Watch John Oliver Explain How Payday Loans Are Awful


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.

On Sunday’s Last Week Tonight, John Oliver made these points and more in a way that will make you eventually run your head into a brick wall because you have no more tears left to shed.

Watch:

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FACT:

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Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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