Fintech, Adoption & 23% Interest

Always on the lookout for material for my classes, the headline of Hannah Levitt's article in the Wall Street Journal (July 3, 2018) caught my eye:

Personal Loans Surge to a Record High

The article was about fintech, newer players on the consumer lending scene.  Established entities like Goldman Sachs have entered the market along with startups.  What got me though was the lead:

"Heather Turner and her husband needed a few thousand dollars to jump-start the adoption of a teenager from Ukraine.

"The Turners, of Lewiston, Maine, needed a speedy loan and didn’t want to borrow against their house or car. Heather Turner said LendingClub arranged a 3-year loan for less than $10,000 last October at an interest rate around 23 percent -- similar to that of a credit card. Most notably, the loan is unsecured."

TWENTY-THREE bleeping percent!

A whole load of unanswerable questions popped into my mind, not the least of which was the 23%.  Doesn't that border on usury?  What was the need for speed?  What was the time pressure on adoption?  Was the kid on sale?  If the Ukrainian government was set to impose restrictions that fact wasn't in the article.

I understand the compassionate urge, but going into debt?  I didn't have the nerve to try to contact them to find out why, but then there's the internet and a gofundme page to supply the answers.