Hello, Wienab, my name is Jesse Meekham, and this is podcast number 394 for

Wienab, where we teach you four rules to help you stop living paycheck to paycheck, get out of debt and save more money.

Last week I talked about in the September 3rd issue of the Wall Street Journal, talked about

Giddlin Paper version still. I like to hold the paper. I like my fingers to be a little dirty at the end to get the little ink on the fingers. I like the feel of the paper. And anyway, side note. So this other article right above the one I shared with you last week is called Pay App Startups Draw Scrutiny.

What's funny is, California's proposed legislation talking about how these

these payroll advance technologies are coming along

and how they're acting quite a bit like payday lenders

and payday lenders are heavily regulated.

So California has proposed legislation, proposed legislation

sponsored by Payactive and it has support from other industry participants who see the bill

as a way to sanction their business model as non-lenders and set standards to prevent

abusive practices.

All too often you find out that the industry

is writing their own regulations.

It happens all over the place.

Just look anywhere, not even closely, and you find it. And it's a way to ward off competition and entrench yourself more often than not.

So that's no surprise at all. That is very common for the industry to be writing the regulations.

But the Pay Apps themselves are interesting. You have several different kinds that, you know, you've got got Ernan the one that they've got

cabbage does these kind of quick or not cabbage that's a small business lender I

don't like either but cashable as another one there are a ton and they're

popping up like crazy the article said that they're quote tapping into

thirst for fast cash for millions of Americans who live paycheck to paycheck.

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