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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 payday loan ‘gray area,’ experts claim

A cash-advance app supported by rapper Nas is scrambling to flee heat that is regulatory issues so it is doing unlawful 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 feature that is controversial New York users that links how big is its loans to voluntary “tips,” according to sources near the situation.

The guidelines — which could extend since high as $14 for a $100 regular loan — are much like the crippling annualized portion rates which have gotten payday advances prohibited in 15 states including nyc, experts state.