Earned Wage Access has, until now escaped the confines of sector-specific regulation. Nevada has stepped up to change that.
Over my decade-plus covering fintech, I see parallels between earned wage access (EWA) and equity crowdfunding, P2P lending and BNPL.
This week Isabelle sat down with Stacy Greiner from DailyPay to talk about the earned wage access as an alternative to high cost PayDay loans.
Earned wage access regulation rolls out, and it seems headed for complications. States differ in their definition of the sector.
State regulators are stepping into action to regulate earned wage access. But the process is slow and could create a mismatch for providers.
Earned Wage Access (EWA) providers could be creating potential consumer debt with the same perspective for jeopardy as BNPL.
Earned wage access can provide a solution to an underserved population in need of cash, but fee structures may need clarification.