Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by mschuster91 on Wednesday December 22, 2021 @05:28PM
(#29656300)
> This might be too low for some high risk customers to be able to get credit at all.
We're living in near-zero interest rate land. 36% is usury, even 20% is that.
Maybe the US should not only put a hard cap for any kind of loan at FED interest rate + 10%, but also force through an actual livable minimum wage so even the poorest classes don't have to choose between ridiculously expensive credit card debt or starving/dying because they can't afford healthcare.
We're living in near-zero interest rate land. 36% is usury, even 20% is that.
Maybe the US should not only put a hard cap for any kind of loan at FED interest rate + 10%, but also force through an actual livable minimum wage so even the poorest classes don't have to choose between ridiculously expensive credit card debt or starving/dying because they can't afford healthcare.