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Payday loan places already do this. It's pure exploitation of the poor.

by cratermoon 2mo ago

JohnFen 2mo ago
I wish we'd go back to calling these companies "predatory lenders" instead of "payday loan" or BNPL providers.
- FireBeyond 2mo ago
  Special hell for the ones that incorporate or partner with Native Nations to try to avoid usury law. (And also, though I don't begrudge them much, also, a special hell for those who offer this up to companies for a cut).
- roughly 2mo ago
  There’s something in that about the nature of predators - you don’t actually get mad at the wolf for eating the chicken, it’s what the wolf does, just like eating the worm is what the chicken does and eating your garden fruit is what the deer do. You don’t get mad at the wolf, you either build a fence or you kill the wolf.
apparent 2mo ago
Payday loan places don't know what you're using the cash for. They just give you a cash advance that you can spend on groceries, rent, drugs, or whatever else you want. BNPL platforms know what you're spending on, and whether it's a one-time expense that you're spreading out, or a rent/utility payment that's going to come due next month as well.
- Avicebron 2mo ago
  It's pure exploitation of the poor.
  - brookst 2mo ago
    Sure. But two things can be pure exploitation and not be the same thing, with the same incentives and same implications. Cancer and heart disease are both pure health problems, but insisting on handling them similarly would be a mistake. Not that payday loans and BNPL are that far removed, maybe more like liver failure and kidney failure.
- codedokode 2mo ago
  If you have to take a loan to buy food or medicine, you are already at the bottom. Because you need to repay the loan with an interest next month, and you will have even less money left.
- cratermoon 2mo ago
  I'm sure the BNPL platforms are ensuring the information about who is borrowing money to buy what is kept private and not shared with every data broker on the planet. /s

Payday loan places already do this. It's pure exploitation of the poor.

JohnFen 2mo ago

I wish we'd go back to calling these companies "predatory lenders" instead of "payday loan" or BNPL providers.

FireBeyond 2mo ago
Special hell for the ones that incorporate or partner with Native Nations to try to avoid usury law. (And also, though I don't begrudge them much, also, a special hell for those who offer this up to companies for a cut).
roughly 2mo ago
There’s something in that about the nature of predators - you don’t actually get mad at the wolf for eating the chicken, it’s what the wolf does, just like eating the worm is what the chicken does and eating your garden fruit is what the deer do. You don’t get mad at the wolf, you either build a fence or you kill the wolf.

apparent 2mo ago

Payday loan places don't know what you're using the cash for. They just give you a cash advance that you can spend on groceries, rent, drugs, or whatever else you want. BNPL platforms know what you're spending on, and whether it's a one-time expense that you're spreading out, or a rent/utility payment that's going to come due next month as well.

Avicebron 2mo ago
It's pure exploitation of the poor.
- brookst 2mo ago
  Sure. But two things can be pure exploitation and not be the same thing, with the same incentives and same implications. Cancer and heart disease are both pure health problems, but insisting on handling them similarly would be a mistake. Not that payday loans and BNPL are that far removed, maybe more like liver failure and kidney failure.
codedokode 2mo ago
If you have to take a loan to buy food or medicine, you are already at the bottom. Because you need to repay the loan with an interest next month, and you will have even less money left.
cratermoon 2mo ago
I'm sure the BNPL platforms are ensuring the information about who is borrowing money to buy what is kept private and not shared with every data broker on the planet. /s