Kevin Karhan Oct 1
@jbqueru @santi @ubi4me it's also the reason why #MinimumWage gets codified and why places ban "Factual Exploitation" like #PaydayLoans and "terms that an infomed person without duress would decline…"
Kevin Karhan :verified: (@kkarhan@infosec.space)

Fortunately, #PaydayLoans [are](https://www.youtube.com/watch?v=hBI_FLYfwmM) *de-facto* #illegal in #Germany [because]( https://www.anwalt-strafrecht-steuerstreit-berlin.de/wucher/) they not only [violate expectable terms and conditions](https://www.gesetze-im-internet.de/bgb/__138.html) but essentially are what's called *"#Sachwucher"* or *"effective extortive terms"* and *require a desperate, "inexperienced or otherwise not able to consent informed" individual*, which makes said deals #exploitative and thus [a felony]( https://www.gesetze-im-internet.de/stgb/__291.html), because #ConsumerProtection is something that exists in the #EU in general! #USpol #Finance #PaydayLoan #LoanSharks #Billionaires #AndressenHorrowitz #LarryEllison #Enshittification #WorkingPoor #AntisocialSystem #Employment #Precariat #Insecurity #USA #US

Infosec.Space
Show threadKevin Karhan Sep 27

@stage7 personally I do wish for #FLOSS to have more teeth…

  • I mean, #GPLv2 got confirmed as valid in Germany and the #license terms successfully enforced.

The only restrictions I'm aware of are "[legal and/or business] deals that have unexpectably bad terms and conditions" (aimed at exploiting "someones lack of expefience, ability to make informed decisions or socioeconomic situation [of distress]") which mostly aims at criminalizing #PaydayLoans at extortive APRs, rentseeking, discrimination and other tactics preying on #consumers.

Plus #FLOSS licenses ain't the norm (and I'm pretty shure that we rather see #CCSS banned than #AntifascistLicense|s being struck down!)…

  • OFC this is #NotLegalAdvice and #speculation, tho OFC one has the freedom to decline business based off objective and/or terms/justifications, like throwing a Neonazi out of a bar.

#AntifascistLicenses #Antifascism #Licensing #FOSS #OpenSource

Kevin Karhan Sep 17

Fortunately, #PaydayLoans are de-facto #illegal in #Germany because they not only violate expectable terms and conditions but essentially are what's called "#Sachwucher" or "effective extortive terms" and require a desperate, "inexperienced or otherwise not able to consent informed" individual, which makes said deals #exploitative and thus a felony, because #ConsumerProtection is something that exists in the #EU in general!

#USpol #Finance #PaydayLoan #LoanSharks #Billionaires #AndressenHorrowitz #LarryEllison #Enshittification #WorkingPoor #AntisocialSystem #Employment #Precariat #Insecurity #USA #US

Billionaires Found a New Way to Steal Your Paycheck

YouTube
Show threadThird spruce tree on the leftSep 5

@RickiTarr This is what I don't understand about Muskzuckos. With a snap they could end misery for tens, hundreds of millions. You can quibble about the Gates fdn and whether mosquito nets are actually effective, but that money is at least _trying_ to do something. Carnegie (evil, but..) built libraries and institutions that hit above their class to this day.

Picture this: a global online penny jar; micro-fund small biz loans, avoid predatory #paydayloans or help #mutualaid requests.

ChuckAug 5

$300 payday loan → $660 in fees → still owe $300

Payday loans look like short‑term cash advances, but they’re made to trap:

$45 fee every two weeks (≈ 391% APR)

Balance never drops unless you pay extra toward principal.
After 16 weeks: $360 in fees, and you still owe the original $300

Even if you manage $50 toward principal each period, you still pay $450 total - but at least you’re free in 16 weeks.

Legal loan‑sharking. Plain and simple.

#PaydayLoans #PersonalFinance #DataViz #Bamlytics

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CBC ManitobaDec 7, 2024
Consumers' group wants Manitoba to crack down on high-interest payday loans
The independent Public Utilities Board began hearing arguments Friday into a review of the charges and fees that consumers pay through payday loans.
#paydayloans #consumers #Manitoba #News #Canada
https://www.cbc.ca/news/canada/manitoba/manitoba-payday-lending-loans-reform-public-utilities-board-1.7403546?cmp=rss
Consumers' group wants Manitoba to crack down on high-interest payday loans | CBC News

The independent Public Utilities Board began hearing arguments Friday into a review of the charges and fees that consumers pay through payday loans.

CBC
CelloMom On CarsApr 15, 2024

"A study released this year found that extreme temperature shocks – like #heatwaves and cold snaps – are leading to surges in demand for #PaydayLoans in the #US.

The paper suggests extreme heat and cold may increase demand for payday loans in several ways: increased energy costs as people turn on heating or cooling devices, lost income or people who are unable to work in #ExtremeHeat, and health problems leading to medical costs for underinsured or uninsured people."

https://www.theguardian.com/us-news/2024/apr/15/predatory-loans-heatwaves-cold-snaps

Climate change driving demand for predatory loans, research shows

Study connects heatwaves and cold snaps to surges in payday lending, keeping people in debt and harming communities of color

The Guardian
US news | The GuardianApr 15, 2024
Climate change driving demand for predatory loans, research shows https://www.theguardian.com/us-news/2024/apr/15/predatory-loans-heatwaves-cold-snaps #Paydayloans #California #LosAngeles #USnews #Money #Race
Climate change driving demand for predatory loans, research shows

Study connects heatwaves and cold snaps to surges in payday lending, keeping people in debt and harming communities of color

The Guardian