Fund the Fight to rein in big tech companies and regulate digital payday lenders now!
EarnIn, PayActiv, and others are masquerade their services as a lifeline to communities struggling to make ends meet, and in doing so, weave a web of debt and financial ruin.
Located in Silicon Valley, these fintech firms are creating deceptive models of lending, which are nothing short of 21st-century loan sharking. Instead of holding physical storefronts, they have sleek applications delivering "paycheck advances" with astronomical fees -- a modern rendition of predatory payday loans.
They're smart. They know how to manipulate the system. By dressing their exorbitant charges as 'tips' or 'expedited fees', they maintain a veneer of innocence, when in fact, they're applying rates that would make even the most hardened payday lender drool with envy.
California's financial watchdog has uncovered the painful reality -- these cash advance apps can carry annual interest rates surpassing a staggering 300%.
We cannot allow fintech companies to by pass efforts to protect consumers.
Contribute to TakeItBack.Org and fund the fight to rein in big tech companies and regulate digital payday lenders now!
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