If you are desperate for $20 and $200, that probably means you or your kids are hungry or need medication to stay alive. Your friends at Square are here to help. Square's peer-to-peer payment service, Cash App, is testing a new feature that offers loans between $20 and $200. You have four weeks to pay the loan back at 5% interest. If you miss the payment, you get a one week grace. After that, Square will add 1.25% interest every week. That turns out to be a 65% annual interest rate (fortunately non-compounding).
"I don't think I could concoct a more predatory scheme if I tried. This was modern-day indentured servitude." That's what Roger Bertling, the senior instructor at Harvard Law School's clinic on predatory lending and consumer protection told The New York Times about sleazy operators who hyper-inflated the price of taxi medallions (which allow you to… READ THE REST
Yesterday, Senator Bernie Sanders and Rep Alexandria Ocasio-Cortez jointly introduced The Loan Shark Prevention Act, which will cap credit card interest rates at 15% (and closes the loopholes that lets credit card issuers exceed their stated APRs with the use of hidden fees) and which re-establishes American post-office banking. READ THE REST
The Consumer Financial Protection Bureau (previously) is practically the only US regulator we can be proud of — founded by Elizabeth Warren before she ran for the Senate, the CFRB is a consumer protection agency that has been at the forefront of reining in criminal activities like Wells Fargo's nationwide frauds and Equifax's dox attack… READ THE REST
Belgian waffles are a blank template for unforgettable weekend breakfasts. From savory creations with avocado, bacon, and goat cheese to the traditional sweet kinds with berries, powdered sugar, and syrup, waffles are unstoppable. However, nothing brings down a waffle-inspired dream morning like the antiquated, dirty waffle iron that cooks unevenly or worse, unexpectedly burns and dries… READ THE REST
Summer is here, which means we're spending less time under blankets and more time under stars. And, while we're no longer chasing the sun quite as fast, sometimes random household chores do need an extra flash of light here and there. This One80 LED Headlamp will help you get the darker things done so you can get back… READ THE REST
From your music streaming subscriptions and bank accounts to your work laptop, passwords unlock the most vital things in our lives. Unfortunately, that's a mess to track unless you're exceptionally organized or have some intricate communication system for your passwords and logins. If you aren't, you might deal with many forgotten unique passwords, annoying security questions, and botched password… READ THE REST