Mastodawn

@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

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Kevin 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.

It's more of a #ConsumerProtection thing and almost certainly doesn't apply to #Businesses which are exempt from consumer protection (cuz #B2B aind #B2C!)

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

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Third spruce tree on the left Sep 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.

Chuck Aug 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 Manitoba Dec 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 Cars Apr 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