Much like payday loans, consumers who use EWA products may become dependent on the service to make ends meet, putting them at risk of falling behind on payments and getting hit with overdraft or non-sufficient funds fees, said Andrew Kushner, a policy counsel for the Center for Responsible Lending. “It’s really dishonest advertising. These products advertise themselves as having 0 APR,” he said. “Earned wage access products are just payday loans with a fintech veneer.”
