You can buy notes from peer to peer lending brokerages but I completely get your point. APR is a poor metric for small loans. $75 interest per month on $500 is like 180 APR but if the 500 allows someone to not become homeless, fix their car, etc etc it could be worth it to both parties. It definitely is a tricky business that has been overregulated but no one who makes those feel good financial regulations has ever had to sell a brand new videogame as used to get cash to get a cab to work, either.
You can buy notes from peer to peer lending brokerages but I completely get your point. APR is a poor metric for small loans. $75 interest per month on $500 is like 180 APR but if the 500 allows someone to not become homeless, fix their car, etc etc it could be worth it to both parties. It definitely is a tricky business that has been overregulated but no one who makes those feel good financial regulations has ever had to sell a brand new videogame as used to get cash to get a cab to work, either.
(post is archived)