are people missing the point that the 5% interest and the 3% default rate is for a monthly cycle. Their margin of 2% is for a month, so annualised interest margin less defaults is 24%.
On the fee B4P charges, banks charge $5 for a dishonour fee, so these guys charging $5 to lend you $100 so you'd don't get charged a dishonour fee (for example) is a much, much better result.
Generally their reviews are really positive and trust pilot has them at 4.9 / 5.0 so it doesn't seem like their customers think badly of them or don't see value in what they are doing.
are people missing the point that the 5% interest and the 3%...
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