The appeal, as I understand it (and I'm 100% an out-of-his-field armchair analyst here), is that this is loan sharking with extra steps ("late fees") for those

The appeal, as I understand it (and I'm 100% an out-of-his-field armchair analyst here), is that this is loan sharking with extra steps ("late fees") for those of us with the worse credit scores that can't get better options. I forgot the exact number, but when I've done the math how much maximum interest you accrue by missing every payment is well beyond usury, as I recall it gets you above 30% interests in 2-3 months (and caps there, which I guess is the silver lining), where as I've considered "interest" to be late fees over the loaned amount. For every person using this to their advantage as a credit tool, I bet there are a dozen who are just sinking deeper into their debt quick sand.