>But these new companies are certainly not in that space, as some are charging up to 20% on interest!? Who's taking loans at that level, and who's funding it at that level on this type of trust system??
That's cute. LendUp is charging upwards of 900% APR on short term loans [0]. Usury is nothing new, but until the "disruptive" tech economy picked it up, it had been mostly regulated and outlawed.
Turns out fleecing poor people for everything they have is profitable enough for people to not care.