Last Week Tonight with John Oliver: Predatory Lending (HBO)

Payday loans put a staggering amount of Americans in debt. They prey on the elderly and military service members. They’re awful, and nearly impossible to regulate. We’ve recruited Sarah Silverman to help spread the word about how to avoid falling into their clutches.

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25 thoughts on “Last Week Tonight with John Oliver: Predatory Lending (HBO)

  1. Instead of blaming Payday Loan companys, why not blame our educational
    system and disengaged parents for not teaching money responsibility to
    children.

  2. So, how does American censorship actually work? I mean, this is a show
    designed for adults, right? So, why bleep out the word “motherfucker”? Not
    only do all adults know the word anyway, but it is also written right
    across the screen!

  3. Weird, there are actually payday loans for app developers: Companies that
    will pay out your app revenue without having to wait the month for a check
    from Apple/Google/Amazon.

    Reminded me of this bit by John Oliver…

  4. Despite the horrific economic destruction of Obama and the Democratic
    party, the US still has the world’s highest standards of living. The
    highest disposable income, and the best prospects for reaching the 1% of
    any country.

    Believe it or not a poor American often has an equal standard of living to
    a middle class person in many European countries.

    We got there by respecting human rights, mainly freedom of speech, freedom
    of self defense, and freedom of property.

    The 3rd applies here, you have a right to sell your property(a loan) at
    the price(interest rate) you want. And others have a right to accept or
    refuse to buy it.

    We do not abandon human rights just because some hysterical demagogue with
    a TV show calls for it, regardless of whether you agree with him that the
    business practices of the loan company could be described as predatory.

    I myself as someone involved in the economics field would describe them as
    necessary given the extremely high risk of giving loans to people with no
    collateral to offer. The chances of the debtor showing up to work high,
    getting fired, and becoming homeless (resulting in a total loss for the
    company) are very very high. The high interest rates are needed to make up
    for those losses. 

  5. Hmm… What if I started up a payday loan company that out competed all the
    others by having low interest rates and having even lower set for those who
    use it multiple times? I mean if I started that company nobody would loan
    from anyone else and I would get so many customers that it would pay
    enough! And all the other stupid payday loan companies would either have to
    do the same or perish! That would be so great!

  6. So much for the freedom to be stupid. People should be able to charge
    whatever interest they want so long as the people getting the loan know
    what they’re getting into.

  7. Sarah Silverman’s solution at the end of the video is a joke, in a bad way.
    Even advocating staling.. Seriously HBO?

    It’s fine to criticize pay day loans, but it’s disingenuous to use an
    annual interest rate on a SHORT term loan. It’s like saying “This rental
    car costs $23.000 per year” Or “This hotel room costs $35.000 per year”
    When virtually nobody uses them like that.

    He focuses on people who make multiple loans, but never mentions what the
    percentage of those people who take multiple loans is.

  8. the problem is not with the companies but with the people and culture of
    easy money, if you are foolish and lazy don’t blame when someone fools you.

  9. You gotta give %1900 out there, Mac!
    I know it’s mathematically impossible to go over 100, but you gotta squeeze
    that extra 1800 out there for me, Mac.

  10. in Islam it is completely forbidden to get or give a loan with an interest
    rate ( any interest rate )
    although many people might NOT understand other aspects of Islam or accept
    it as other opinion this one aspect is very interesting even to me although
    i am a Muslim

    simply because it shows that many “financial forces” might not be happy
    with the spread of such idea ( the forbidden of interest loan ) and for
    other reasons .

    it does not have to be about Islam but someone might learn from other
    cultures if at least one aspect of that culture/religion made a perfect
    sense to him/her

    it is also interesting to see that many of these loans can be easily
    avoided by having some emergency money or managing your finance situation
    smart or any other trick i dunno be creative ..

    (( i am not here to discuss Islam , i am just mentioning that thing we have
    in Islam maybe if applied it might protect people in other countries from
    sinking deep in loans when they don’t really have to ))

  11. I personally wouldn’t blame the pay day loan companies. I would blame
    people for irresponsible financial decisions. People don’t save enough
    money, have more kids than they can afford, own more house than they
    should, buy everything they see, go without health insurance, and then
    wonder why they have no money or instantly fall apart the minute an
    unexpected expense pops up.

    Don’t have premarital sex.
    Don’t get divorced.
    Don’t have kids until you can afford them.
    Wait to buy a house until you can put 20% down.
    Don’t buy a house that has a mortgage payment greater than 40% of the total
    income of the lowest earning spouse.
    Don’t use a credit card, use cash.
    Don’t drink.
    Have comprehensive health insurance.
    Have enough money saved to cover 12 months worth of expenses.

    If you follow this advice you wont have crippling financial problems and
    will be ready for any unexpected life problems.

  12. Another simple way to tackle these companies would be to protect people
    from unexpected expenses that force them to take up loans, like introducing
    a public health system like every other first world country has had for
    many many years now.

  13. One thing I found by browsing Glassdoor, which is where employees write
    about their jobs at certain places, is that employees will encourage
    current Payday customers to take out more loans when they come in to pay
    them. I noticed this in Yelp reviews. They don’t even wait for them to
    fall behind, they just offer it up. Waving cash at a poor person…kind of
    unscrupolous. I understand people should save, spend properly, etc., but
    to take every last cent of those who either had a sudden problem or
    otherwise have a hard time is not the answer.

  14. To someone who’s health insurance policy does not cover it, pregnancy can
    be a mighty expensive pastime. And please do not try to exonerate insurance
    companies.

  15. “I’m on team Bella, she doesn’t need a man to define her.” No she needs a
    good writer to define her.

  16. For those that did not pause (insert imaginary start point here):

    1. The customer applies for a short-term loan at an ACE location

    2. The Financial institution (Bank, ACE or SCO) approves the loan
    application

    3. The customer exhausts the cash and does not have the ability to pay*

    4. ACE contacts the customer for payment or offers the option to refinance
    or extend the loan

    5. the customer does not make a payment and the account enters collections

    *This is the point at which Americans probably should question the
    existence of this ‘service’.

  17. Saw some of these lenders in the UK advertised with >4000%. Seriously don’t
    think it should be allowed.

  18. This kind of stuff is illegal in many country and there is no “loop hole”
    because judge can recognize a payday loan when they see one, even if they
    didn’t “register” as a payday loan institution.

  19. It’s easy to get trapped with these companies! When my kids were still all
    living at home my wife and I made the mistake of taking out one of these
    loans and when it came due, because of a unexpected car repair, we didn’t
    have enough to repay it so we went to another payday lending company and
    took out a loan to pay off the first one and then we got stuck with going
    to the 2 companies, each one every 2 weeks, to pay the other with,
    basically robbing Peter to pay Paul! We were stuck doing this for several
    months until NC outlawed payday lenders at which time both companies
    offered us a very good settlement because they were about to close their
    respective businesses. Be careful folks! It’s very easy to get trapped with
    these companies! 

  20. Stuff Islam. We know full well the scumbags that poison the values of the
    West, but cannot control them because of ”PC ”Human Rights’, Feminism and
    the handcuffs that men must wear to keep women happy. But to stick to the
    point, private loan sharks should be banned as repugnant parasites. Why
    are we such weak-gutted prats., sucking up to egos and vanities. Allowing
    so much exploitation of of the weak?.

  21. Why on earth did they bleep Sarah saying “motherfuckers?” They had it on
    screen in bold letters!

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