The FinTech Industry Wants to Give Desperate Workers an Advance on Their Next Paycheck. It’s a Trap. ...Middle East

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The FinTech Industry Wants to Give Desperate Workers an Advance on Their Next Paycheck. It’s a Trap.
In a video filmed for his millions of Twitter followers, the celebrity preacher T.D. Jakes, posing in a double-breasted suit with a conspicuous gold watch on his wrist, asks his audience, “Do you realize 78 percent of Americans in this country live paycheck to paycheck?” Then he shares the good news: An app called Earnin can help. “It is possible to stretch your check,” he says, explaining that Earnin advances money to the user from their next paycheck, allowing them to cover unforeseen, urgent expenses. “Car back on the road. Refrigerator working,” he says. “Life goes on.”It’s as easy as that: a simple, safe alternative to facing an overdraft fee from the bank or resorting to a payday loan.

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