It isn't as much of a degree as people think. I'm perfectly fine with a triple digit payday loan. (Operation Choke Point is evil)
For example. If you NEED my $10 right the fuck now, but I also need my $10 right now, but slightly less. I might ask you for $20 back because of how much I need the money right now. If you need $10 to make $50 additional dollars, then this is perfectly reasonable. Whatever I need my $10 for, I can stall and then spend it with the extra $10 I made from loaning you money as part of my needs getting filled.
If you want $10 from me just because you want to fuck off with it, and you still promise $20 back right now, I'm going to be pissed at you, and rightfully.
There is nothing immoral about charging even 100% interest. The issue is whether or not the borrower actually understands that. And that's where you get into the 'informed consent' side of things.
There's plenty immoral with that when you've got a rigged system where people are trapped relying on payday loan places because their paychecks and bills don't line up.
Just like there's plenty immoral with situations like when McDonalds was paying people on cards that charged them outrageous fees just to check the balance, or when the only way someone can cash their paycheck (since they're too poor to open a bank account) is from someplace that takes some exorbitant percentage.
You're using words you don't remotely understand. International tariffs have no bearing on McRonalds paying people on a card system that fucks them over just for trying to check their own balance.
It isn't as much of a degree as people think. I'm perfectly fine with a triple digit payday loan. (Operation Choke Point is evil)
For example. If you NEED my $10 right the fuck now, but I also need my $10 right now, but slightly less. I might ask you for $20 back because of how much I need the money right now. If you need $10 to make $50 additional dollars, then this is perfectly reasonable. Whatever I need my $10 for, I can stall and then spend it with the extra $10 I made from loaning you money as part of my needs getting filled.
If you want $10 from me just because you want to fuck off with it, and you still promise $20 back right now, I'm going to be pissed at you, and rightfully.
There is nothing immoral about charging even 100% interest. The issue is whether or not the borrower actually understands that. And that's where you get into the 'informed consent' side of things.
There's plenty immoral with that when you've got a rigged system where people are trapped relying on payday loan places because their paychecks and bills don't line up.
Just like there's plenty immoral with situations like when McDonalds was paying people on cards that charged them outrageous fees just to check the balance, or when the only way someone can cash their paycheck (since they're too poor to open a bank account) is from someplace that takes some exorbitant percentage.
The answer to those things is not protectionism, but to make it easier for those businesses to be competed against.
You're using words you don't remotely understand. International tariffs have no bearing on McRonalds paying people on a card system that fucks them over just for trying to check their own balance.
Pedantry is not an argument.