Federal regulation of payday advances is really a victory for states’ rights

Federal regulation of payday advances is really a victory for states’ rights

Back 2014, throughout the very very very first period of his hit HBO show “Last Week Tonight,” John Oliver took regarding the payday loan industry. Boggled by loans that carried as much as a 1,900 percentage that is annual (APR), Oliver offered up a revised form of the “Lion King” theme track. “It’s the circle of financial obligation!” he sang. “And it screws us all.” Oliver explained that the outrages of this loan that is payday couldn’t be stopped because “they are incredibly great at avoiding legislation.”

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