How easy it is for financial products to be dressed up as solutions, while quietly concealing risk. In this eye-opening Coffee with Bill episode of Debt Doctor, I take a hard look at Earned Wage Access (EWA) apps marketed as financial lifelines, but more often trapping borrowers in high-cost debt.
Though “cash-advance" apps are promoted as alternative to big banks, these fintech platforms charge fees that can balloon into 4-figure APRs and then ask borrowers to “tip” them for the privilege. As More Perfect Union highlighted in their video Billionaires Found a New Way to Steal Your Paycheck, this new wave of digital payday lenders is bleeding wages from the very people they claim to serve.
When financial instability takes root at the household level, it ripples up through credit performance, default rates, and ultimately the secondary mortgage market.
Whether you’re protecting your portfolio or preserving your paycheck, this conversation will sharpen your risk radar and challenge how you see “innovation” in financial services.
First Lien Capital is your trusted investment partner delivering security and strong returns while making real impact, and First Lien Resolutions is your Special Assets Group for hire delivering integrated resolutions to protect capital and restore performance to distressed real estate debt scenarios.
Schedule a consultation with Bill to ELEVATE https://billbymel.com/investor/ or REVIVE https://billbymel.com/advisor/ your portfolio today.
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