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Originally Posted by ryevermouthbitters
Does the fact that only one of the companies cited in the article appears to be a bank and that all of them, including the "bank," are pretty much the opposite of the kinds of banks at which Jag is normally upset make you wonder, even for a second, whether you might be "hear, hear"ing when you should be "harrrumph"ing?
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True enough, I should have been more clear that this is just the leading edge. However if there is no widespread objection from the public I expect the rest of the industry to follow. I think us regular schmoes should get this practice outlawed before it has a chance to grow.
As an aside, I normally despise the big 10 banks due to their criminal business practices. But I could find room in my heart for outfits like LendUp too. From their web page:
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Small-dollar lending is broken:
Last year, 15 million Americans used a payday loan. Many of these people were looking for a simple fix to a short-term financial problem, but ended up trapped in long-term debt caused by hidden fees, costly rollovers and opaque terms and conditions.
This is a big problem. We have a solution: Ladders, not chutes.
At LendUp we believe there are two types of financial products: chutes and ladders. Ladders help people up, chutes push people down. One of our core values is that every product we offer at LendUp is a ladder, measured by the long-term financial wellbeing of our customers. LendUp loans are a stepping-stone towards better credit, and all the products we offer are in service of commitment to getting our customers to a better financial state.
Learn more about our social mission at lendup.org
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And then they offer to lend me money at an interest rate of 395% APR. That's not a social mission, that's loan sharking. Wrapping it in glurge just makes it more sickening.