Loan sharks and payday lenders prey on people who are desperate
(Or bad at math).
They create vicious cycles of debt that are almost impossible to get out of.
If truly risky people lose access because they can’t get a 15% loan, they are probably better off. what this also does is cap the pain people feel when they need these short term loans, giving them a better shot at avoiding the vicious cycle.
15% is still a high rate for risky loans. I don’t see much of a downside here.
|
(
In response to this post by CharlestonSC)
Posted: 07/01/2022 at 11:49AM