From Medium:
Jason Wilk is the CEO of a banking app that wants to help you out — and keep you from paying expensive overdraft fees. At least, that’s the premise behind the “Dave” app that allows consumers to take out payday advance loans of up to $250 right from their phones.
Adam Hardy writes in Money.com that a number of cash-advance apps are suggesting they offer a viable alternative to payday loans but may instead offer a similar product in a more tech-friendly package.
Hardy reviews the policies and practices of apps such as Dave, Earnin, and Brigit and finds that:
“. . .consumer experts warn their fees are just as bad as — if not worse than — traditional payday loan APRs, with rates that can easily top 300%. And, they say, the apps can actually trigger overdraft fees.”
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