"You agreed to it!" Which doesn't in an any way answer the question, but appears to be the default response to "why are predatory loans like this even allowed to exist in the first place?"

Have you considered becoming an internet star? I hear they make good money and all you need is a camera and a YouTube channel to become an influencer.

Just don't be poor

I was gonna mention the last time I think you asked this. I take it you aren't stateside.

First it becomes insolvent, then after a while it longer it goes into default. This is when it gets sent to a collection agency(and it will pass from one agency to another because the get sick of sending you letters and calling you 17,458 times a month.) All this time it will still accrue interest at like 9%. After they get sick of trying to collect, the gov can get involved and withhold our tax returns or garnish our wages.

To put that interest into perspective, I have the ability to pay a monthly amount based on my wages. Before the pandemic, when I was able to pay, the amount was so low and the interest was so high that I wasn't able to pay more than what I was accruing.