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> Many if not most people believe payday loans are predatory practices that prey on people without access to capital and/or financial literacy. Sure. And I th
by nordsieck 6y ago
> Many if not most people believe payday loans are predatory practices that prey on people without access to capital and/or financial literacy.
Sure.
And I think the same logic also clearly applies to microfinance.
- ritchiea 6y agoSo you’re objecting to equating “predatory practice” with “scam”? A bit pedantic?
- nordsieck 6y ago> So you’re objecting to equating “predatory practice” with “scam”? A bit pedantic? scam (n): a dishonest scheme; a fraud. A scam necessarily involves dishonesty of some kind. It may be that some payday loans are also scams, but the vast majority of them are above board and disclose their terms clearly.
- sukilot 6y agoOn a relative scale on the context of local economy, microfinance is more like a mortgage or SBA loan.