My main problem with this model is the APRs are terrible. People don’t care if the loan is collateralized or not. People want the best rates.

Businesses like these have a failing business model in a fiat world. This dude could of gotten a 0% loan from a credit card company and paid a 4% flat fee on the loan origination amount. With a 12-18 grace period. And put up zero capital.

I’m sorry but people who have easy access to credit will never use these products until the rates are competitive with fiat options.