I think you missing one crucial point.if you borrow $X amount...

I think you missing one crucial point.

if you borrow $X amount for X% interest rate.

lets say $100k at 5% thus owing $105K after one year.
---(a loss of 5k)

APT then loan that amount and collect merchant fees say at an average of 4%. collecting back 104K
---(a profit of 4K)

● net result is a loss of 1K

BUT

remember APT dont loan it out just once in a one year period. its being loaned out 15+ times per year.

so 4% each time results in a return of
$4K multiplied by 15 is a return of $60K

net result is a profit of 55K

APT make 60% return on what they borrow while only owing 5% as a cost for borrowing.

The margin is massive.