FloatMe is legally regulated as an Early Wage Access program per CFPB regulations (and are different from payday loans). Under these rules, early wage access products are provided based on earned but not yet paid earnings.
Because income like unemployment, pensions, benefits, self-employment or gig income, SSI, SSA & SSDI are not W-2 employment income, they are not considered "wages" per regulatory guidance.
Applicable regulatory statutes may be found under 12 CFR Part 1041.3(d)7(i) which reads: "(i) The advance is made only against the accrued cash value of any wages the employee has earned up to the date of the advance."
Other businesses may operate under different regulatory guidelines. If you no longer wish to maintain your FloatMe account, you may close it by visiting our member page, or clicking this link.