So Ive seen quite a bit of whining about interest rates in the USA on here and other places
source
Yes I know its not great or whatever but I wanted tot make a quick moment to give everyone a tiny bit of perspective what that real world comparison to the "shitholes" we joke about so often
Id like to introduce you all to Nigeria, the most populous country in all of Africa and only 100 million less people than us.
What pray tell is there national interest rate? get an absurd number in your head, this is a country with over 200 MILLION people, what does the government charge on their OWN loans?
But thats not even close to the best part, the reason I fell down this rabbit hole in the first place is I found this absurdly sketchy mobile loan app called
PalmCredit (thats a link to their google playstore page, Id be careful going to the actual website, likely scrapes info like you wouldent believe)
Im sure plenty of you are asking why ANY of this matters, stick with me, im going to make it all make sense
So if the state is charging nearly 30% APR what is a shady mobile "micro-loan" app offer? When I tell you its bad enough to make an orthodox Jew blush Im not kidding

50% APR, once again still not the best (or most egregious part) Check out what is tucked away in the "extra info"

1.2% DAILY COMPOUND INTEREST, for those of you unaware compound intrest is one of THE most powerful forces in the know universe. $100 at 1.2% daily compound interest yields over $6,000 in 1 year.
Keep in mind this is all for a currency where half a million of their shitbux(Naira) translate to about 300 USD
Computer how much US aid does Nigeria receive yearly?
I just take this very long walk to explain why our cutting of foreign aid isent some travesty, its stoping these countries being able to take advantage of their own people for pennies
Honestly have to share just one more video I found in all this
PalmCredit DOES NOT play games with people who dont pay up, watch this little nog get litteraly picked up and put in the back of a van by BRANDED employees over what is likely less than 100 USD difference