“Beast Games,” a new reality show hosted by YouTube creator James “Jimmy” Donaldson, aka MrBeast, has partnered with financial tech company MoneyLion, sparking controversy over its potential impact on young viewers. The show’s partnership with MoneyLion is raising concerns among consumer advocates, who warn that the fintech company’s practices could lead to predatory lending and debt traps.
According to Lauren Saunders, associate director of the National Consumer Law Center, companies like MoneyLion offer loans with high interest rates, often referred to as payday loans. These loans can have APRs exceeding 300%, making them vulnerable to exploitation. Saunders claims that MoneyLion’s use of “attractive” apps to lure young viewers is a tactic to draw people into debt-trap loans.
The show’s partnership with MoneyLion was highlighted in the second episode, where contestants were encouraged to scan a QR code for a $4.2 million sweepstakes. However, Saunders notes that even though participants aren’t required to take any financial actions through MoneyLion, the company promotes its services and may ultimately lead to financial exploitation.
The show’s creator, MrBeast, has faced criticism over workplace abuse allegations from five contestants who sued him and Amazon for denial of pay, unsafe conditions, and a culture of misogyny. The lawsuit also claims that women were subjected to severe embarrassment on set.
As the series continues, consumer advocates urge caution regarding the potential risks associated with the show’s partnership with MoneyLion.
Source: https://eu.usatoday.com/story/entertainment/tv/2024/12/20/beast-games-mrbeast-moneylion/77104803007