Amici submit this brief to provide the Court with evidence concerning the similarities in product design, function, and consumer harms between FloatMe Corp’s “Float” cash advance products, often marketed as “Earned Wage Access,” and traditional payday loans. Floats, and other so-called Earned Wage Access products, function as loans—app-based payday loans. Payday Loan Apps (“PLA”) operate as a financial technology-enabled
versions of the same high-cost, short-term lending model long associated with
storefront payday lenders.
Drawing on their research and expertise, Amici document the consumer harms associated with these loans and the public interest in protecting borrowers, particularly active-duty servicemembers and their eligible dependents, from high-cost, harmful cycles of debt.
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