this post was submitted on 07 Jun 2024
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the debt (lemmy.world)
submitted 5 months ago by Varven@lemmy.world to c/memes@lemmy.ml
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[–] damnedfurry@lemmy.world 0 points 5 months ago

imposing a higher interest rate on them on top of that is just the final nail in the coffin.

That's the only way to justify loaning to people like that at all, given how much more often they default (and the lender never gets repaid at all). If lenders were forced to give the same interest rate to everyone, that would cause them not to lend to "A person with a low income with a precarious job" at all.