New Economy Project Analysis
Fintech Paycheck Extraction Clock
Payday lending is illegal in New York. Yet fintech payday lenders have siphoned well over half a billion dollars from New Yorkers’ paychecks since 2019 by exploiting loopholes — and the total is still rising.
Statewide Fee Clock
Fees extracted from New Yorkers’ paychecks by Earned Wage Access (EWA) apps:
$0
since 2019 — and counting
Avg. APR
330%+
Per day
$306,720
On this page
$0.00
extracted while you’ve been here
Estimate based on Consumer Financial Protection Bureau (CFPB) data regarding Earned Wage Access usage and growth, scaled to New York using Census population data and assuming roughly 3% of advance volume is extracted in fees.
Why the total keeps rising
Backed by Silicon Valley venture capital and Wall Street investors, the Earned Wage Access industry is rapidly expanding.
Bars reflect CFPB findings showing rapid expansion of the Earned Wage Access payday lending market.
New Yorkers Speak Out on the Harms of EWA Payday Loans
Stop Fintech Payday Lending
Earned Wage Access companies use legal loopholes to evade New York’s strong laws capping interest rates at 25% APR, unleashing a new form of payday lending that extracts fees directly from workers’ paychecks and deepens racial and economic inequality. New York lawmakers can stop it by passing the Stop Taking Our Pay (STOP) Act.
Contact Your Legislators
Learn More
Methodology: This estimate relies on national findings by the CFPB regarding Earned Wage Access usage and growth, adjusted for the population of New York State and the cities/regions featured, and assuming a fee rate of 3% of advance volume. Figures are illustrative estimates intended to show the scale of paycheck extraction over time. For more detailed methodology, see our 2025 report.