Wednesday, July 6, 2022

Dave is Nobody's Friend


There seems to be no end to these "build your (crappy, broken) credit by (doing what you did to destroy your credit in the first place:) taking out small loans that encourage you to be nonchalant about paying them back because heck they are so small" services.  I imagine that the lure of getting a quick hundred to five hundred dollars in a pinch is stronger during these tough times, but telling people that there's some virtue in living beyond their means is even more vile as spending power evaporates and a larger portion of the population finds itself living on a knife's edge of paycheck-to-paycheck stress.

There's actually nothing attractive about a company which "offers" you a bridge loan disguised as "early access to your paycheck" even if it technically offers this money "interest free."  That's because instead of charging interest- which requires expensive software - these bloodsuckers just encourage "tips" in the same manner that check cashing/pawn shop services charge fees to give you your money even just a few hours in advance.  The "tips" are completely voluntary, except that you're made aware that if you opt out, you'll soon find this awesome "service" unavailable to you.  So instead of paying a high interest rate on what is, simply put, a payday loan, you pay an upfront fee which is "conveniently" subtracted from the loan (and yes, it IS a loan, you are NOT getting your paycheck "early" any more than the nice people at H&R Block gave you a Rapid Refund.  In both cases, you got a loan based on the money you had coming to you and in exchange, you gave up that money or some share of it and THEN SOME.)

I expect to see more and more of these places pop up like ants at a picnic as we slip into our inevitable COVID Inflation Recession, so I also expect I'll be commenting a lot about Dave and every other BS "get your money fast" payday loan, annuity settlement, etc. scam until the economy readjusts, probably in the third quarter of 2023.  It's going to be a long haul.  Good luck, everybody- and please, let's get educated on the high cost of quick money.   As I've said before, it's expensive to be poor, but there are pitfalls you can avoid to make it less so.  Dave is definitely one of them.

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