Regulation360 (November 18, 2019, 9:29 PM EST) — Earnin, the app service that lets customers get advances on wages they’ve earned, has been hit with a proposed class motion in California federal court docket alleging that its tip-based enterprise mannequin is absolutely only a type of unlawful payday lending.
In a criticism filed Friday by a Kansas consumer of the service, the Silicon Valley-based Activehours Inc., the corporate behind Earnin, was accused of trying to evade state and federal lending legal guidelines “via a linguistic trick” — specifically, framing the price of its advances not as charges or curiosity however as “suggestions.”
“Semantics apart, Earnin is within the enterprise of loaning…
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