CRL Survey: Earned Wage and Digital Cash Advance Users Pay Fees and Tips and Take Multiple Advances to Cover Basic Living Expenses
DURHAM, NC - Consumers who use Earned Wage Advance (EWA) and digital cash advance applications are taking them repeatedly, paying fees and so-called tips, and using the advances to cover basic living expenses, according to survey results released today by the Center for Responsible Lending (CRL). The survey, which asked consumers about their experiences with EWA and cash advance apps, found that 69% of respondents use the advances to cover food, transportation and housing costs. Over 60% of customers of MoneyLion, EarnIn, Brigit and Dave – so-called fintech lenders – took advances one to two