Surely there’s a better way... is it just a marketing/education thing? I find it hard to believe there’s no alternative
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This is the same problem as all the payday loans and the like. Captive market with no alternatives. These are basically "micro finance" for the developed world, but done much more painfully.
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But payday loans at least have risk/losses/credit. That’s what we soent 100% of time managing at LendUp. This is just... why not charge high fees?
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I'm not the most informed spokesperson for this. It is well-studied and generally concludes it is capitalism at work, though it is exploitive (price controls are not always in best interest of everyone). Lots of work on the "unbanked" happening in SV.
- End of conversation
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