showing rates of reborrowing, loan stacking, and overdraft fees experienced by people borrowing...