Mmmm…. Predatory Loans….
This is what I call “sidestepping the question“:
Myth: It is unethical to charge a poor person 100 times the interest rate a rich person would pay.
Reality: We live in a free market society, if the working poor are willing to pay 100 times the interest rate a rich person would pay (e.g. 550% APR instead of 5.5% APR) there is clearly a market need for our service.
It’s an interesting post on how the predatory lending industry justifies itself; check out the rest.