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It’s possible to use a cash advance app without sliding into a debt cycle, says Brandy Baxter, a Dallas-area accredited financial counselor (AFC) who studies trends in financial services.
The key is to borrow money only when you know you can repay it, she says. But for people who live paycheck-to-paycheck, that’s easier said than done.
“When you’re an hourly employee, anything can happen between the day you took the loan and the day that it is due,” she says. “The mobile app is going to debit your account no matter what. They don’t care that you didn’t work the hours you thought you were going to work.”
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Smith wasn’t just getting part of his paycheck early, but also losing money by paying fees for the advances.
Most companies that provide cash advances reject comparisons to traditional lenders, but to understand the cost of an advance, it’s helpful to look through the lens of a loan.
Let’s say you use a cash advance app to borrow $200 today. The app charges a $7 express fee to get the money in a few hours instead of two or three business days. The app also asks for a tip. Some paycheck advance companies say users tip $1 on average, so add that to the total.
You’ve paid $8 to borrow $200. If your paycheck comes in seven days, that fee would equate to a 208.6% annual percentage rate — much higher than the 36% maximum APR consumer advocates recommend on small loans.
“The fees seem very low at the time, but they stack up,” Smith says. “It gets out of control fast. I think that’s what people don’t realize with those apps.” -
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Smith intended to have one night of fun when he downloaded EarnIn, but he worked unpredictable hours at the time so he also got advances to bridge income gaps.
When he was most reliant on cash advance apps, Smith says, most of his paycheck would be gone from his bank account before he even saw it. Then, he had to claw back funds by taking advances from seven or eight apps — a cycle he repeated each pay period.
“It just went completely out of control, and I was having to live off the borrowing apps,” he says.
In August 2023, the Center for Responsible Lending reported its survey results showing that most users borrowed from an app one or two times per week in a typical month, and 24% of users borrowed from multiple apps regularly.
“I think that’s indicative that people are falling into a debt trap,” Kushner says. “They’re basically having to keep borrowing and paying these fees just to get back to where they were beforehand.”
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