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Most loans on r/borrow charge very high interest rates—usually between 10 and 25 percent, to be paid back over weeks or months.Per data collected by one r/borrow user, the subreddit facilitated 3,473 loans totaling over 0,000 in 2015.But one reason why r/borrow’s loans come with such high interest rates—which in turn explain why users like Kevin can profit so handsomely—is that the subreddit has no legally binding enforcement mechanism.

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(Payday loans are not equal-opportunity debt traps, either: “There is some evidence that lenders have concentrated themselves in communities of color,” said Joe Valenti, the director of consumer finance for the Center for American Progress.) But after deciding against that option, and against the embarrassment of asking his father, O’Dell ultimately opted for the comfortable distance of a Reddit loan.

Of the roughly 60 percent of loan requests that are funded, 70 percent are repaid.

By comparison, a 2015 study by the Center for Responsible Lending found that 46 percent of payday-loan borrowers default within two years of their first loan.

Relatively speaking, these aren’t huge numbers—the consumer-credit market handles trillions of dollars each year—but they do highlight the ways in which traditional lending options can fail to give some people what they need.

“It’s not surprising that borrowers are looking for alternative ways of getting access to credit,” says Paul Leonard, the former director of the California office of the Center for Responsible Lending.

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