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A comment on Move to Pull Consumer Protection Rule Heightens Debate over Payday Lending. Parent comment

Re:Move to Pull Consumer Protection Rule Heightens Debate ov... by dvtrn on Thursday March 07, 2019 @10:56AM (#19329049)
What makes you think 300% interest on a financial instrument ISN'T obscene? I don't know of any other loan or line of credit with that kind of interest rate but payday loans.
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Re:Move to Pull Consumer Protection Rule Heightens Debate ov... by calvinmorrison on Thursday March 07, 2019 @12:38PM (#19330095)
Well basically because of the short duration and risk and small absolute value of the loans. To loan out $5000, often times a minimum from banks for a personal loan, I might have to do the overhead of 25 loans.

The rates are much more reasonable when you consider that.

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