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Payday lenders and paycheck advance apps both collect repayment directly from your bank account. If your account balance is too low when they withdraw funds, you could incur an overdraft fee, says Yasmin Farahi, senior policy counsel at the Center for Responsible Lending.
An app might try to avoid overdrawing your account. Mia Alexander, vice president of customer success at Dave, says the app reviews users’ bank accounts before withdrawing repayment. If repayment will put the balance close to zero or negative, the app may not withdraw funds, she says.
However, apps commonly include language in their user agreements that even if they try not to overdraw your account, they aren’t responsible if they do. -
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Like most payday loans, a cash or paycheck advance app lets you borrow money with no credit check. You’re also required to repay the advance, plus any fees you agreed to, on your next payday.
A single pay cycle is usually not enough time for borrowers to repay a payday loan, so many people fall into a pattern of getting another loan to pay the previous one, says Alex Horowitz, project director of the housing policy initiative at The Pew Charitable Trusts.
App users may find themselves in a similar cycle. A 2021 study from the Financial Health Network found that more than 70% of app users get advances consecutively. The study doesn’t say why users reborrow, but Horowitz says the behavior is notably similar to payday loans.
“Direct-to-consumer wage advances share DNA with payday loans,” he says. “They’re structured alike, they have repeat borrowing and they’re timed to the borrower’s payday, giving the lender a strong ability to collect.”
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If asked to picture a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday’s payday.” You probably don’t picture a mobile app that advertises on TikTok and sports a colorful logo.
But cash advance apps like EarnIn and Dave provide advances with the same borrow-and-repay structure as payday lenders, and consumer advocates say they carry similar risks. Both are fast, no-credit-check options to bridge an income gap or ease the pressure of inflation.
Neither is an ideal first choice for borrowing fast cash, but knowing their differences can help you save money and avoid damaging your finances.
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