Read full article: These animals made headlines in 2024Cold mornings, perfect afternoons for the next few daysGet ready for Insider Deals that offer great savings on gift ideas, home essentials and hair care products.FILE - Jimmy Donaldson, the popular YouTube video maker who goes by MrBeast, wears a Lionel Messi jersey as he stands in a sideline box at the start of an MLS soccer match between Inter Miami and CF Montreal, March 10, 2024, in Fort Lauderdale, Fla.
“These types of high-cost, fintech payday loans, wrapped up in fancy apps, just put people in a debt trap where they have to borrow this week’s pay to pay last week’s loan and sets them back in their financial goals,” said Lauren Saunders, a director at the National Consumer Law Center who specializes in small dollar lending.
Upon entering the giveaway, a popup asks, “Want more ways to get money?” with an invitation to borrow money through MoneyLion's loan services. Consumer watchdogs say cash advancements can come with steep costs despite casting themselves as “no interest" loans. These apps create a “cycle of borrowing” as financially vulnerable users try to keep up with the “extremely high cost of the loan relative to the size,” according to Kushner. The Center for Responsible Lending found that users of these apps experienced a 56% increase in checking account overdrafts. Borrowers who use these “earned wage access" services withdrew 36 times a year, according to a 2021 California Department of Financial Protection report.
“The Beast Games Giveaway is designed exclusively for an 18+ audience and represents a groundbreaking way to combine engaging content with accessible financial education,” the spokesperson said. “Through this collaboration, participants gain exposure to MoneyLion’s diverse marketplace of financial products, tools, and content.”