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

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

Robinhood apparently faces SEC probe pertaining to relates to high-speed traders

AJ Smith understands exactly about people owing cash. The gambling capital of the world after all, he’s a debt collector in Las Vegas. So final March, whenever Smith downloaded Earnin, a software that fronts employees section of their paychecks early, he didn’t think any such thing from it. It had been money he’d currently received, the business stated it prevented overdrafts, and any costs had been optional: The application called them “tips.” “It had been simply an approach to get a few dollars in some places,” said Smith, that would tip up to 9 for one-week, 100 loans. Read More