Cash advance app Earnin changes its tune amid NY probe

Cash advance app 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 was scrambling to flee regulatory heat over issues so it is doing illegal payday financing into 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 controversial function for ny users that links the dimensions of its loans to voluntary “tips,” according to sources near to the situation.

The guidelines — which could extend up to $14 for 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, experts state. (more…)