This reads like a standard payday loan, to be honest. Which is to say, it's absolutely taking advantage of people who already can't afford it, but it's also not

This reads like a standard payday loan, to be honest. Which is to say, it's absolutely taking advantage of people who already can't afford it, but it's also not a new phenomenon. A standard payday loan might be 10% on a $100 advance, repaid after 2 weeks (when your next paycheck comes in). That translates to a 260% APR, even without considering compounding.