Such usury loans are absolutely illegal in civilised countries, for instance [almost] everywhere in Europe. Just saying.
(edit: not in the UK, which is rapidly sailing away).
> Such usury loans are absolutely illegal in civilised countries, for instance everywhere in Europe. Just saying.
This is proved untrue with minimal searching online. Here's one example: https://www.msn.com/en-gb/money/other/just-when-you-thought-...
Also search "payday loan $EU_COUNTRY" to see some pretty insane rates (>1000%).
Payday loans:
> In fact, U.S. consumers borrow almost $90 billion every year in short-term, small-dollar loans that typically range from $300 to $5,000, according to a 2018 report from the Office of the Comptroller of the Currency (OCC). [1]
> “Right now, 80 percent of payday loans are taken out within two weeks of a previous payday loan.” [1]
Much smaller by comparison, but yeah, the moral context is still there and it's egregious.
[0] https://www.magnifymoney.com/blog/mortgage/u-s-mortgage-mark...
[1] https://www.bloomberg.com/news/articles/2019-02-14/expensive...