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Internet Millions use Earnin to get cash before payday. Critics say the app is taking advantage of them. Jakes and invested in by the rapper Nas, has taken great pains to avoid being seen as a traditional lender.

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But critics say that the company is effectively acting as a payday lender — providing small short-term loans at the equivalent of a high interest rate — while avoiding conventional lending regulations designed to protect consumers from getting in over their heads. Earnin says it is exempt from a federal rule on payday lending that requires lenders to ensure that customers have the ability to repay the money they borrow, and from the Truth in Lending Act ofwhich requires lenders to disclose their annual interest rate.

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Louis suburbs and plans to revise her pending payday-lending regulation bill to encompass Earnin. And while the U. Payday lending is illegal in 15 states and Washington, D.

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Related Tech Ever, the photo storage app, has a side business: Facial recognition In New Yorkthe Department of Financial Services is investigating whether the company has run afoul of a law banning payday lending, Earnin confirmed. And in California, which allows payday lending, a bill that passed the state Senate seeks to impose fee and tip caps on companies that operate like Earnin and its competitors.

How Earnin works At his previous company, RushCardwhich featured a prepaid debit card, Palaniappan said that employees sometimes asked him for an advance on their paycheck. Eventually earnings on the Internet verified pays opened this practice to others outside the company.

Bythis had morphed into a startup called Activehours, which later rebranded in as Earnin.

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They were paying their bills on time, there were no more overdraft fees and no more payday loans. More than half of those downloads came within the last year. Earnin users verify their employment by sharing their GPS location and allowing the app to access their bank account, to show that they are working regularly and that livelihood on binary stock are coming in.

If the income is irregular, users may be asked for pay stubs. Before the money is paid directly to their bank account, users are asked to add an optional tip, which defaults to about 10 percent of the amount borrowed but can be dialed down to zero.

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Then, when the user gets paid — typically in a matter of days — Earnin automatically withdraws the amount the user took out, plus the tip. Earnin says it will reimburse customers for overdraft fees.

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And Earnin says customers are not obligated to repay the money, but those who do not are cut off from continuing to use the app. Some appreciated that it gave them access to cash when they needed it, quickly.

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Others were wary of getting hooked on a cycle of loans and repayments, and some stopped using the app after it caused their bank accounts to overdraft. None had considered when they started using Earnin that what appeared to be a small tip would be equivalent to a high APR.

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Eddings, a mother of two children, ages 5 and 6, works full-time as a clerk at a hospital and is also an Instacart shopper to supplement her income.

While she was waiting for state disability payments to kick in, Earnin automatically took its withdrawal of the borrowed money from her account.

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Unlike more traditional lenders that allow loan extensions in exchange for fees, Earnin always takes the money back on a short timeline. The kids — I found a way to get some gas money to get them to school, I borrowed from my grandma, but it leaves you without any options, really. He complained to Earnin, and the company agreed to cover the overdraft fee, according to an email he shared with NBC News.

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Still, he decided not to use Earnin anymore. A fight over regulation Advocacy groups led by the Center for Responsible Lendinga nonprofit that advocates against predatory lending, have urged the Consumer Financial Protection Bureau to regulate tip-based companies such as Earnin as lenders.

The consumer can get into the same cycle of reborrowing as with a traditional payday loan; there is no underwriting for ability to repay; and the same problems with failed payments earnings on the Internet verified pays occur.

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The bill has already unanimously passed the state Senate. Earnin has urged supporters to tweet against the bill. But State Sen. Anna Caballeroa Democrat from Salinas, sees the bill as a good first step toward protecting consumers.