Could you imagine being one of these athletes and still needing a side hustle to pay the bills?
The fresh face of payday loans: Cash-advance apps
You get paid next week, but your credit card bill is due this week, and, oops, so is that new car payment. You’re only a few hundred bucks short — you just need a way to bridge the gap.
Unfortunately for you, there’s an app for that. Actually, there are dozens. They’re called cash-advance apps. And most things about them tick me off.
Their names make it sound like you’re borrowing from a friend, like “Dave,” “Albert,” or “Brigit,” or like they’re giving you a leg up, like “Empower.” But trust me, there’s nothing empowering about them.
I dug up the dirt they don’t want you to know about and how to avoid getting caught up in their scheme.
What has two thumbs and owes 376% interest?
You, if you fall for this BS. These apps are just big yellow Payday Loan signs with a fresh coat of paint. They target folks living paycheck to paycheck, and once you’re in their clutches, it’s nearly impossible to get out.
Get this: The average APR on an advance from these apps is 376% — pretty much identical to a typical payday loan’s 400% markup. And that’s if you manage to repay it in one to two weeks.
And you probably won’t. Studies show that 75% of people take out another advance the same day or day after making a repayment. And if you’re using one, there’s a good chance you’ll get hooked into others, too.
On top of ludicrous fees …
They ask you to “tip” for the service. Some apps even try to guilt you, saying they’re helping “vulnerable people” with the money. Sure, they’re not gonna break your kneecaps or repo your car, but these companies are still laughing all the way to your bank.
One home health aide in Texas pays a day-and-a-half of work per month in fees. She didn’t know about the free option to transfer money immediately instead of one to three days — these apps make it hard to find on purpose.
My (free) tips to avoid the trap
Use the NewsBreak app? Delete it. Here’s why
My husband, Barry, is a total news junkie. He has all the major news apps on his phone. That’s why this story stopped me in my tracks. NewsBreak, the most downloaded news app in the U.S., with more than 50 million readers per month, has strong ties to Communist China.
Share Amazon Prime (and the bill) with someone you live with: Go to your Amazon account settings. Click the Amazon Household option. That’s where you can add another person and share your Prime benefits with them.
FCC’s broadband labels: A mess of fine print and fake promises
Internet bills are still a headache, even with new FCC rules. Sneaky fees, fake speeds, and hidden price hikes? Here’s how to fight back.
It twerks: People are turning to TikTok to pay off medical bills. Some creators can earn cash from videos over a minute long, and viewers only have to interact once. A mom turned a live dance party with her kids into $2,500 to pay off her 3-year-old’s medical bills. It works!
If you’re ever in a position to make lunch for Bill Gates — the founder of Microsoft, worth an estimated $111.4 billion — what should be on the menu: Cheeseburgers, pizza, quiche or a filet?
⛑️ Big Tech is fighting the Kids Online Safety Act: It passed the Senate with overwhelming bipartisan support in July but has stalled in the House. The bill holds tech companies (gifted paywall link, WSJ) accountable for algorithms and designs contributing to mental health issues, addiction, bullying and exploitation. Tech giants Meta and Alphabet have poured nearly $90 million into lobbying efforts. Funny, Zuck won’t let his kids have social media accounts.
18 years
Paying the neighbor’s electricity bill. A guy in Vacaville, California, has lived alone in the same apartment complex since 2006. The entire time, he wondered why the heck his power bill was so high. Turns out he was paying for the apartment next door, too. What a dope.
🏠 Buying or selling property? Scammers are targeting you. A sharp title company owner just stopped a fraudulent sale. The first clue: The seller’s driver’s license was from West Virginia, but the property tax bills had been sent to the Bahamas since 1978. They asked the seller to video chat to confirm, and the seller, a woman who said she was deaf, turned out to be a looped AI video. Here’s what the faker looked like.
🚨 Spoiler: You’re on the list! See if your info was exposed in the NPD breach that hit 2.9 billion people. Go to Pentester and enter your name, state and date of birth. The crazy part? You can look up anyone on this site. I found Bill Gates!
$351,178 raised
For a 90-year-old veteran caring for his wife with dementia. A woman started the GoFundMe campaign after she saw Air Force vet Donald attempting to pawn jewelry to catch up on bills. I just love stories like this.
Why cutting the cable was all BS
What started as a way to dodge high cable bills has turned into a tangled mess of streaming subscriptions, each with its own costs.
📚 Spilling the tea: An upcoming book claims billionaire Bill Gates was like a “kid in a candy store” with interns — so much so that Microsoft banned them from being alone with him. Another hot rumor: Bill was allowed one weekend a year at his ex-girlfriend’s place while still married to his now ex-wife, Melinda. Gates’ reps say it’s all bologna from anonymous sources.
“Let’s double-click”: The latest corporate buzzword, “double-click” (paywall link), means to dig into something further, like, “I’ll double-click that media plan tomorrow.” Fun fact: The creator of the double-click, Apple designer Bill Atkinson, regrets it. He thinks an extra mouse button would’ve been better.
1,600% increase
In power costs in Texas. Things are bigger in Texas, but that’s nuts. Hotter temperatures are sending energy prices soaring (paywall link). Here’s how to lower your bills.
Do you know what you spend every year on your phone, TV and internet bills? If not, put on your guessing hat. How much does the average American spend annually on all three services combined? Is it … A.) $1,500, B.) $2,500, C.) $3,000 or D.) $4,000?