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An Indiana poverty watchdog is raising concerns after a federal bill regulating Earned Wage Access apps passed a House committee.
The Indiana Community Action Poverty Institute opposes the measure, which would prevent states from regulating the financial apps as traditional loans.
The institute recently released a report warning that these app-based paycheck advances often trap Hoosiers in a cycle of high fees and tips, sometimes exceeding a three-hundred-percent annual interest rate.
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