Showing posts with label predatory loans. Show all posts
Showing posts with label predatory loans. Show all posts

Tuesday, August 12, 2014

John Oliver takes on predatory lending.

This courtesy of Mother Jones:  

Payday lenders are awful, horrible scum who prey on the desperation of the working class. Payday loans are awful, horrible deals wherein a borrower gets a small amount of cash at an exceedingly high interest rate and agrees to pay it back in a short amount of time, typically two weeks. If a borrower can't pay it back then they're hit with an avalanche of fees and end up having to borrow more and then its a vicious cycle all the way down. According to the Center for Responsible Lending, the average borrower ends up paying $1,105 to borrow just $305.

I hate this kind of thing, because it preys on the most vulnerable of us. 

I have had to intervene on behalf of a client in the past, and have also reported disreputable lenders to the Better Business Bureau, and in one case to the police.

Once again John Oliver has hit this out of the park.