When is a loan not a loan? When it's a nonrecourse cash advance. Why it matters: By advancing money while calling the interest a fee or a tip, companies like Earnin and Wagestream can skirt regulations that cap interest rates. What's happening: Earnin is an app that fronts users as much as $100 per day. When you sign up, you hand over your bank account information and tell Earnin when. In many provinces, there is a cap on the interest that a payday lender can charge. However, many lenders either don’t have the requisite license to conduct lending business in the province or openly flout the laws like the cap on interest rate. Are there any other short-term options in Pennsylvania? Yes. Beyond public assistance, there are multiple payday loan alternatives available to you, including: Debt consolidation loan. If you have multiple loans out at once, you can apply for a debt consolidation loan.Rather than making multiple payments with varying interest rates, you’ll make one payment with a single, usually lower. Redstone’s Stretch & Save Loans and Payday Alternative Loans (PAL) are designed to help you make it to your next paycheck while building your credit. With a short-term, small-dollar loan from Redstone, you can borrow what you need for today and make smart financial decisions for tomorrow. Why choose a Redstone Short-Term Loan? If you need a loan but don’t have the credit score for a traditional lender like a bank, an alternative option is a direct payday loan. When it comes to applying, you’ve got two basic options: apply with a direct short-term lender or through a loan connection service. The Consumer Financial Protection Bureau, which was born out of the 2010 Dodd-Frank Act, immediately seized on the payday lending industry as one of its first targets, opening a complaint database. I had 2 payday loans with 2 different companies, I sent several faxes to these companies revoking my ACH authorization. They still debited my account so I contacted my bank and filed a claim on the money stating I revoked the ACH authorization between myself and the company. Silicon Valley-based financial services startup Earnin has potentially run afoul of New York State regulators with its payday advance product for consumers. Payday loans are a quick-fix solution for consumers in a financial crisis, but also are budget busting expenses for families and individuals. Here is how a payday loan works: Consumers fill out a registration form at a Payday lending office. Identification, a recent pay stub and bank account number are the only documents needed. The Arizona House of Representatives narrowly approved a proposal Monday allowing payday lenders barred from operating following a 2008 voter initiative to offer a new high-interest loan product. The 31-26 vote on Senate Bill 1316 came after opponents made passionate efforts to persuade enough Republicans to oppose the bill to defeat it.