Advance pay service might reduce utilization of pay day loans
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This undated picture shows an indication for Check City, that provides pay day loans, in Salt Lake City. Americans take down approximately $50 billion in payday advances a each racking up hundreds of dollars in fees and interest year. — Leah Hogsten/The Salt Lake Tribune via AP
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NYC — Americans sign up for approximately $50 billion in payday advances a each racking up hundreds of dollars in fees and interest year. But a little and growing solution that enables its users to just take an advance on the paycheck could be providing the pay day loan industry a run for the cash.
San Francisco-based monetary technology business also made headlines late just last year whenever Walmart, the nation’s biggest private manager, announced it might begin providing Even’s solution as an element of its worker advantages package. Along with supplying tools that allow workers to trace their spending and spend less, Even features Instapay, makes it possible for users to advance a number of their paycheck that is next up 13 times before payday.