4 ms·
Many are offering loans of 10%+ APR. That is helpful, but maybe not a great situation for many people that have no savings to need the loan.
by brianwawok 8y ago
Many are offering loans of 10%+ APR. That is helpful, but maybe not a great situation for many people that have no savings to need the loan.
- sv123 8y agoThink of the boost to the economy we will get once these banks report their next quarter earnings! /s, hopefully obvious
- SketchySeaBeast 8y ago10%+ feels exploitative and predatory. The current fed interest rate is 2.5% - 4x above that is "let's profit on the unfortunate".
- posterboy 8y agoIf it's short term, you end up paying less than 10% on it. If!
- SketchySeaBeast 8y agoThat's true, but the only way you'll be able to pay is if once things are rolling again you have that much extra cash. I don't know how tight people live.
- bouncing 8y agoAlso, it's hard to structure that kind of loan, since you have no idea when repayment might take place. The only comparable thing would be a student loan, where you can defer payments until you have income.