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- #301
More like someone without a great credit score who doesn't want to be denied credit altogether. It's not up to you, or a "we-know-better-than-you" regulator, to tell me how much interest I should be willing to pay. If it's too high, I'll say no. If I think it reasonable, and I need it bad enough, I'll pay the higher interest. As long as there is no fraud or deception going on, the terms should be up to me and the lender, and no one else's business.
Actually the Government would disagree with you there. So do I. There are limits as to what can be charged.
I understand that you, and the government, disagree with me. I think you are both wrong. I just explained why.
I have to agree with this. If somebody wants to charge 100% interest or 500% interest or 1000% interest, it should be the borrower's prerogative to pay it if the borrower chooses to do that.
It should be the role of government to safeguard the borrower's right to be fully informed of what he or she is agreeing to however. I wouldn't even object to a requirement that the borrower sign acknowledgement that he or she has been duly informed and that he or she understands that other lenders offer a much lower rate.
We cannot say that we want self governance with the federal government playing only a support role to defend our rights and then regulate what we are allowed to choose to do.