Consumer Confidential: It's called Earnin. I have no idea how the company ever turns a profit
Perhaps you've seen the commercial for a Silicon Valley company called Earnin, in which a young woman with an enviably full life - a radio show, DJ gigs, guitar playing - relates that she's having a hard time getting by.
Luckily, Earnin is there for her. The company provides advances on the woman's paycheck at no cost. Problem solved.
Earnin is basically a payday lender that doesn't charge fees and doesn't charge exorbitant interest. It doesn't charge anything.
Tips, however, are appreciated.
Perhaps you're as baffled as me about how Earnin makes money.
For answers, I turned to Ram Palaniappan, Earnin's chief executive. It wasn't the most illuminating exchange.
Palaniappan told me the Palo Alto company's business model is based on the idea of paying
