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But isn’t the risk rolled into the interest rate ? If everyone pays the usurious loans then the lender double dipped Are the loans not insured ? IMHO all of
by foogazi 4y ago
But isn’t the risk rolled into the interest rate ?
If everyone pays the usurious loans then the lender double dipped
Are the loans not insured ?
IMHO all of this should be clear up front - the consequences of not paying should be part of the contract: credit bureau, jail time, first-born child…
- josephcsible 4y agoWhy isn't insurance fraud legal, since the risk is rolled into the premiums?
- imtringued 4y agoBecause insurance companies want to be middle men that do nothing and just collect a monthly premium. It's best if the thing you're insuring against never happens.
- moonchrome 4y agoThat's the point - if you can't count on legal system to prevent loan abuse/fraud then everyone pays higher interest or people start doing illegal things to collect