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Buying my friend a beer because he lent me $20 three days ago works out to an astronomical APR. It doesn't mean doing so should be illegal. There's a time and
by pc86 5y ago
Buying my friend a beer because he lent me $20 three days ago works out to an astronomical APR. It doesn't mean doing so should be illegal.
There's a time and place for everything and that probably includes high interest loans as well.
- tylerfontaine 5y agoI don't think anyone is suggesting that gratitude for good friendship should be regulated.
- the_optimist 5y agoThe social negatives of difficult-to-discharge debt and Ponzi-rate lending (wherein debt service cannot be met by an underlying economic growth behavior) are horrific and easily preventable. Letting even one person fall into the pit is a social travesty.
- onion2k 5y agoI wouldn't be surprised if paying interest on loans in the form of alcoholic beverages is actually illegal if you don't have a liquor license.
- deleted 5y ago[deleted]
- aj7 5y agoIt is not true that any business model you can think of should be allowed.