Sorry but please stop trying to justify 48% p.a as not being exorbitant when on the other hand you class shorter term loans as unconscionable rates?
Both have to deal with bad debts and rate for risk so what is your point?
Do you not think $500 repaid within 15 days is more risky then allowing repayments over 6 months? You justify one but not the other?
Higher repayments bring inherent risk.
Loans under 16 days duration can allow for 20% fee and 4% per month.
They are not intended as you say long term.
If they become long term or over the 16 days, they are to be 48% p.a max, so CCP are no different to every other payday lender, other than the debt and credit facility revolves, so a revolving debt line tied to a client at 48%p.a
That is the fact, and one could suggest, also exorbitant?
I'm not suggesting either are exorbitant, as the last thing id do is lend unsecured funds to the most vulnerable of client.
Like all payday lenders, you become a debt collection agency that lends money.
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