to be honest now i know why most of the people here requesting loans here end up as scammers. 15 percent comes out to 180 apy. there are laws in the us prohibiting pay day loans from charging crazy interest rates, but i guess in the marketplace on this forum its the wild wild west.
everyone has a free choice here, but the entire reason banks lend money is predicated on risk and because of this risk they earn high interest. take a credit card for example that can have a 30 percent apy, it is unsecured debt.
this forum seeks 120 ltv, is secured collateral, and on top of this charges high interest.
its literally loan sharking except even loan sharks dont have collateral they just come beat you when you cant pay lol.
fortunately for me i'm not desperate i was just looking to hedge some bets with the market.
this is strictly my opinion, but if you want this marketplace to be less swarmed with scammers and thieves then it should charge normal/fair interest rates. No one who has the intention of paying back money would ever agree to being fleeced this bad.
i myself might start a lending practice and offer fair rates. the free market really is the wild wild west at times.
shit we didnt even have child labor laws until the 1930s meaning when left unchecked, businesses will do anything