News: APT Afterpay Ltd Says U.S. Sale Drove A 35% Increase In New Active Customer To Platform On..., page-72

The error in these people's thinking is that the rate is materially relevant to the profit margin. Turnover on that borrowed dollar is the determinant of profit.
I'll spell it out for them - not you, as you obviously get it.
$100 borrowed for a year costs the company $3, let's say. That 100 dollars is circulated 10-15 times earning 4% each time, generating revenue of $40 - $60. That variability in transaction volume is substantially more important to the eventual bottom line.
Higher interest rate environments are going to deter people even further from traditional lines of credit. This will increase transaction volume.
At 10% interest, that $100 costs the company $10. Even with the same transaction volume, that $7 difference is absorbed by 2 transactions.

A tripled cost of borrowing is entirely absorbed by 2 transactions.
It's arguable that higher interest rate environments will drive revenues even higher.

Catch on.