consumer advocates raise concerns about a partnership between YouTube star MrBeast and fintech company MoneyLion, questioning the impact of promoting cash advances to his young fanbase.
NEW YORK — MrBeast’s ambitious reality show , which the YouTube megastar hopes will expand his giant online reach and turn the corner on recent controversies, is already raising questions from consumer advocates over a partnership with a fintech company.and his production company.
Shortly after reaching never-before-seen YouTube subscriber totals, MrBeast began facing heightened scrutiny over past “inappropriate content,” the channel’s philanthropic efforts, its workplace culture and, they are invited to scan a QR code for a shot at winning their own life-changing money. It’s a $4.2 million sweepstakes run by fintech company MoneyLion, an app that sends cash advances— often for a fee to workers living paycheck to paycheck. The collaboration is billed as a way for MrBeast, who has sought to regain brand trust in recent interviews with alternative media personalities, to give back to his fanbase while presenting them with MoneyLion’s personal finance tools. But consumer advocates warn MoneyLion’s early payments—which are also promoted to giveaway entrants—operate as payday loans that could trap needy users in earnings-depleting borrowing cycles with additional fees. Watchdogs find that those services are not recommendable for younger audiences, making it an unusual partner for MrBeast to introduce to his persuadable fandom. “These types of high-cost, fintech payday loans, wrapped up in fancy apps, just put people in a debt trap where they have to borrow this week’s pay to pay last week’s loan and (it) sets them back in their financial goals,” said Lauren Saunders, a director at the National Consumer Law Center who specializes in small dollar lending.marks Donaldson’s crossover into television entertainmen
Mrbeast Reality Show Fintech Moneylion Payday Loans Consumer Advocacy
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