In an op-ed written for American Banker on March 25, 2026, Lauren Saunders, senior attorney at NCLC, looks at a new, slick breed of payday loan app that is working to extract profits from people struggling with the affordability crisis.
“Many companies offering so-called earned wage access have the same basic business model as traditional payday lenders: putting people in a debt trap with depleted paychecks, a vicious cycle of re-borrowing and mounting costs,” wrote Saunders. “These new payday lenders are luring cash-strapped workers into a downward spiral of payday loans.”
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