Summary
Paycheck advance products, often referred to as "earned wage" products, give consumers access to their paycheck early when they’re in a pinch. Offered through employers or as direct-to-consumer loans, these products can be free but many come with costly fees.
If certain paycheck advance products are truly no-fee products, they’re immune from the obligations outlined under the Truth in Lending Act. Some of the fees charged, particularly those for expedited delivery, fall under the act’s definition of finance charges.
A strong alternative to BNPL options is a personal loan, especially if you’re making a big purchase. Younger generations in particular prefer BN PL options. 79% of users explained that they were very satisfied with their BNpl experiences. Credible can help you find reputable personal loan lenders that provide timely funding.
