Most things are paid for right away, labor is not. This, plus stagnating wages and a lack of free, widely available banking options, has paved the way for re-skinned versions of payday loans.
Excellent point. I never thought about the "runaround" that is payday loans from an employer perspective. If labor were paid as it was done, which is 100% possible in a digital economy, it would spell ruin for these loan shark providers. I really want to think more about ways technology can solve some of these problems for those who are more likely to run into near term cash flow problems, but more on the HR side, not on the "hey we're a third party and we don't bite" side.
The wolf has undergone a costume change. This is awful, thanks for the quick and excellent snapshot on this new high tech fleecing of those that hurt the most.
Excellent point. I never thought about the "runaround" that is payday loans from an employer perspective. If labor were paid as it was done, which is 100% possible in a digital economy, it would spell ruin for these loan shark providers. I really want to think more about ways technology can solve some of these problems for those who are more likely to run into near term cash flow problems, but more on the HR side, not on the "hey we're a third party and we don't bite" side.
The wolf has undergone a costume change. This is awful, thanks for the quick and excellent snapshot on this new high tech fleecing of those that hurt the most.