fact vs. fiction
the D.C. Attorney General’s eyebrow raising claims about earnin
D.C. Attorney General Brian Schwalb has made several blatantly false claims about EarnIn and Earned Wage Access in the District of Columbia.
We’re here to help you separate fact from fiction regarding the AG’s wild claims and set the record straight.
Fiction:
“D.C. regulations require lenders to obtain licenses to operate in DC. However, EarnIn has provided loans to thousands of D.C. consumers without a license.”
Fact:
D.C.’s banking commissioner says that No license is required for earned wage access products like earnin
“The District of Columbia has not yet implemented specific regulatory requirements for Earned Wage Access (EWA) products. While the DISB oversees consumer lending services, there's currently no requirement for EWA providers to obtain a license with DISB. In order to implement proper regulation of EWA products in the District, it makes sense to wait for the final [Consumer Financial Protection Bureau] rule regarding EWA regulatory framework to be officially published”.
-D.C. Department of Insurance and Banking, Documents Submitted to D.C. Council, 2025 (Appendix 14, p. 29)
Fiction:
“EarnIn is a fintech company that offers loans based on a percentage of pay that borrowers have earned but not yet received from their employers.”
Fact:
EWA is not a loan.
it is an alternative to loans.
In fact, our customers tell us they like using EarIn because we are not a loan. EarnIn has no mandatory fees, no interest, no legal recourse, no debt collection, and no reporting to credit rating agencies. Legally, a loan is defined as a transaction that requires a finance charge and a legal right to repayment. Unlike a loan, EWA does not have to be repaid. With EWA, the burden of risk is on the provider, not the consumer.
Fiction:
“EarnIn requires users to pay “Lightning Speed” fees (currently $3.99 or $5.99 per transaction) for the ‘instant’ access to funds that it promises. The existence of these fees is buried in the fine print, and EarnIn does not inform users about the amount of the fees until after they sign up, provide a substantial amount of personal and financial information, and attempt to get the promised instant cash.”
Fact:
earnin makes all costs optional and crystal clear.
The only two ways EarnIn monetizes are by voluntary tips (100% optional, with no differential treatment for tipping or not tipping) and an expedited transfer fee of $3.99 per $100 if customers choose to transfer their earnings in just minutes. No hidden fees. No selling of customer data.