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NAB, BPAY quietly straight back pay day loan killing API

NAB, BPAY quietly straight back pay day loan killing API

Earnd overlay solution accesses wages because they accrue.

The times of cash-strapped workers being obligated to max their charge cards and take away pay day loans at rates of interest above 20 % could quickly be numbered, all compliment of a modest API that pits usage of pay-as-you-earn wages against rapacious unsecured lending rorts.

In a move that competes straight against profitable bank card interest and interchange costs, NAB and BPAY have quietly supported a software deliberately created as a short-term loan killer that harnesses use of the New Payments system via BPAY overlay solution Osko to expedite use of pay-in-arrears.

The style is savagely easy.

Rather than waiting thirty days to gain access to cash currently acquired, people residing payday to payday – and there are millions – could possibly get instant use of around half their already accrued profits straight away, if their boss indications as much as a low-cost app dubbed “Earnd”. Continue reading ‚NAB, BPAY quietly straight back pay day loan killing API‘

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