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>It may have even been the right one. Absolutely, I just think it's a shame that there aren't alternatives available. Normally I'd assume that interest rates
by moonka 8y ago
>It may have even been the right one.
Absolutely, I just think it's a shame that there aren't alternatives available. Normally I'd assume that interest rates are that high because that's what is required to remain profitable while lending to the market, but I can't help wonder if consolidation and wall street ownership means there's a large profit margin and some gouging happening.
- menacingly 8y agoWell, then we're on the same page. I don't want him to need the loan, but I respect him enough to trust him with the option. I'd prefer a competitive marketplace for his loans to shaming the concept of an alternative financial system, and I absolutely would not put it past capital to collude to keep the interest rates high. I don't know that, though, since these are risky loans. Case in point, this very dude didn't pay it back.
- tehlike 8y agoThe interest rate is high also because default rate is high, there is no financial background/credit history check most cases, and this is what makes them profitable pretty much.