If there’s any industry that has mastered the art of the loophole, it’s high-cost lending. When faced with unwanted regulation, lenders are well-practiced at finding an opening that will allow them to charge triple-digit interest to their customers. As we have reported, they’ve been playing a giant, ongoing game of whack-a-mole with regulators and lawmakers in states across the country over the past decade or so.
The simplest way to deal with them is to empower credit unions and/or the post office to make such loans at minimum interest.
But that would of course interfere with predation.
What, you mean poor people?
I myself don't have "good credit". That's because I don't use it -- I pay as I go. But my "credit score" is probably no better than many people who live hand to mouth being preyed upon by the payday-loan psychopaths.
The poor are always barely one paycheck from disaster, and now that's increasingly true of the soi-disant "middle class" too as the owner class tightens its pathological grip on everything. Few people "choose" not to repay, and most of those who do are rich. You should recalibrate your value system.