Many people find added interest annoying when borrowing money, viewing it as an unnecessary cost that can lead to spiraling debt, especially when rates are high. Some sources explain that interest is a standard economic component to compensate lenders for risk and opportunity cost, but others criticize the system for allowing potentially “usurious” or excessively high rates that can trap vulnerable borrowers.
Poking people in the eyes.lol.hehe. the beautiful pretty looking Yvonne. Yes some are greedy and change too much intereste. But you have to see that many families working for some of these loans companies have to get paid to feed their families. The loans companies have to pay banks changers, tax, insurance, pay their workers and also make a profit for themselves. So the depends on intereste for all this business to work. I myself understand how the loans system work. But I do see some of your good points!! You are so welcome pretty looking Yvonne!!
It’s more than annoying.
Right? I wonder how these people sleep at night knowing that their greed won’t give them a ticket into Heaven. It’s sad.
Right. Their conscience must be seared. I don’t see how they could do so without it bothering them if they didn’t.
It is annoying, but banks and financial institutions have to make a profit to stay in business just like other businesses do. It would be nice if interest rates were lower though!
I get it, businesses have to earn a living too, but they really are over doing it with the amount they charge. Not only are you paying back what you owe them, they charge extra $100s for interest. It’s like we are paying them a pricey tip, lol.
Yes, a spectacular tip for spectacular service lol
Is annoying but we keep on doing it
I agree, unfortunately, we don’t have a choice. It’s hard being an adult, lol.
<span;><span;>You have to look at it as a business, your doing business with a loan company. You want some amount of money from the loan company which you are borrowing some amount of money $$$0 the loan company charge you for the service to earn a profit which is called interest. You buying back the loan and the interest. And that is the business deal you and the loan company are in. You have to pay interest for the service of the loan it’s good business you get the amount of money you want and pay for the service. Its good business. Everyone in the world have to earn a profit for their services.
I know, I do see it from a business perspective. It’s still greedy though charging so much money on top of the money that is owed. I could never see myself doing that if I was a loaner. I’d only charge what is owed to me and late fees if they’re late and don’t communicate they would be, that’s it, which is fair in my opinion; and if they refuse to pay then it’ll reflect on their credit and so on. Business can flourish with integrity in the forefront not everything has to be about poking people in the eyes.
I agree I understand it’s an incentive to pay back ASAP but to the poor people who are trying their best to pay back it’s a kick in the teeth
Yes, exactly. When responsible, hard working adults are living pay check to pay check trying to survive and they have to not only pay back what they borrowed, but added interest on top of it when all they needed was the original amount they borrowed. It’s horrible.
I 100% agree with your sentiment. It is wrong. It’s greedy to mandate more money from an individual who clearly is in need of it if they were requesting for assistance to begin with.