Now you too can easily make a ten dollar coffee cost twenty!
this post was submitted on 13 Jan 2025
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A Boring Dystopia
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Wow a 100% interest rate? What a bargain!
For short term loans? You'd be so lucky to have it just double.
It's probably only 25% if paid back within 24hours
drained my bank account, maxed my credit cards, but credit genie was there to help me take on more short term debt.
I thought I was being advertised to on Lemmy despite my various ad blockers and was furious for about 10 seconds lmao
Glad I'm not the only one getting mad when I see/hear an add now 😭
This will be the new normal if we don't stop Capitalism now.
A world where you own nothing, and are expected to survive based solely on a debt that you are expected to pay back but it's an open secret that you never will.
My first taste of pure evil capitalism was when my fast food job in college was forcing everyone to switch to getting a "cash card" rather than a check. That card had a $0.25 fee every time you used it.
I don't know if it still exists or if sane politicians told companies that shit was illegal.
They're trying to go back to the 1800s. The giant, old, textile factory near where I live had dorms where the workers would live on premises and were paid in script for the stores owned by the factory. Like coal villages. They converted them into luxury loft apartments now.
🎶You load sixteen tons, what do you get? Another day older and deeper in debt. Saint Peter don't you call me, 'cause I can't go. I owe my soul to the company store.🎶
Still exists. We took out the middle man between the payday loan people and the minimum wage employees. Private sector efficiency in action!
I believe it is semi-legal where a card CAN be offered, but only as an alternative to direct deposit.
Is this the latest hit single by Feudalism? I hate it.
If anyone is curious this is the process
- Be fucked
- Payday loan
- Payday
- 600% are you fucking kidding me?
- What's the minimum?
- I'll pay this the rest of my life I guess
- Be fucked by high interest loan
- Beg for money from family, friends, co-workers
- Thank God now I'm back to zero
- Still exactly as fucked as before
The Old Poor standard method
- Be Fucked
- Beg for money from family, friends, co-workers, new GF, new GF's roommate, A dog owner you met at a dog park, Mormon missionaries, your landlord, your landlords ugly kid, your cousin, total strangers after you pretend you have the same name as them and act just JAZZED about it, anyone you suspect is sexually attracted to you, your nanna's bridge group, other poor people, the homeless, people who speak the same language you do and are having a celebration at a public park after you convince them your ''John's Kid'' or ''Tia Marta's thursday church preacher'' literally anyone.
- Somehow still exactly as fucked as before but now you feel HELLA GUILT, because Tia Marta made you go to church on thursday and the preacher is very convincing. But at least you can't be LEGALLY obligated to pay a loan shark money, and you saved a lot of time.
This is monstrous...
Why? She needed a latte, and because she suffers from poor choices, she can now get a $8 latte that will cost $219 to pay back!
Is that woman crying?
Yeah. Probably, she read the terms and conditions.
Rookie mistake. If you wouldn’t read a company’s legal teams’ diaries, you shouldn’t read their T&C (same thing)
She's laughing to keep from crying.
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Gotta keep the wage slaves in debt so there's no upward mobility.
phew crisis averted
I'm not sure if she's laughing hysterically or crying.
For anybody wondering what the cost is to using their service, this quote from their website about sums it up:
Credit Genie charges a recurring fee of $4.99 per month or $3.49 biweekly to maintain a user's bank account connection. Paying the bank connection fee does not guarantee approval for a Cash Advance.
So essentially, if you're borrowing from them, you'll pay $60/yr in fees if you can afford $5 a month, or, more likely if you're in the kind of financial situation where you're having to take out $100 micro-loans because your bank balance is consistently hitting zero, you'll get stuck with the $3.49 biweekly option that I'm sure they totally don't heavily push you towards. That's $90/yr.
You get charged the fee whether or not you borrow from them at all, and what do you want to bet they do nothing to notify inactive users of their recurring charges?
So, $60/yr for a $100 line of credit…
Shhhhh! Don't say that! Then they won't be able to as easily exploit poor people! /s
Did... did they just reinvent credit cards from first principles? Just without the card?
Honestly these microloan apps are arguably less predatory than credit cards because they usually give you three months to pay and don't charge interest as long as you make those payments.
It's still absolutely predatory as fuck, but if you are poor credit cards are just way fucking worse.
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It's Uber all over again. "Disrupt" a market by doing the same thing but with an initial honeymoon period of benefits, then when people have gotten used to your service, rain down the enshittification. Fewer regulations and oversight greatly help this endeavor.
u/CreditgenieApp Promoted
Ewwww! So glad I had somewhere else to go after dumping that place!
I wonder how they interact with regulations of the payday loan industry.
Brb, I'm gonna take one of these out and apply to Caleb Hammer
I feel sick, this is revolting
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