Fintech Policy: Center for Responsible Lending Report Highlights Hidden Costs Associated with Small-Dollar Loans Made Through On-Demand Cash Advance Apps

Amidst increasing regulatory scrutiny of the hidden costs associated with earned wage access (EWA) and cash advance products, the Center for Responsible Lending (CRL), a non-profit research and policy advocacy group, on Wednesday issued a report entitled “Not Free: The Large Hidden Costs of Small-Dollar Loans Made Through Cash Advance Apps.”