Latest news with #DailyPay
Cision Canada
30-04-2025
- Business
- Cision Canada
DailyPay Announces International Expansion into Canada
NEW YORK, April 30, 2025 /CNW/ -- DailyPay, a worktech company and leading provider of On-Demand Pay, continues its global expansion. Launching in May 2025, its innovative platform will be available to new and existing clients with operations in Canada. This marks the company's second international expansion, recently announcing its first-ever international expansion to the United Kingdom in September 2024. "Expanding into Canada is a major step in our mission to better serve our multinational clients and partners and to provide On-Demand Pay to everyone, everywhere. By bringing our worktech solution to the Canadian market, we empower employees with greater financial control while helping businesses enhance retention, productivity, and employee satisfaction," said Josh Durodola, Vice President of International at DailyPay. "As we continue to innovate and expand globally, we remain dedicated to serving the needs of daily workers to optimize their daily time, maximize their pay and create opportunities for financial savings and growth." DailyPay's On-Demand Pay solution has been proven to help workers in the U.S. pay fewer late fees on their bills and incur less credit card interest charges. This can be extremely valuable to Canada's workforce where the majority (56%) are considered living paycheck-to-paycheck. DailyPay partners with leading employers across various industries, including Fortune 500 companies and small businesses. Some of DailyPay's first clients in Canada include Hotel Equities, Sekure Payments Experts, Bamford Produce, Kids & Company, and HGS. These partners recognize the value of DailyPay in supporting employee financial wellness and retention. "At Hotel Equities, we are committed to supporting the well-being of our team members in every way possible," said Raj Chollangi, Regional Director of Operations at Hotel Equities. "Providing access to DailyPay aligns with our goal to empower our associates by giving them greater flexibility and control over their earnings, ultimately helping them achieve financial stability and peace of mind." "At Sekure, our people are at the heart of everything we do. Partnering with DailyPay allows us to provide our employees with greater financial flexibility, reducing financial stress and improving overall well-being," said Katie Chiarelli, Vice President of Sales and Marketing at Sekure Payment Experts. "We are committed to enhancing our employee experience, and offering On-Demand Pay is an important step in ensuring they feel valued, supported, and empowered in their financial journey." Research from Arizent commissioned by DailyPay shows that employees with DailyPay in the U.S. are more productive, more engaged, and stay longer on the job. The data also indicates that over 9 in 10 (93%) of U.S. employers surveyed say DailyPay provides a valuable addition to their suite of benefits with 89% of U.S. employers surveyed saying they would recommend DailyPay to peers in the industry. About DailyPay DailyPay is transforming the way people access their pay. As a worktech company and the industry's leading On-Demand Pay solution, DailyPay uses an award-winning technology platform to help America's top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job while supporting their financial well-being outside of the workplace. DailyPay is headquartered in New York City. For more information, visit
Yahoo
16-04-2025
- Business
- Yahoo
NY AG alleges two wage access providers made illegal loans
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. The New York Attorney General is suing two earned wage access providers, DailyPay and MoneyLion Technologies, alleging they made 'illegal, high-interest loans' to tens of thousands of workers with fees that 'amount to outrageous annual interest rates in the triple digits.' The lawsuits alleges that the companies practices 'constitute illegal and deceptive conduct and abusive lending practices' that violate New York usury laws. The state is seeking to end the companies' lending practices in New York and obtain restitution for customers, along with civil penalties. DailyPay filed a federal lawsuit last week against AG Letitia James, seeking to block the state's action. On Monday, DailyPay referred to its April 7 press release ahead of the New York lawsuit, in which it said it looks forward to showing in court that its on-demand pay product is not a loan. MoneyLion did not respond to a message seeking comment. The Attorney General filed the lawsuits separately on Monday in state court in New York City. The suits are similar but describe several differences between the companies' business models, including more emphasis on tips by MoneyLion, a New York-based fintech offering a consumer finance app, embedded finance and media services. The suits allege both companies used deceptive advertising. 'Both MoneyLion and DailyPay make paycheck advance loans to hourly workers in exchange for fees and tips, pretending to simply be advancing 'earned' wages,' James said Monday in a press release. New York's usury laws 'are patently inapplicable to DailyPay's service,' because the company does not provide loans, New York-based Daily Pay said in its press release. 'DailyPay's service is in fact a valuable no-cost or low-cost financial tool, which DailyPay has provided to hundreds of thousands of New Yorkers over the last decade.' EWA providers typically sell their services to lower-wage, hourly employees. Among DailyPay's competitors are Payactiv, FlexWage Solutions and EarnIn, although the companies' business models vary. Some make money from fees imposed on workers while others take a slice of interchange fees when funds placed on payment cards are used. While some providers work through employer partners, others do not. Companies such as Burger King, Kroger, McDonald's and Target work with DailyPay through an app-based platform, according to the state lawsuit. The EWA providers 'all share certain characteristics,' according to the lawsuit against DailyPay: 'they lend based on real-time payroll data or algorithmic estimates of future deposits; they charge transaction fees and add a higher fee for loans with terms that begin immediately, or extract tips; and they carry on as though they are not making loans and not collecting interest because they say that they will not sue or engage in debt collection.' DailyPay charges up to $1.99 for a payment advance in a 24 to 48-hour period, and up to $3.99 for an immediate disbursement. The suit lists the most common DailyPay features – a $20 advance, a $2.99 fee and a term of seven days – which the state says equates to a 750% annual percentage rate. New Yorkers paid a median APR of 193.47% and an average APR of 398.59%, according to the state's lawsuit against DailyPay. In early 2024, DailyPay told prospective investors that it had reached annual recurring revenues of more than $235 million, with more than 1.2 million active users, and that every 20,000 additional workers represents an extra $1 million of revenue, according to the lawsuit. Between October 2018 and the end of 2023, MoneyLion assessed a fee on 'nearly nine out of every ten paycheck advances' made through its Instacash product, collecting almost $25 million in fees from New York employees during that period, according to the state's lawsuit. The most common Instacash payment was $100 for a fee of $8.99, to be repaid in two weeks, with the $8.99 representing an annualized percent rate of about 234%, according to the suit. MoneyLion also 'relentlessly' presses its Instacash users to leave the company tips, the lawsuit states. Users agreed to pay a tip on nearly 40% of paycheck advances, leaving an average of $4.10, the suit says. Like several states, New York legislators are considering legislation concerning earned wage access firms. EWA providers have lobbied for industry-friendly laws related to the services at the national and state levels, typically pleading for oversight that doesn't deem their services loans because then lending laws would apply. The pending New York bill would license and regulate EWA providers. DailyPay's chief legal and strategy officer, Jared DeMatteis, said in a statement that the company was disappointed James 'decided to preempt the bill pending in the state legislature and attempt to take this valuable service away from NY residents.' 'Many other states have adopted thoughtful legislation with consumer safeguards, and we support this approach, especially in our home state,' he said. 'The actions taken by the Attorney General's office suggest that it prefers consumers to rely on loan sharks or pay higher overdraft and late fees over on-demand pay, a proven safer and cheaper financial alternative.' DailyPay's business model is 'fundamentally abusive,' the suit says, because of its 'cultivation of a subset of employees who are utterly dependent on the ability to regularly and repeatedly obtain paycheck advances for fees, thereby depleting their future paychecks and making them dependent on access to more loans.' Gen Digital, the parent company of several cybersecurity brands including Norton, Avast and Lifelock, is in the process of acquiring MoneyLion for about $1 billion. On Thursday, MoneyLion shareholders approved the transaction, which calls for Gen Digital to pay $82 per share. The sale is expected to close this week, MoneyLion said. A Gen Digital spokesperson did not respond to a message Monday seeking comment about New York's lawsuit. Recommended Reading DailyPay sues New York Attorney General
Yahoo
15-04-2025
- Automotive
- Yahoo
RoadSafe Traffic Systems to host national day of hiring in Altoona
ALTOONA, Pa. (WTAJ) — Job seekers in Blair County will have the chance to start a new career in roadway safety as RoadSafe Traffic Systems hosts a National Day of Hiring on Thursday, April 24, in Altoona. The one-day event runs from 10 a.m. to 4 p.m. at RoadSafe's Altoona branch, located at 1060 Mill Run Road. Attendees can apply in person or online through the company's careers page, with a QR code available for quick access. RoadSafe, a nationwide leader in traffic control and roadway services, is hiring for both full- and part-time positions. The company is also known as a second-chance employer, offering opportunities to individuals looking to restart their careers. Job perks include flexible scheduling and access to DailyPay, allowing workers to access earned wages before payday. Full-time employees are eligible for a full range of benefits, including health, dental, vision, 401(k), and an employee assistance program. Open roles range across several areas of roadway safety, including traffic control, pavement marking, signage installation, and equipment sales. Clear career paths and advancement opportunities are also part of RoadSafe's employment model. For more information, applicants can contact Erica Smith-Woods at esmith-woods@ or call 304-989-3815. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-04-2025
- Business
- Yahoo
New York sues DailyPay and MoneyLion, alleging predatory payday lending
By Jonathan Stempel NEW YORK (Reuters) - New York's attorney general sued DailyPay and MoneyLion on Monday, accusing the app-based financial technology companies of exploiting workers by charging excessive fees to collect paychecks more quickly, with effective interest rates above 200% and sometimes topping 750%. Attorney General Letitia James called the companies predatory payday lenders that obscure the "exorbitant and plainly usurious" fees they charge workers, who hope to bridge gaps between payroll schedules and when bills come due. James said MoneyLion's $8.99 fee on a $100 two-week advance under the "Instacash" brand name carries an effective annual interest rate of 234%, while DailyPay's $2.99 fee on a $20 seven-day advance carries an effective rate above 750%. The attorney general said DailyPay reaches workers by contracting with employers such as Burger King, McDonald's, Target, grocer Kroger and healthcare providers HCA and UnitedHealth. "Promising New Yorkers financial freedom while pushing them into outrageously expensive loans is downright shameful," James said. "These are payday loans by another name." Both lawsuits were filed in a New York state court in Manhattan, where DailyCheck and MoneyLion are based. The lawsuits seek restitution, civil fines and an end to the alleged exploitative practices. DailyPay had sued James on April 7 to try to stop her from bringing the case, saying its product was not a loan because workers need not repay anything if employers fail to make payrolls. On Monday, it repeated its disappointment that James chose to sue, saying it signals that she "prefers consumers to rely on loan sharks or pay higher overdraft and late fees." MoneyLion did not immediately respond to requests for comment. Many U.S. states are expected to maintain close monitoring of the financial services industry as President Donald Trump's administration curbs oversight at the federal level. MoneyLion is being acquired by Gen Digital in a transaction expected to close on Thursday. Gen is a software company whose cybersecurity brands include Norton and LifeLock. Sign in to access your portfolio
Reuters
14-04-2025
- Business
- Reuters
New York sues DailyPay and MoneyLion, alleging predatory payday lending
NEW YORK, April 14 (Reuters) - New York's attorney general sued DailyPay and MoneyLion (ML.N), opens new tab on Monday, accusing the app-based financial technology companies of exploiting workers by charging excessive fees to collect paychecks more quickly, with effective interest rates above 200% and sometimes topping 750%. Attorney General Letitia James called the companies predatory payday lenders that obscure the "exorbitant and plainly usurious" fees they charge workers, who hope to bridge gaps between payroll schedules and when bills come due. James said MoneyLion's $8.99 fee on a $100 two-week advance under the "Instacash" brand name carries an effective annual interest rate of 234%, while DailyPay's $2.99 fee on a $20 seven-day advance carries an effective rate above 750%. The attorney general said DailyPay reaches workers by contracting with employers such as Burger King ( opens new tab, McDonald's (MCD.N), opens new tab, Target (TGT.N), opens new tab, grocer Kroger (KR.N), opens new tab and healthcare providers HCA (HCA.N), opens new tab and UnitedHealth (UNH.N), opens new tab. "Promising New Yorkers financial freedom while pushing them into outrageously expensive loans is downright shameful," James said. "These are payday loans by another name." Both lawsuits were filed in a New York state court in Manhattan, where DailyCheck and MoneyLion are based. The lawsuits seek restitution, civil fines and an end to the alleged exploitative practices. DailyPay had sued James on April 7 to try to stop her from bringing the case, saying its product was not a loan because workers need not repay anything if employers fail to make payrolls. On Monday, it repeated its disappointment that James chose to sue, saying it signals that she "prefers consumers to rely on loan sharks or pay higher overdraft and late fees." MoneyLion did not immediately respond to requests for comment. Many U.S. states are expected to maintain close monitoring of the financial services industry as President Donald Trump's administration curbs oversight at the federal level. MoneyLion is being acquired by Gen Digital (GEN.O), opens new tab in a transaction expected to close on Thursday. Gen is a software company whose cybersecurity brands include Norton and LifeLock.
