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These are unsecured loans. Your business only works as long as people are paying off their loan. When the economy tanks, when unemployment goes up, when inflation makes food and rent super expensive..., you can only go for so long when enough people stop paying you back.
What did you think I meant?
I honestly don't know what you mean because if any of that happens all finance gets fucked. This is no different than a payday loan and those have been around forever. Are you just learning today that predatory loan practices exist, and gasp thrive?
Again, you pay more in fees than they give you in loan. They can and will absolutely wreck your credit and sell your debt to collection agencies. And you also realize that the starting credit limit on these things is like $200, right? They're not giving out $5000 credit lines just for signing up. Actual actuaries have done the work to figure out the risks.
Credit cards are unsecured loans too. The average person only gets a secured loan when it's a car payment or a mortgage. Unsecured loans are incredibly common.
You have no clue what you're ranting about, you just want to be mad about something.
Why you keep trying to demean and personally attack people in these comments.
Why are you so dense and think correcting you is attacking you?
Why do you continue to demean in your comments?
Some people are just miserable and want to bring everyone around them down. It's sad, really.