The Consumer Financial Protection Bureau is proposing rules to regulate online paycheck advances by treating them as loans, ensuring transparency in disclosing charges as interest rates for better consumer understanding and comparison of terms.
Digital pay-advance tools provide workers with early access to wages but often come with fees for instant access, highlighting the challenge of mismatched pay cycles and the need for financial management solutions for lower-income workers.
#online-paycheck-advances #consumer-financial-protection-bureau #fees #transparency #financial-management
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