05 jan Opinion: John Oliver skewers payday lenders. Now, what you should do about their clients?
HBO’s John Oliver switched their humor-laced outrage on payday loan providers Sunday, keeping them, celebrity pitchman Montel Williams and their legislative allies up for a few ridicule that is well-deserved.
Citing a research that discovered 75% of payday advances were applied for by those who had a need to take down another loan before their very first one was paid back, Oliver said, “Basically, pay day loans would be the Lays casino chips of finance. You can’t have only one, and they’re terrible for you personally.”
The dilemma that is central policymakers, though, is payday advances are wildly popular regardless of their egregious terms. Professionals of payday businesses have actually cited that popularity over and over repeatedly in Sacramento as they’ve sought to loosen the state’s limitations on their products or services.