Everyone by now should be well aware of the mix of necessity and usury associated with the payday lending industry.
And, they should also be aware of the feeble attempts to regulate it.
Comedian John Oliver on HBO’s Last Week Tonight, tore apart the industry in the below news segment.
In the clip, he cites examples of interest rates exceeding 1900% in some cases. Yes, you heard that correctly, to which Oliver replies:
“Even the most demanding, abusive football coach only ask for 110%,” he said.
Of course, the real problem with payday loan is it looks the borrower in a never-ending cycle of debt, or so it must feel for the borrower.
The Consumer Financial Protection Bureau presented this graph to show how one payday lender ACE Cash Expresslooks to capitalize on keeping borrowers in a circle of debt.
“Basically, payday loans are the Lay’s potato…
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