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 heat that is regulatory issues so it is doing unlawful payday financing within the the big apple, The Post has learned.

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 recommendations — which could extend because high as $14 on a $100 regular loan — are much like the crippling annualized portion rates that have gotten pay day loans banned in 15 states including nyc, critics say. Continua a leggere Cash-advance app Earnin changes its tune amid NY probe