Borrower Beware: Rise Credit is BAD NEWS!

 From Medium:

Studies on American financial health indicate that most Americans are ill-prepared for an emergency costing more than $1000. These numbers, reported by Fortunly, tell a grim tale:

American savings statistics for 2020 show that nearly 70% of Americans have less than $1,000 stashed away in their bank accounts. That number rose from 58% in 2018. Meanwhile, the number of those with savings between $1,000 and $5,000 stands at roughly 12%.

It’s not difficult to imagine an emergency costing more than $1000.

In Tennessee, Rise offers short-term loans from $500 to $5000 with interest rates ranging from 99% to 149%.

Yeah - bad news - 

and it gets worse.

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Should You Get a Loan from a Cartoon Bear?

 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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