Regulators Shut Down Lending Platform (YC Alum) LendUp (consumerfinance.gov)
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It is a trap sprung at the very start of your adult life when you’re most vulnerable, as a student loan.
It’s sprung when you’ve lost your job, are vulnerable and are about to become homeless.
It’s sprung when you’re already in debt and vulnerable, by other lenders.
Anyone see a pattern here? Debt preys on the vulnerable, turns them into something that delivers returns for decades to the holders, and wraps all that up into tidy looking financial products.
The business of debt is the financial equivalent of the US pork industry: Everyone treats it as part of American life, but the details would make most people throw up.
Anyone remember microfinance? That was the same play: usury with a fresh coat of paint.
I’m seeing posts here making it sound like 36% APR is acceptable. Look up usury folks. This is it. Debt that is intentionally structured so that it can never be repaid and keeps the borrower harnessed to the cart.
It’s incredible how folks, particularly in the US, have become this morally uncalibrated.