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FTC order requires FloatMe to provide $3M in refunds due to deceptive ‘Free Money’ promises, discriminatory cash advance practices, and Baseless Claims around Algorithmic Underwriting
The Federal Trade Commission is charging online cash advance provider FloatMe and its co-founders with using empty promises of quick an
Under the terms of a settlement order, FloatMe, as well as its co-founders Joshua Sanchez and Ryan Cleary, are required to provide $3 million to be used to refund customers, stop the company’s deceptive marketing, make it easier for consumers to cancel their subscriptions, and institute a fair lending program. “The FTC will continue to hold companies accountable for unfair, deceptive, and discriminatory credit practices, whether they call their products loans, advances, income-share agreements or something else.” The FTC said, however, that consumers were only able to access $20 in advances when they signed up and were charged a $4 fee if they wanted to get cash “instantly,” otherwise they had to wait up to three days for the promised funds.
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