FloatMe is a mobile app that provides short-term cash advances. To use the service, consumers link their bank accounts and subscribe to FloatMe. Through this subscription, users can request cash advances of up to $200.
These advances are automatically repaid from the user’s bank account, unless the consumer chooses to repay earlier by selecting a different date. FloatMe also charges extra fees if consumers want to receive their advances more quickly.
Although FloatMe markets these transactions as simple “cash advances” on a paycheck, this claim alleges that they actually function as a type of “earned wage access” loan. The claim further alleges that FloatMe failed to give consumers the proper disclosures about the real costs of these advances, as required by law.
Labaton Keller Sucharow LLP and Berger Montague P.C. are representing clients in individual consumer arbitration claims against FloatMe. If you have a FloatMe account and have received cash advances, you may qualify for a claim under federal and state laws depending on your state of residence.