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John Oliver Explains How Payday Loans Will Keep 🤬 You Forever

Young_Chitlin
Young_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force GeneralASUville, PhoenixMembers Posts: 23,852 ✭✭✭✭✭
By: Jay Hathaway

Payday loan companies screw customers with annual interest rates as high as 1900%, and base their entire business model on the fact that desperate debtors will never be able to pay them back. On the latest Last Week Tonight, John Oliver explained all the ways they're 🤬 you, in uncomfortable detail.

Oliver dug up a diagram of the process from one company's training manual, and it's literally a circle, building in the expectation that customers can't escape the cycle of taking out more loans.

And that's when these places are following the law. It only gets worse when you factor in swindling servicemembers, exploiting Indian tribes, and lobbying to 🤬 any legislation that would shut them down.

If you had any hope that legislators or judges could whack these moles, just wait until you hear what happened in Ohio.

When humanity is finally wiped out in a nuclear armageddon, the only things left will be cockroaches and payday loan places. And the cockroaches will never get out of debt.

Comments

  • Ghostdenithegawd
    Ghostdenithegawd Up from da 36 chambers HarlemMembers Posts: 16,231 ✭✭✭✭✭
    Lml dam , u have ti be a idiot to take that 🤬 anyway
  • Rubato Garcia
    Rubato Garcia Members Posts: 4,912 ✭✭✭✭✭
    Lol don't know if that clip includes the Sarah Silverman bit but her part was hilarious.
  • banginscrew901
    banginscrew901 Guests, Members, Writer, Content Producer Posts: 7,148 ✭✭✭✭✭
    On b.e.t. They use to run the Indian loan company and the rate to pay back was crazy as hell, like you'll end up taking a loan out just to pay that one off.

    They aired them a lot when Bernie mac was on in the morning

    Those title loan places the devil to.
  • illcandidate
    illcandidate Charlotte, NCMembers Posts: 319 ✭✭✭
    Taking advantage of desperate individuals in desperate situations who believe they have to take desperate actions and have no knowledge of other possible options. The American Way
  • YC11
    YC11 Members Posts: 891 ✭✭✭✭
    Have you guys seen how these people live and act? People are responsible for their own actions too. Baby mamas, baby daddies, dodging child supports, dodging bills, running out on rents, running out on family, borrowing money from friends, family, and to top it off, that's when payday loans come in as well.

    So many of these people never pay them back anyway, I would say it's more like dog eat dog, it's ugly on both sides. These people borrowing money from these places aren't saints. Drug addicts, lazy bums, young kids with multiple kids, not the brightest out there obviously either. They are asking for trouble.
  • BamBamMr7Gram
    BamBamMr7Gram appreciate the whore bath Members Posts: 329 ✭✭✭✭
    On b.e.t. They use to run the Indian loan company and the rate to pay back was crazy as hell, like you'll end up taking a loan out just to pay that one off.

    They aired them a lot when Bernie mac was on in the morning

    Those title loan places the devil to.

    Yeah I remember ol girl the interest was almost 100% on a 10000 loan


    And she was a fake looking Indian that could get the pipe
  • Paprika
    Paprika Members Posts: 2,475 ✭✭✭✭✭
    YC11 wrote: »
    Have you guys seen how these people live and act? People are responsible for their own actions too. Baby mamas, baby daddies, dodging child supports, dodging bills, running out on rents, running out on family, borrowing money from friends, family, and to top it off, that's when payday loans come in as well.

    So many of these people never pay them back anyway, I would say it's more like dog eat dog, it's ugly on both sides. These people borrowing money from these places aren't saints. Drug addicts, lazy bums, young kids with multiple kids, not the brightest out there obviously either. They are asking for trouble.

    Yep, there's no penance once you mess up on these loans. Trying to fix your credit after defaulting on the loans is hell.
  • Bcotton5
    Bcotton5 Members Posts: 51,851 ✭✭✭✭✭
    lol who is dumb enough to take one of these?
  • Young_Chitlin
    Young_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force General ASUville, PhoenixMembers Posts: 23,852 ✭✭✭✭✭
    Bcotton5 wrote: »
    lol who is dumb enough to take one of these?

    Bro I almost did.. My situation was that dire
  • CottonCitySlim
    CottonCitySlim Members Posts: 7,063 ✭✭✭✭✭
    these arent that bad IF you pay them back right away or across two paychecks. its the people who take on more than they can chew is who they are betting on getting one