Earned Wage Payday Lenders Are Picking Workers’ Pockets
New Report Exposes the Unfair, Deceptive and Abusive Practices of Earned Wage Payday Lenders
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Picking Workers' Pockets: Unfair, Deceptive and Abusive Practices by Earned Wage Payday Lenders
Fueling the ongoing affordability crisis, new types of payday loans offered through cash advance apps – so-called “earned wage access products”– drain hundreds of dollars a year from thin wages.
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Selected Government Enforcement Actions Against Earned Wage Payday Lenders
Selected complaints filed in government enforcement actions discussed in the report, Picking Workers’ Pockets: Unfair, Deceptive and Abusive Practices by Earned Wage Payday Lenders, highlights the following enforcement actions taken against providers of earned wage payday lenders: FTC v. Bridge It; FTC v. Floatme; CFPB v. Solo Funds; DC AG v. EarnIn d/b/a Active Hours;…
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Earned Wage Payday Loans are Loans, Despite CFPB’s Claim
Courts Have Unanimously Rejected Claims that Payday Loan Apps Do Not Offer Loans and That Their Fees Are Not Finance Charges WASHINGTON – The advisory opinion issued today by the Consumer Financial Protection Bureau (CFPB) that claims that so-called “earned wage access products” offered through certain payday loan apps are not loans, and that the…
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Holiday Shoppers Beware! Dangers Lurk in Buy Now, Pay Later and Deferred Interest Credit Card Offers
As holiday shopping kicks into gear amid an affordability crisis, advocates warn shoppers to check twice before accepting financial promotions.
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Coalition Letter Opposing Earned Wage Payday Loan Exemption from TILA
Nearly 200 labor, consumer, civil rights, and community organizations expressed opposition to any bill, similar to last year’s H.R. 7428 (Steil), that exempts earned wage payday loans from the Truth in Lending Act (TILA). Doing so, they warned, would endorse a form of loan that makes workers pay to be paid and would facilitate new…
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Proposed Law Would Supercharge Predatory ‘Earned Wage’ Payday Lending
Legislation would open the door for payday loan apps to take even more from the already stretched-thin paychecks of military servicemembers and other workers.
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Digital Library: Successful Challenges to Earned Wage Payday Loans
Earned wage payday loans, also known as payday loan apps, earned wage access products, earned wage advances, or fintech payday loans, are a fast-growing payday lending scheme. Typically claiming not to be loans and to charge no interest, these schemes are set up to evade federal and state consumer lending laws. This article explains why earned…
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Buy Now Pay Later Comments to NY Dept of Financial Services
NCLC submitted comments to the New York Department of Financial Services in response to its request for information on buy now, pay later products. The comments address issues that DFS should consider when writing regulations in order to protect consumers. The BNPL Act gives DFS broad authority to promulgate rules consistent with the purposes of…
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NCLC Comment to HUD on Buy Now Pay Later Products
We support HUD’s ongoing commitment to sustainable homeownership. As HUD notes, this mission is consistent with HUD’s core obligation of protecting the Mortgage Mutual Insurance Fund. Importantly, it also aligns with HUD’s statutory duty of “meet[ing] the housing needs of the borrowers that the single family mortgage insurance program under this subchapter is designed to…
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Burkhardt et al. v. MoneyLion Technologies Inc. et al.
Johnathan Burkhard and Deven Burkhardt, individually and on behalf of all others similarly situated v. MoneyLion Technologies Inc., ML Plus, LLC, and MoneyLion of Florida, LLC, No. 3:25-cv-00693 (N.D. Fla.) This case seeks relief against predatory earned wage access lender MoneyLion and related companies on behalf of a nationwide class of servicemembers and their spouses…
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What Rights Do Buy Now, Pay Later Purchasers Have?
The consumer protections that apply to “buy now, pay later” (BNPL) credit are now uncertain after the Consumer Financial Protection Bureau (CFPB) withdrew its interpretation that BNPL providers must provide many of the same rights to consumers that they would have with a credit card. Although the ability to split a purchase into four payments…
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