Paycheck Advance Apps Provide Cost Effective Alternative to Payday Loans

Paycheck advance apps like, PayActiv, EarnIn, DailyPay and FlexWage are helping to provide employees access to their earned income so they can meet their financial needs; the apps are providing a cheaper alternative to payday lending who provide financing but for a cost that is sometimes two times the amount these apps charge; the apps are not solving all the issues with financial health but they are providing a valuable service that can better help people living paycheck to paycheck; the tools could have a negative effect too as people should be better preparing and organizing their financial lives instead of pulling money early from their paychecks. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.