And although Earnin doesn’t start thinking about it self a financial institution, the deals the application enables are loans.

“If you’re in our consumer demographic,” he said — i.e., people who live paycheck to paycheck and so can’t manage to reserve a few hundred bucks for a crisis, significantly less a few thousand for medical expenses you probably have a high deductible, let’s say $10,000 or so—“you don’t get the best insurance plans and. Therefore also though you’re insured, …