Federal legislation of pay day loans is truly a victory for states’ liberties
Why the government must intervene to limit lending that is predatory
Back 2014, through the very very first period of their hit HBO show “Last Week Tonight,” John Oliver took from the loan industry that is payday. Boggled by loans that carried as much as a 1,900 annual percentage rate (APR), Oliver offered up a revised form of the “Lion King” theme song. “It’s the group of debt!” he sang. “And it screws us all.” Oliver explained that the outrages for the cash advance industry couldn’t be stopped because “they are extremely proficient at avoiding legislation.”
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