All these self proclaimed fintech startups are nothing more than modern day loan sharks. They all follow the same modus-operandi. 1. Acquire VC funding 2. Pum

All these self proclaimed fintech startups are nothing more than modern day loan sharks. They all follow the same modus-operandi. 1. Acquire VC funding 2. Pump funding into aggressive discounts and cashbacks to entice credit-weak people to take loans 3. Collect interest and penalties 4. Profit In many cases people are not even aware they are taking loans. You're just buying some shoes or tickets and you see a PayLater with 20% cashback on the app. It's not until much later when you need a home loan or an education loan when your bank tells you your credit score is shit because you have been taking loans to buy movie tickets and what not. Giving loans without collateral definitely falls into an ethical grey area. Giving loans to people without them even realizing is definitely evil. I expect India is not alone in this regard. Just these last 2 years I've come across so many "fintech" launch posts here. They take different forms whether it's pay day, pay advance, pay later, but they all follow the same modus operandi, enticing someone who shouldn't be taking a loan into taking them.