Maybe you were lucky to be raised into financial literacy and only circulate around other people who have, and so can only imagine -- with charity -- what other people must be thinking when they take loans.

But others here have been truly naive themselves or have journeyed with intimacy and openness beside a parent, partner, or friend who really just doesn't get it.

The reality is that there are a lot and lots and lots of real people in the real world who sincerelt just don't understand the terms they're agreeing to, how their own finances work, what's plausible in their own financial future (near or long term), etc -- and the companies the design and promote convenience loans know this and they target these people like sharks hunting prey.

They use any and every trick they can get away with to lure these naive people into agreements for which all outcomes (payment or default) favor the shark.

Without regulation of both loan design and presentation, lending naturally become a vehicle usury, vaccuuming assets and opportunity from the many earnet people who will always be too credulous, too trusting, too naive, or too desperate to resist.

Everyone in the demographics most likely to buy these financial products has seen this stuff play out many times by adulthood. They're not stupid or ignorant, or at least not in those ways. They know how it all plays out or how the math maths. They buy these products anyway for human poverty trap incentive to not make good decisions because it won't actually change anything type reasons.

Regulation won't change the fundamental economic reality of those living paycheck to paycheck. It'll just change the form those hardships take.