Coupang's been playing loan shark too
Man, I want to stop hearing news about them, but the more you dig, the more shit comes out. To summarize: They pay the sellers on their platform the money they're owed a full month or two late. This obviously chokes the sellers' cash flow, so Coupang 'lends' them money at a crazy high interest rate of 18.9%. But they aren't actually 'lending' it; they just deduct it from the settlement money they already owe the seller. Not only does it exceed legal limits, but it's a risk-free way to move money since there's zero chance of default. Where do you even find crazy bastards like this? damn...
"Users are absolutely livid over Coupang's 'loan shark' tactics, where they delay payments to sellers only to lend that same money back at predatory interest rates. People are calling them a gangster-like corporation and pointing out the irony of being charged interest on your own money."
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