7/19/24

ICJ says Israeli occupation of Palestinian territori...

territories is illegal

whoop whoop

US agency says apps that let workers access paycheck...

..............is that news?

....................................I'm confused, is anyone sincerely arguing that a loan isn't a loan if you're charged interest up front a fee and then pay the loan back immediately on your paycheck processing?

it's because under the Truth in Lending act, they would have to include all the fees and stuff in the listed interest rates

and suddenly it would become much more obvious to the people they're preying on how badly they're being taken advantage og

...I'm just bewildered how this is a decision anyone came to now.

Jack Smith May Get 'Early Indicator' of Appeal's Suc...

Jack Smith May Get 'Early Indicator' of Appeal's Success: Lawyer

financial literacy isn't something people are taught as a general rule especially the people using EarnIn and such

yeah, there is a lot of basic financial stuff that many people do not know much about, and these kinds of services prey on exactly those kinds of people to trap them in debt

yep

Oh, no, I get that people are uneducated in finance and not great at math and in dire straits and misled, I mean everyone else. Like, how did it take this long for someone to say "hey wait a minute those loans are loans"?

As in someone in government or the judiciary or law enforcement or whatever

someone had to care

Sorry it's just... it's like if someone just suddenly announced in 2024 that hitting people with rocks counts as battery. I don't mean to blame the victims of rock-battery, but to question why this decision wasn't made a long time ago.

why were predatory loans allowed?

as I understand it, various states have various laws that target very specific subsets of predatory loans, but I really have no idea how they could miss such obvious examples

and most likely, apps like these were created to act as a loophole to get around such laws with their "tee hee, not a loan!" stance

and so if no one bothers to look at the laws in a given state where these apps offer their services, it just doesn't get addressed

yeti

See also "if it's an app instead of a contract we don't have to follow wage or labor laws! "

yeah same song as Uber