“Earned wage payday loans, also known as payday loan apps, earned wage access products, earned wage advances, or fintech payday loans, are a fast-growing payday lending scheme. Typically claiming not to be loans and to charge no interest, these schemes are set up to evade federal and state consumer lending laws.”
“This article explains why earned wage payday loans are in fact loans covered by federal and state lending laws except in states that have specifically exempted them. “