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May 25, 2021 8:19 AM Annie Millerbernd
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Paycheck advance apps let users borrow a small amount of their expected earnings, usually in exchange for a small fee, and repay it on their next payday.
It seems like an attractive offer if you need extra cash between paychecks, and millions of users have accepted it. While it’s possible to use these loan apps without harming your finances, some consumer advocates say they can lead to a cycle of debt.
If you’re thinking of using a paycheck advance app, here’s what to know before you download.
Fees framed as tips