Maryland labor officials and legislators are seeking to regulate “earned wage access” products to better protect the hundreds of thousands of workers in the state who rely on the cash advances to cover expenses in the days before they receive a paycheck. Earned wage access providers like DailyPay, EarnIn, Immediate and ZayZoon have contended that their products are not loans and should not fall under the state’s lending laws. The products offer cash ahead of payday for a fee that’s typically a few dollars.
In summation: It has been reported that more than 100,000 of Marylanders rely on cash advance products. State officials are looking to bring providers under state lending regulations and provide more transparency for users, including about what they are paying to get cash.
