It’s really not. What it does is trap these people in endless debt. Now we don’t know any details about these loans, but there’s no way in hell the customers aren’t going to be paying fees and interest. A loan of $40 will be a loan of $100 the next month and so on. This is a way to make extra off of the people who have nothing.
In the corporate world, if you are taking on debt to fund operations, that’s an indicator that your business is circling the drain. The same applies to personal finance.
I guess they cover you for a while until you figure it out. It’s better than nothing ig.
It’s really not. What it does is trap these people in endless debt. Now we don’t know any details about these loans, but there’s no way in hell the customers aren’t going to be paying fees and interest. A loan of $40 will be a loan of $100 the next month and so on. This is a way to make extra off of the people who have nothing.
That’s more than 1200% interest. Even loan sharks don’t do that.
That example is assuming you’ll accrue another $40 next month. The interest numbers are pulled from my ass to make a point.
In the corporate world, if you are taking on debt to fund operations, that’s an indicator that your business is circling the drain. The same applies to personal finance.
Businesses can afford to go bankrupt. People can’t afford to die. Electricity is a basic necessity for a lot of people.