Rochelle Sparko discusses the hidden costs of earned wage advances (EWA) and cash advance apps
CRL's Rochelle Sparko
For consumer protection advocates, the job of monitoring and going after predatory lending scams can sometimes resemble the old amusement park game of whack-a-mole. As soon as one predator is brought to justice, another one pops up. That description came to mind of late when Newsline learned about a new cellphone app that some schemers are marketing that allows people to obtain quick but incredibly expensive cash advances – in effect, payday loans.
Happily, North Carolinians are lucky enough to live in a state that’s home to one of the nation’s top consumer advocacy groups – the Center for Responsible Lending – and recently we sat down with the Center’s Director of North Carolina policy, attorney Rochelle Sparko, to discuss a new report her group has released on these predatory apps – and it’s a report that that contains some very stark warnings for consumers.
The post Rochelle Sparko discusses the hidden costs of earned wage advances (EWA) and cash advance apps appeared first on NC Newsline.
