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A comment on Venmo can now instantly transfer money to your debit card for 25 cents. Parent comment

Re:Venmo can now instantly transfer money to your debit card... by xenity7 on Friday January 26, 2018 @01:29PM (#16241590)
It’s not a loan, and the 1% fee isn’t an interest rate, so annualization doesn’t make sense and usury laws don’t apply.
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Re:Venmo can now instantly transfer money to your debit card... by pbreit on Saturday January 27, 2018 @12:02AM (#16244928)
Getting money today that you would normally get tomorrow is a loan. And whatever you are charged is the interest rate.
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Re:Venmo can now instantly transfer money to your debit card... by whack on Saturday January 27, 2018 @12:54AM (#16245045)
Usury laws prohibit interest rates >20%, because otherwise, there are people who would actually be paying back 20% more than the amount they borrowed. In your example, that's impossible - the additional "interest" you're going to pay is never going to exceed 1% of the money you "borrowed"
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