Money advance software Earnin changes its tune amid NY probe

Money advance software Earnin changes its tune amid NY probe

Popular cash loan application Earnin operating in cash advance ‘gray area,’ experts claim

A cash-advance application supported by rapper Nas is scrambling to flee heat that is regulatory concerns so it is doing unlawful payday financing in the the big apple, The Post has discovered.

Earnin, a Silicon Valley startup whose investors likewise incorporate capital raising company Andreessen Horowitz, quietly disabled a feature that is controversial New York users that links how big is its loans to voluntary “tips,” according to sources near to the situation.

The guidelines — which could extend up to $14 on a $100 loan that is weekly are much like the crippling annualized portion rates which have gotten pay day loans prohibited in 15 states including ny, critics say. Continue reading “Money advance software Earnin changes its tune amid NY probe”

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