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No, payday loans are a different and much more exploitative beast. This seems closer to a shared earnings agreement - Stripe puts in day 10k in exchange for 8%
by sudhirj 7y ago
No, payday loans are a different and much more exploitative beast. This seems closer to a shared earnings agreement - Stripe puts in day 10k in exchange for 8% of your daily earnings, with a cap of 12k. If you do well cash out within a week, that’s that. Or your hypothesis was wrong and it takes three years to pay that back, that’s also fine. Your downside is capped at receiving 92% of your income until then, nothing more. No shakedowns, no legal threats, no jail time, no repossession, nothing.