Legal Predatory Loan Sharking
Who would fall for this?
NetCredit is a predatory company that offers high-interest loans to desperate people.
The only thing that’s missing are the thugs who break your legs if you miss a payment.
I just can’t believe that offering loans at 105% is now legal.
Need I say more?
Loan sharks used to charge 30% interest when I was a kid. I don’t remember how I acquired that information. Maybe it was a movie or a show.
As I grew, the loan sharks started charging 100% interest. Again, I believe I have mass media to thank for that knowledge rather than personal knowledge. Now, loan sharks will often charge up to 400% interest, and if a person doesn’t pay up, they’ll use force to make sure that the person does pay.
Why Is This Legal?
According to Investopedia, they describe “payday loans” as high-interest, personal, and legal loans. They are also described as predatory high-interest loans that will eventually cost more than the principal amount on the loan.
Certain states do make allowances to loan companies to provide high-interest loans to desperate people in desperate situations. Payday loans are allowed with interest rates of up to 400%. Here is the reason from Investopedia:
Payday lenders are often granted exceptions, charging annual interest rates of up to 400%. They can offer such high rates because of the special provisions offered by state governments.
The only things that differentiate payday loan companies from loan sharks are the legality and the absence of violence to obtain payments.
Honestly, even if I were just about to lose my apartment, I would rather live out of a cars or a tent than borrow on a loan I know I could never pay back. Legally, by the time the payday lender brings you to court, you won’t own anything by the end of it anyway. They will. If you borrow from a loan shark, you have to look over your shoulder the rest of your life. The mobs (There are more than one of them.) will be looking for you. If I live out of my car for a little while, at least I’ll know I won’t owe anyone anything, and things will look up from there.
Why Payday Loans Shouldn’t Be Legal
Many people don’t know how to examine the terms of personal loans. According to Annuity.org, a bit less than half of Americans are financially literate.
In other words, if one person is smart about loan terms, interest rates, and financial matters, chances are, the guy next to him won’t know, and this is the person these payday companies can rake over the coals.
It’s not ethical to offer loans at these absurd interest rates. They target the desperate or the uninformed. Putting a cap on the loans payday lenders can make will help protect America’s most vulnerable populations.
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5.0 out of 5 stars It’s a five star story BUT
Reviewed in the United States on March 6, 2024
It’s a five star story but it’s 4am and I am afraid to sleep.
This is not your typical story arc. I have no idea why I got this book(maybe the kick-ass cover?)
BUT it caught me, it creeped me out, it would not let me put it down.
Yes it would qualify as a Paranormal story but it is to me a Thriller, a Mystery and a thorough breakdown of the Evil we possess.
Kudos to the writer. You made my mind all twisty turny and I plan to call my therapist in the morning.
You know, I received an advance review copy for free, and I am leaving this review voluntarily.
However, the way my mind is churning right now? The book should be classified as Horror.
Gosh, thanks Marie C.! I’m happy you liked it so much. It’s such a wonderful, funny review too.
Imagine, I actually toned down the ending quite a bit! I was worried because many of my beta readers had a problem with how graphically I described the scene.
However, I won’t be so merciful for book two. I am hoping that the ending for book two will be known as one of the most awful, iconic scenes in horror history. And imagine, it all started with a dream I had.
Sweet dreams :)
Who Is Kirsten?
Kirsten Schuder’s favorite writing projects make a positive impact upon social issues. Kirsten has written hundreds of parenting and mental health articles and has edited thousands as an expert mental health professional. She fetched an international award with her first co-authored book, Farming Industrial Hemp: Not Your Daddy’s Tobacco where their book was instrumental in raising awareness of the dangers of growing industrial hemp in unsafe conditions and influencing Congress in growing guidelines for the budding industry. Her second book, Schooling Your Kids Through a Pandemic: Your Step-by-step, Guilt-free Guide to Remote Learning, Homeschooling, or Somewhere in Between, helps parents navigate the difficulties of remote learning. She also authored a fiction series, Inside Dweller, set for publication by Black Rose Writing September 14, 2023. She serves as the Vice President of Apex Literary Management, a growing boutique literary agency, and loves long subtitles.
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