People don’t think in APR for small dollar loans they think in nominal terms. Also - loan origination/servicing costs have a nominal floor - it costs the same

People don’t think in APR for small dollar loans they think in nominal terms. Also - loan origination/servicing costs have a nominal floor - it costs the same to originate/service a $50 loan as a $500 or $5000 one, necessitating what would appear to be a abnormally large interest rates.