The payday loan dystopia nobody's stopping
Low-income people getting trapped in $4,000 loans at 279.5% interest. The Flex Loan, some innovation out of Tennessee. Generating massive profits for lenders while destroying borrowers.
And yeah, the thread starter gets it. When you watch institutions systematically extract value from the poorest people with mathematical precision, the historical reference stops being hyperbole.
The Flex Loan, a new type of payday loan pioneered by Advance Financial in Tennessee, allows residents to borrow up to $4,000 at a 279.5% interest rate. It has burdened low-income borrowers while generating huge profits for lenders. https://www.propublica.org/article/flex-loans-tennessee-advance-financial?utm_campaign=propublica-sprout&utm_content=1777942806&utm_medium=social&utm_source=twitter
Source
x.com