Cash App could possibly offer an affordable and Humane option to costly Payday Lending
Square’s money App evidently is testing a lending that is new that will allow users to borrow between $20 and $200 bucks at a 5% fixed charge for one month plus 1.25% in non-compounding interest for every additional week borrowers increase their loans. The fee that is fixed 60% at a yearly price (APR), that is far lower than “payday” loan storefronts cost. By cross selling and leveraging its low fixed costs, money App can provide pay day loans at lower prices possibly preventing вЂdebt traps’ and revolutionizing the single-payment credit market. (more…)