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Pay advance apps can be costlier than borrowers expect

A report finds that while these apps advertise no-cost options, most users end up paying high fees to cover the gap until their next paycheck.

Reported · Written up by our desk · Sectors

Pay advance apps provide short-term loans that tide borrowers over until their next paycheck, but new reporting suggests the fees can be higher than many users realize.

The New York Times Business reports that these apps offer no-cost options, however, most users end up paying high fees according to the findings cited in its report.

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