MoneyLion, Dave, and Earnin reject the contrast. “Compared to pay day loans along with other extremely high price choices, our people find Instacash become a far greater alternative, ” MoneyLion CEO Dee Coubey said in a declaration; a Dave representative emphasized in a statement that the business “puts its users first, ” noting so it does not charge belated charges, need guidelines, or report nonpayment to credit reporting agencies.
“We really much see ourselves as advocates for the users together with services and products we develop are designed to provide them which help them enhance their monetary health, ” said R. J. Bardsley, vice president for business communications at Earnin, in a statement that is emailed. “The facts are that individuals reside in some sort of where individuals are charged $35 for the overdraft or outrageous costs and interest levels for pay day loans, and unanticipated medical bills continue steadily to deliver individuals into debt. Our people spend whatever they think is fair—even if it is zero. ”