Houston payday loans online - Weatherford

Faced with a similar cash crunch years ago, Mr Vazquez had resorted to a payday loan, a high-interest, short term loan meant to tide a borrower over until the next pay cheque. But the couple and their toddler son were eventually evicted from their apartment because they couldn't make both their rent and the loan payments.,Mr Vazquez vowed never to take out such a loan again, he tells Reuters. This time, he had another option.
An overnight support manager at Walmart, he was able get a $150 advance on his pay using an app that allows the company's employees to access up to half their earned wages during a pay period.,A growing number of companies are rolling out products and services that allow employees to receive a portion of their pay when they need it.

This can help workers, especially those making hourly wages or working irregular schedules, to avoid unpleasant and potentially costly options such as borrowing from loved ones, running up credit card debt, selling possessions or taking out payday or other high-interest loans when bills come due or emergencies arise before the next paycheck.,Could this be the future of payday? Developers of flexible-pay services say adhering to a rigid pay cycle doesn't make sense.,Some experts acknowledge that giving employees early access to their pay can backfire if, for instance, they spend the money unwisely. But the need for flexible pay services is clear.
About one-third of US adults were either unable to pay their monthly bills or were one modest financial setback away from financial hardship last year, according to a recent survey by the Federal Reserve.

All this plays into the hands of payday loan firms.,Mr Vazquez pays $6 a month to use the app - there is no transaction fee.richmond va payday loans
By comparison, a payday loan typically carries an annual percentage rate of 300 per cent to 500 per cent and is due in a lump sum, or balloon payment, on the borrower's next payday. Mr Vazquez didn't provide the terms of the payday loan he took out years ago.,In the UK, getting into debt can be just as painful - although banks are as bad if not worse than payday loan firms, the Financial TImes reported in May.,Which?, the consumer group, looked at the cost of borrowing 100 for 30 days at 16 high street banks, and found that 13 charged more than a payday loan company. The most expensive was Santander, which the analysis found was charging 179 - more than seven times as much as the maximum 24 chargeable by a payday loan company following caps on payday lending fees imposed by the Financial Conduct Authority. Santander said it would remove fees on unarranged overdrafts for its paid current accounts from July. Other banks named in the analysis were TSB, HSBC, First Direct, Royal Bank of Scotland and NatWest, which charged six times higher or more.

Lloyds Banking Group came out with the lowest charge of 4.20, having earlier scrapped fees for unarranged overdrafts. Which? said measures brought in by the Competition and Markets Authority in August last year to introduce a monthly maximum charge for unarranged overdrafts had “clearly failed to stop banks from charging sky-high rates”.,Back in the US, newer companies such as Uber and Lyft have used immediate payment as their model for years.
Now other organisations are catching on to the advantages of a flexible payday, Reuters says.,Jon Schlossberg, CEO of Even, says more than 200,000 of Walmart's 1.4 million US employees use his company's app, which also has a cash flow projection feature that deducts upcoming bills from expected pay and shows users an okay to spend balance.,The immediate access to cash may encourage some people to pick up extra shifts when they are short. While that makes sense in the near term, it can backfire on workers over time. This bigger pool of labour could take the pressure off employers to increase wages, Mr Schneider says.,Employees could also burn through cash faster. Some companies have countered that by limiting the number of times workers can access their money or by only making a portion available.

And some are adding a financial counseling component to their services.,The two organisations are also testing an app that would integrate the flexible pay and counselling functions with a cash flow projection feature.

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