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A comment on Life expectancy declines seen in U.S. and other high-income countries. Parent comment

Re:Life expectancy declines seen in U.S. and other high-inco... by kurthr on Friday August 24, 2018 @01:42PM (#17836452)
You can always pay them off with another loan... until you can't. At a typical $30 of "finance charges" for a $100 loan for 2 weeks (over 400% apr) you only need a few cycles to pay off the principal with fees... then it's all profit!
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Re:Life expectancy declines seen in U.S. and other high-inco... by tim333 on Friday August 24, 2018 @02:43PM (#17836937)
You'd think so though the leading one in the UK, Wonga seems to be going bust from customer compensation claims. https://www.theguardian.com/business/2018/aug/07/wonga-loans...
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Re:Life expectancy declines seen in U.S. and other high-inco... by kurthr on Friday August 24, 2018 @03:06PM (#17837117)
That's because there are 2014 regulations in the UK that limit interest to .8%/day and total compensation of loaned amount plus fees. Those don't exist in the US.

https://www.bbc.co.uk/news/amp/business-40044871

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