Current Events > So those cash advance apps are just scams, right? >_>

(+) Yeah! (+)

The ones that advertise that they'll loan you $100 or whatever a couple days ahead of your paycheck deposit.

If a $100 over a few days is gonna make or break you and you need it that bad, you probably need some kind of help >_> And being daisy chained by these apps to get part of your paycheck slightly early for a fee ain't gonna do it

It's like you're asking for mobile keyloggers and malware pop up ads.

dont do it

In general, that kind of loan is a scam in the sense of that the costs involved are utterly disproportionate to the benefit they provide, though if you approach it on the basis of "the costs are a matter of they're fine if I agree to them", in that sense there are legitimate providers of this kind of service, and given the aggressive approaches such providers take towards marketing, it wouldn't surprise me if they're now doing so via apps.

https://quickloanarena.com/digital-lending-apps-debt-trap/

That link is mostly focused on India, but the same shit is happening in the US

Rember Western Sky payday advance loans?

They had these insane interest rates on them. So bad that the commercials said "Yes the loan IS expensive. But you get money now!"

VigorouslySwish posted...

https://quickloanarena.com/digital-lending-apps-debt-trap/

What the fuck

Priere posted...

Rember Western Sky payday advance loans?

They had these insane interest rates on them. So bad that the commercials said "Yes the loan IS expensive. But you get money now!"

Western Sky Loans makes high-interest, unsecured loans. Interest rates range from 89.68% to 342.86% APR

Bruh

Nah, there are those that are legit and completely free to borrow money, like this:
https://www.nerdwallet.com/reviews/loans/personal-loans/earnin-personal-loans

I've had to use fast loan apps. My work is very up and down as a support worker. I had a client in hospital for a week, so had no income, and got 500 on a loan so I could cover rent and food. I had to pay back ~650 in the end, 11 payments of ~65, but it was easy enough to manage once my work picked up

So for me it was very useful and necessary. High interest yep but I was desperate.

bump

Yes
It preys on those already struggling. It's the same as the in person ones but with less regulation. The ones in my area are restricted to only collecting a certain amount of interest snd things like that. They had to be reigned in like 15 years ago to be slightly less predatory

It's just payday loans all over again.

I remember working for a company that processed payroll for clients all over the country so wed get garnishment paperwork sent to us to set up withdrawals from peoples checks

and I remember seeing one where the guy did a $300 payday advance at like 700% interest

How the fuck is that shit legal