What is float me?

FloatMe is a financial technology company that offers a mobile app designed to provide users with access to small cash advances to help them cover unexpected expenses and avoid costly overdraft fees. It was founded in 2018 by Joshua Sanchez and Ryan Vaughan and is headquartered in Los Angeles, California.

The FloatMe app connects to users' bank accounts and analyzes their transaction history to determine their upcoming paychecks and cashflow patterns. Based on this analysis, it offers users the option to request a small cash advance before their next paycheck. The amount and fee associated with the advance are determined based on the individual's financial situation, including factors like income, spending patterns, and account history.

The app provides instant funding of the requested amount, which is deposited directly into the user's bank account. The repayment is automatically deducted from the user's next paycheck, reducing the risk of default. This ensures that users have access to short-term liquidity without the high costs associated with traditional payday loans or overdraft fees.

FloatMe emphasizes responsible financial management and encourages users to borrow only what they need, rather than promoting excessive borrowing. It also provides financial education and resources to help users improve their financial well-being and build healthy money management habits.

The FloatMe app is available for both iOS and Android devices and has thousands of active users. It is offered on a subscription basis, with monthly fees ranging from $1.99 to $6.99, depending on the plan chosen. The availability and terms of the service may vary depending on the user's banking relationship and eligibility.