[madebylaw]

I am the technical co-founder of a company in the earned wage access space (link in bio). Happy to answer any questions. The main takeaways are:

- We are paid back by the company on payday so the credit risk is on the company not the consumer.

- Many (most?) of our users do not have access to consumer credit and would be classified as underbanked / unbanked. This is a great book for more background: https://www.amazon.com/Unbanking-America-Middle-Class-Surviv...

- We charge a fixed fee per transaction, no interest is accrued or carried.

- Philosophically, every day you work and are unpaid for it, you are selling your employer an interest-free bond of your labor whose term is payday.

[rahimnathwani]

I second your book recommendation!

I would add another, which has similar stories about the challenges of managing money when income and costs are volatile, but in developing countries rather than in the US: https://www.amazon.com/Portfolios-Poor-How-Worlds-Live-ebook...