Earlier quoted context omitted.
Cool! Slave labor and/or illegal minimum wage violations. Sounds like a great company. Only an asshole company would do this to a future employee. And only an asshole would allow themselves to be exploited like this. Guys: work on contract. Get paid. Your lack of self-esteem affects everyone else in the workforce trying to earn a living. Don’t sell yourself--or your peers--short.
Anyone wants to get paid, but not everyone has the chance at the very beginning.
1) They can't afford to, so probably aren't a very successful business.
2) They want to keep out the people who literally could not afford to live under this arrangement. (Disproportionately non-white, female, etc.).
3) You'll be of even less value to them than the minimum wage (so probably wouldn't be doing anything worthwhile/educational).
Don't take an unpaid internship, even if you can afford it. It perpetuates a terrible idea.