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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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11054951 No.11054951 [Reply] [Original]

just use simple interest, just tell me how much more % you want back. Why even charge interest on top of the interest im already paying...

>> No.11055125

The entire point of interest is to keep the loan taker enslaved.
But it gives incentive to the loan taker to pay off the loan early rather than just holding the money forever and never paying it back.

>> No.11055443

Its designed for revolving credit accounts. It expresses the interest rate in a simple way to people who know little about credit. Also, compound interest is a great way to make money off people who don't know about credit or at least don't have the good sense to refinance out of revolving credit accounts.

>> No.11055766

Compound.finance launches this month.

>> No.11056154
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11056154

I understand how I get screwed by it as a consumer (credit card debt, student loans, etc) but how do WE take advantage of it. It's not like we have institutional level amount of money to make more money by loaning it out and I don't fucking trust those LendingClub type sites either.