Now, this is not to be confused with payday lenders. This is where you access money you have not earned yet and can be charged a massively high interest rate for the “privilege” of grabbing the cash.
It is also the product to which young people have particularly turned to during the COVID-19 crisis.
Research from the Consumer Policy Research Centre shows 300,000 18-34 year olds accessed such a loan in the three months to August.
Getting back to the newer “pay-on-demand” services. These allow you early access to a portion of your pay that may be capped at 25 per cent and/or between $200 and…
