Regulators Shut Down Lending Platform (YC Alum) LendUp

Re:Regulators Shut Down Lending Platform (YC Alum) LendUp by pc86 on Wednesday December 22, 2021 @04:43PM (#29655758)

Buying my friend a beer because he lent me $20 three days ago works out to an astronomical APR. It doesn't mean doing so should be illegal.

There's a time and place for everything and that probably includes high interest loans as well.

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Re:Regulators Shut Down Lending Platform (YC Alum) LendUp by tylerfontaine on Wednesday December 22, 2021 @04:46PM (#29655800)

I don't think anyone is suggesting that gratitude for good friendship should be regulated.

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Re:Regulators Shut Down Lending Platform (YC Alum) LendUp by the_optimist on Wednesday December 22, 2021 @05:00PM (#29655997)

The social negatives of difficult-to-discharge debt and Ponzi-rate lending (wherein debt service cannot be met by an underlying economic growth behavior) are horrific and easily preventable. Letting even one person fall into the pit is a social travesty.

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Re:Regulators Shut Down Lending Platform (YC Alum) LendUp by aj7 on Wednesday December 22, 2021 @05:23PM (#29656249)

It is not true that any business model you can think of should be allowed.

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Re:Regulators Shut Down Lending Platform (YC Alum) LendUp by onion2k on Wednesday December 22, 2021 @05:02PM (#29656019)

I wouldn't be surprised if paying interest on loans in the form of alcoholic beverages is actually illegal if you don't have a liquor license.

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