As someone who has worked a bit in lending (many many years ago), there is diminishing returns to bad loans. No one is sending people to “break knees” over BNPL loans, they charge so many fees just to cover the defaults. There is no real “grey market” to sell these bad loans to (at least for now). They harass and threaten a whole lot, but really don’t do much (due to cost not morals). At the point people are taking payday loans out to buy food, you have got to the point of trying to squeeze blood out of a stone.
As someone who has worked a bit in lending (many many years ago), there is diminishing returns to bad loans. No one is sending people to “break knees” over BNPL loans, they charge so many fees just to cover the defaults. There is no real “grey market” to sell these bad loans to (at least for now). They harass and threaten a whole lot, but really don’t do much (due to cost not morals). At the point people are taking payday loans out to buy food, you have got to the point of trying to squeeze blood out of a stone.