Qwatasia has a full-time job as a fraud analyst in Dallas, where she works the third shift— 5 p.m. to 2 a.m.—Monday through Friday. But she finds it difficult to live on her salary. Sometimes, she’s short on rent as she waits for her next paycheck to hit.
Qwatasia got a flat tire a few months ago. In the past, she might have put the $187 she needed to fix it on a credit card reserved for emergencies. But this time, she had another option: a cash advance from Dave, a banking app developed by a Silicon Valley startup that endears itself to users with help from its cartoon mascot, a bespectacled bear.
“Dave helped me out, because I could set a date when I would pay him back,” Qwatasia tells me—then corrects herself. “Pay the app back.” She adds, “I’m the type of person who doesn’t like to ask family. You’ve got to stand on your own two feet.”
Qwatasia is hardly alone. Millions of Americans have become regular users of products offering to help them bridge the gap between urgent expenses and biweekly paydays under the guise of encouraging financial independence. These so-called early wage access startups have collectively raised more than $1 billion in venture backing in recent years, winning the support of elite VCs as well as celebrity investors such as Mark Cuban and Nas. By giving users advance access to their paychecks—in exchange for a tip or fee, or bundled into a subscription—they’re positioning themselves as an alternative to payday lenders (with their high APRs) and banks (with their onerous overdraft fees).
Esta historia es de la edición March - April 2020 de Fast Company.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March - April 2020 de Fast Company.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
THE NEW RULES OF BUSINESS TRAVEL
In the era of hybrid teams, everyone is a road warrior-not just sales teams and C-suite execs. It's part of why business travel spending is expected to finally reach, and perhaps surpass, pre-pandemic levels by the end of the year, according to Deloitte. But, as with everything, work trips are not what they were in 2019. From airlines to banks, companies are finding new ways to make business travel easier-and even a little fun.
INTELLIGENT IMPACT
BUSINESS LUMINARIES SHARE HOW AI CAN INTERSECT WITH SOCIAL MISSION.
REDDIT'S REVENGE
IN AN ERA OF AI UPHEAVAL. THE CACOPHONOUS SOCIAL HUB EMERGES AS THE HUMAN-DRIVEN INTERNET'S LAST GREAT HOPE.
SO MANY WAYS TO LOSE
In the Ozempic era, Weight-Watchers is remaking itself to be something for everyone meal-plan program and a tele-health prescription service. But have consumers already lost their appetite?
10/10 - THE 10 MOST INNOVATIVE PEOPLE OF THE LAST 10 YEARS
In honor of Fast Company's 10th Innovation Festival in September, we identified 10 industrious leaders whose groundbreaking efforts defined the past decade in business. We spoke to them about their extraordinary achievements in tech, medicine, entertainment, and more. And we explored how the impact of their work has withstood passing fads, various presidential administrations, a pandemic, and many, many quarterly reports.
The Mysterious Reappearance of the Reggie Bar
How a beloved 1970s candy got called back up to the major leagues.
Gabriella Khalil
Gabriella Khalil, creative director, answers our career questionnaire.
The Fast and the Furious
High prices at McDonald's, Taco Bell, and other chains are sparking consumer revolt.
Lost in Truncation
Lost in Truncation Generative AI was supposed to unleash our creativity. Instead, it became our cultural trash compactor. Welcome to the age of summarization.
Campus Radicals
Welcome to UATX, Austin's new well-funded and controversial anti-woke university.