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
Which part of working from home has already been chafing on your very last nerve? Many of us are going through it, so we know there's something. Maybe it's the constant interruption of family or roommates. Maybe it's not having access to all the resources you usually have back at the office. Or maybe it's… READ THE REST
With the cost of gas, greenhouse emissions, and all sorts of other concerns, it's one of those transportation issues you seldom consider. But for environmentally friendly commuters and weekend adventurers alike, the question remains: how the heck do I store this big bicycle? If you live in an apartment, you practically have to give a… READ THE REST
If you suffer from chronic pain, anxiety, sleep disorders or even something as insidious as cancer, you've undoubtedly heard of the effects of CBD. Or maybe you're a regular CBD user already who's often experimenting with better, more efficient means of receiving your dosage. Either way, the soothing effects of CBD may end up changing… READ THE REST