A new proposed rule that would ever so slightly curb the excesses of the payday loan industry is an exciting thing: the government, which represents us, acting against awful exploitative money vampires. The system works, a little bit!
It would be illegal to open a shady lending company charging poor people 700% interest on loans—unless you lived on certain Indian reservations. In that case, respectable investors would be knocking down your door.
New York prosecutors have filed usury charges against a dozen payday loan companies offering interest rates "between 350 and 650 percent." The payday loan industry is run exclusively by bad people who will go to hell.
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 fucking you, in uncomfortable detail.
