Max Levchin

But structurally, we're well prepared for any kind of economic bumps and so not worried.

But both eyes on the dashboards all the time.

Look, I think there are definitely people who max out their credit card and go to the next thing.

They'll give them a loan.

Reality is a firm will not.

We monitor credit usage across all instruments because these are all reportable to various credit reporting agencies, the big three and a handful of others.

And if you are maxed out, if you're overextended, not even maxed out, but we feel that your debt to income is too high, the answer is going to be no.

And unlike credit cards, we wouldn't just say, sorry,

or worse yet, keep spending, we'll deal with later because all you have to do is minimum payments, will actually tell you, look, the reality is this is too much.

You're overextended.

Please reconsider this transaction.

And we'll make it constructive by saying, hey, you can make a larger down payment.

We're happy to extend you a $500 loan if you need a $1,000 thing, but you'll have to save up the first $500.

So I would argue our approach to it inherently motivates us to do a good job telling people, hey, you're going too far.

Don't borrow.

That said, in general, I think there's a real tension.

This gets philosophical quickly, so I'll try to get in and get out.

There's credit and there's debt.

And this country is built on credit.

And anybody who says otherwise is fooling themselves or trying to be an American.