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300+% APR. No, these are still payday loans, they just figured out you don't need to be quite as scummy to still make a ton of money.
by revelation 10y ago
300+% APR.
No, these are still payday loans, they just figured out you don't need to be quite as scummy to still make a ton of money.
- notahacker 10y agoTo be honest, the likely default profile of the lenders means they're probably not making a ton of money on the average loan. But I'd also struggle to call a 396.29% APR[1] "completely reasonable", particularly not when you bear in mind the reason people are desperate to borrow $200 for a couple of weeks in the first place is because they're sufficiently poor for the $30 admin fee to represent a large percentage of their monthly income. [1]the default offer for short term loans using their "get your money now" widget