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).
Square gets into the loan sharking business with 65% APR short-term loans
An 81-year-old woman is losing her home to a predatory lender
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How New York taxi drivers were conned and bankrupted by medallion loan sharks
"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… READ THE REST
Sanders and AOC team up for an anti-loansharking bill that will replace payday lenders with post-office banking
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… READ THE REST
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Disclosure: Boing Boing earns a commission on purchases made through links in this post. TL;DR: ChatOn bundles GPT, Claude, Gemini, Sonar, image generation, web search, and more into one app for… READ THE REST
Replace doomscrolling with smartscrolling—Headway lifetime subscriptions now just $70
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Download videos from any streaming service and keep them forever with Keeprix for $95.99
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