this post was submitted on 06 May 2026
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Chapotraphouse
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"New type of offers . Now poor people are burdened with ."
Headline written by someone who sounds like they gained sentience last week
This is a uniquely predatory loan though. If you miss just a couple months of payments, the compounding interest alone surpasses the original loan amount. Meaning you're rapidly owing $5-10k/month on a $4k loan.
This is obviously meant to create predatory situations where they can either hustle them for a settlement of $8-10k or sell of that debt to collection agencies in a bundle.
Alternatively, they're structuring it in a way where people are paying the same $400-500/month indefinitely on that loan.
Even the break your ankles sharks of old weren't this bad...
you dont see a difference between the already predatory 25 percent interest and 100x that?