John Oliver skewers payday lenders. Now, what direction to go about their clients?

John Oliver skewers payday lenders. Now, what direction to go about their clients?

HBO’s John Oliver turned their humor-laced outrage on payday loan providers Sunday, keeping them, celebrity pitchman Montel Williams and their legislative allies up for many ridicule that is well-deserved.

Citing a research that discovered 75% of payday loans had been removed by individuals who had a need to just take down another loan before their very first one ended up being repaid, Oliver said, “Basically, payday advances will be the Lays poker chips of finance. You can’t have just one single, and they are terrible for your needs.”

The dilemma that is central policymakers, though, is the fact that payday advances are wildly popular regardless of their egregious terms. Continue reading “John Oliver skewers payday lenders. Now, what direction to go about their clients?”