I've had to take out loans for my business that were at usury rate.
It saved me.
If it wasn't there, if it was regulated out of existence; I'd have gone to a shark. I was not going to let cash flow cause me failing.
Having said that, I'm very happy there was a lender of last resort that won't break my legs. Despite them screwing me in fees.
Honestly, I've never understood people who suffer from legislitis:
They see a population suffering so bad they get desperate and do something bad to get relief from their suffering.
The population that isn't suffering then decides that it's too horrible to watch the population that suffers do desperate bad things to get relief.
So then they decide to: Ban the bad thing people do for relief when they are desperate. All while not ameliorating the suffering that cause the desperate bad relief efforts.
Whether it's drugs, bad lending, prostitution, whatever. If someone is desperate enough to want to get into that, why make it harder? History has shown these consenting adults are going to do it in their private property (despite the horror of those who are well off enough to not feel desperate enough to engage in such situations)
I mean, no where do they seem to be hinting at creating a government agency for lending of last resort. We already basically create money out of thin air. We COULD be lending it out at whatever usury rates, but by the government, and given equally to the whole population maybe? This could create a floor and a large enough competitor to drive the worst offenders out of business. I don't know. Just seems like there could be things done to help people. But the efforts seem focused on restricting people.