Earnin "Tip" Screenshot
The Earnin app puts in an $11 default “tip” on a $100, 11-day advance. The app discloses “0% APR,” but with a likely $4 expedite fee included, the cost is the equivalent of 498% APR.
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California DFPI Should Prevent Fintech Predatory Lending, Expand Protections in Earned Wage Advance Proposal
Proposed rule would require lenders to comply with California law, but triple-digit interest rates could remain.
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California to Regulate Fintech Payday Loans
Junk fees, “tips” obscure APRs over 300% on earned wage advances, nonbank banking apps, and other fintech payday loans WASHINGTON – The California Department of Financial Protection and Innovation (DFPI) has proposed new regulations governing disguised fintech credit and released new data showing high costs for consumers who use earned wage advances and other fintech…
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Earned Wage Advances and Other Fintech Payday Loans: Workers Shouldn’t Pay to be Paid
Earned wage advances (EWA) are a form of payday loan. Fees appear small but can pile up in hidden ways and drain low wages. “Tip”-based fintech payday loans with no connection to wages can be even more expensive, 498% APR or higher, and can trigger overdraft and nonsufficient fund fees. Neither employer-based EWAs nor other…
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CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”
Consent orders target SoLo Funds platform offering loans as high as 511%-4,280% APR WASHINGTON – Advocates applauded new consent orders from California, Connecticut, and the District of Columbia that block the fintech payday loan website SoLo Funds from offering unlicensed payday loans that use “tips” and “donations” to conceal annual percentage rates (APRs) of 511%…
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