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This lender said its loans would help Tennesseans. It has sued more than 110,000 of them.
(www.propublica.org)
this post was submitted on 11 May 2025
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279.5% interest... what the fuck
That’s loansharking minus the guy threatening bodily harm to get you to pay.
That is so far beyond predatory...the only reason to let this exist is to create wage slavery.
If you borrow 4,000 to refund it at the end of the thirst month it would cost 11,160?
Why would anyone accept a loan with 280% interest?
I just told a story about doing this in another comment
It wasn’t on a whim. I had a plan and it worked. I don’t think most people are doing what I did and they are just taking these loans out without a plan or understanding on how bad they can be.
https://lemm.ee/comment/20387513
Desperation. Stupidity. Ignorance. If people weren't doing stupid shit with their finances, companies like this and BNPL companies wouldn't exist. They are all feeding off of desperation.
Had a coworker who decided during his shift that he was going to buy "that" TV that he pointed at.
Of course he did not have the funds to do so.
So he went to the payday loan place in the parking lot.
He didn't last long at that job. Wonder if he ever paid that off...