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DailyPay is a PayDay Loan Killer and an Overdraft Eliminator
DailyPay recently partnered with Aite-Novarica Group to conduct research on its on-demand pay customer base to determine the impact that on-demand pay, provided by DailyPay, has on their financial wellness. Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy and operations to hundreds of banks, insurers, payments providers and investment firms.
PAYDAY LOANS
DailyPay is a Payday Loan Killer
Aite-Novarica Group determined that employees who use DailyPay either stop or significantly reduce their use of payday loans.
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95%
of DailyPay users stopped using payday loans (81%) or reduced use (15%) after access to DailyPay.
88%
of users credit DailyPay for reducing or eliminating their use of payday loans.
$624-$930
Aite-Novarica Group conservatively estimates that frequent payday loan users save between $624-$930 annually using DailyPay.
$361
An average of $361 is saved annually across the entire spectrum of payday borrowers.
OVERDRAFT FEES
DailyPay is an Overdraft Eliminator
Aite-Novarica Group’s research also found that employees who use DailyPay incurred fewer account overdraft fees.
97%
of DailyPay users overdraw their account rarely/never (79%) or less (18%) after access to DailyPay.
75%
of users credit DailyPay for reducing or eliminating the occurrence of overdraft fees.
$660
Aite-Novarica Group conservatively estimates that frequent overdrafters save $660 annually using DailyPay.
$292
An average of $292 is saved annually across the entire spectrum of overdrafters.
Watch Aite-Novarica Group’s On-Demand Webinar
Aite-Novarica Group recently partnered with DailyPay to conduct research on its customer base to understand the strategies they used before DailyPay; whether DailyPay allowed these customers to avoid costly alternatives, such as payday loans and overdraft fees; and their perceptions of how their overall financial circumstances changed.
Watch to learn from DailyPay Vice President of Public Policy Matthew Kopko and Aite-Novarica Group senior analyst Leslie Parrish about this growing market and the findings of the survey.
DailyPay Contributes to Financial Well-Being
At least three-quarters of respondents report worrying about money less and being better able to plan and budget since using DailyPay. Frequent users and those who previously used payday loans and/or incurred overdraft fees state that they are more likely to report benefits than their peers.