Earned wage advances (EWA) are a predatory lending product that has grown rapidly in popularity, with over 7 million workers accessing approximately $22 billion in 2022, and are associated with increased overdraft fees and payday loan use, leading to a cycle of debt and financial hardship for low-income consumers.
The post A Loan Shark in Your Pocket: Cellphone Cash-Advance Apps appeared first on The Washington Informer.
