Earnin is a company that offers a program called Cash Out through its mobile app. Consumers link their bank accounts to the Earnin app, and by subscribing to Earnin, they gain access to the Cash Out program. This program is advertised as a way to quickly and easily obtain cash advances of up to $150 from Earnin.
These advances are repayable automatically on your next payday, although consumers can choose to repay early by selecting a different payment date. Consumers can get their Cash Out advance earlier by paying a fee for Lightning Speed.
While marketed as a “cash advance” on a consumer’s paycheck, this claim alleges that the Cash Out program functions as a form of “earned wage access” loan. Furthermore, Earnin is accused of failing to provide consumers with proper disclosures regarding the true costs of its Cash Out advances.
Labaton Keller Sucharow LLP and Berger Montague P.C. are representing clients in individual consumer arbitration claims against Earnin. If you have a Earnin account and have received Cash Out advances, you may qualify for a claim under federal and state laws depending on your state of residence.