I occasionally watch an American YouTuber married to a Chinese man, living in china, and they can’t afford a car (my observation, she claims they don’t need one). They have recently upgraded to a bigger electric scooter as their family car.
You have a point, but originally interest was both compensation for the lander for offering you the loan, and a way to mitigate risk in case you fail to pay. Without interest, why would anyone lend a random stranger some money? Interest is basically the only things that props up an unsecured loan.
I occasionally watch an American YouTuber married to a Chinese man, living in china, and they can’t afford a car (my observation, she claims they don’t need one). They have recently upgraded to a bigger electric scooter as their family car.