Predatory Lending: Last Week Tonight with John Oliver (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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[@pillowcaselaw]

I think "The Cash Fairy" is a perfect name for a loan shark's enforcer. He takes your cash and leaves your teeth on your pillow.

[@heyitsbillyz]

That's the funniest shit I've read all week, and only 12 "likes" does not do this comment justice.

[@user-ix4nq9yz8k]

XD

[@deathpyre42]

This comment made my fae.

[@chriskoob]

as long as it's not a hold tooth

[@roberts.3055]

He's up to 395 now. :)

[@jumpingbeans9494]

"It's the circle of debt.. And it screws us allllll..." This is now a million times funnier now that we know he's cast as Zazu in the Lion King remake. XD

[@Kevin51611]

😂😂😂😂

[@RollingShutter]

Yes, it is !!!!!!

[@sajidkhanvlog6784]

Jezebel Zheng 9065923268 pytam

[@LIITEMIES]

@@sajidkhanvlog6784 wtf?

[@LIITEMIES]

and i will scerw all kwik kash you k wants to be assh.

[@orangeapples]

I ended up in this when I was working minimum wage part time. I made $600. And was borrowing $200 every 2 weeks after I made a $230 payment. I was renting a room for $300 a month. I had to figure out how to survive on $70 to get to work, pay for a cell phone bill and feed myself. I ended up terminating my room contract, paying off the loan and went homeless. That was one of the worst places to be: constantly in debt and having to choose between doing laundry or eating food granted laundry wasn't an everyday thing. Luckily I could sleep in my car. So I wasn't technically homeless. Didn't have AC which sucked. I got better.

[@PhiLiP-vd3dq]

Damn that really sucks bro

[@Harley717]

How are you doing now?

[@deathpyre42]

You doing better now?

[@vicky248123]

I hope you have a lot of good fortune after dealing with all that

[@orangeapples]

Yeah. I was broke, not poor. I was fortunate enough that I had options. I am now in a place where I can laugh about the days were I couldn't afford $300. I can laugh, but I don't forget.

[@talyahr3302]

Before using a service, always ask yourself "How do they make money from me using their service?".

[@grfrjiglstan]

NPR just did a story on payday loans, and they quoted this video. Nice to see the impact you're having on the world!

[@RifleDeadeye]

Saladdin national public radio

[@williamyoung9401]

Amazing how it's four years later, and it's only gotten worse... You know... can't have those "job killing" regulations...

[@musicinc.1137]

"Ebola looks at that growth rate and says 'Wow that's impressive'." In 2020, Corona laughs

[@Cloiss_]

It's actually amazing how many KZbin comment sections I've sorted by new to see the obligatory corona-related comments.

[@asitas]

@@Cloiss_ mine aren't even sorted by new but this was still the top comment

[@Iamnotabug]

Ebola doesn’t even spread THAT rapidly. Majority of the strains are fluid transmission, which means direct physical contact with a mucus membrane to get infected. In developed countries you’re unlikely to see it spread because of good sanitation practices. In less developed ones it’s a different story.

[@DoctorWhoKage]

I was just about to comment this. 😂

[@Daphneyd]

LOLOLOLOL. Good one !

[@12345663484]

John Oliver sings a parody of the circle of life, and 3 years later, he gets cast in the lion king. Coincidence, you tell me.

[@FallenOne669]

"I think NOT!"

[@johncaiwa]

That's the definition of coincidence.

[@CaptWesStarwind]

To be fair, he has looked like Zazu for a very long time now.

[@gamingman2720]

Capt'Wes Starwind sad Zazu’s mildly interesting explain train

[@CaptWesStarwind]

@@gamingman2720 lol I do love the names he comes up with for his show.

[@Astraeus..]

Fast forward to 2019, the director of the Consumer Finance Protection Bureau went before Congress not too long ago; when asked about the difference between interest rate and APR she didn't really have a clear answer. Then when given a simple scenario for a short term loan and asked to calculate the APR, she went off with some silly talking point rather than just doing the calculation (she was even offered a calculator, lol). When the person responsible for a particular section of government demonstrates a significant lack of knowledge or inclination to actually learn, the prospects for the future seem incredibly depressing.

[@EverydayDM]

4

[@pamelaporter4750]

And that woman was appointed by _____ and confirmed, probably (or hopefully) along party lines.

[@pamelaporter4750]

And that woman was appointed by _____ and confirmed, probably (or hopefully) along party lines.

[@apw9929]

It makes a lot more sense when you realize Kraninger was appointed to dismantle the CFPB not operate it

[@mudPuddlePanda]

Link?

[@nilesrock024]

The amount of laughs this show generates comparative to the degree of empty, hollowed out, hopelessness it leaves me feeling is... well, its fucking impressive.

[@Montesama314]

I remember saying that the Jon Oliver segment on Net Neutrality was hilarious, but I also had this reaction that just went, "Damn, the plan against this is pretty fricking egregious."

[@jameswray50]

You know what's sad? That the only places on TV in the US where legitimate issues are discussed is on a comedy show.

[@MrPiccoloku]

DaCamponTwee Somehow, I now trust comedians more than serious pundits. I don't know why I would be so stupid as to- *fox news plays in the background* oh.

[@Geraduss]

DaCamponTwee Or just watch alternative media.. I would recomend the AlexJones show but its so far out on what they report, and if you can look pass some of their issues it can be quite informative, least they are on the topic from an honest angle.

[@gigabic7487]

Alex jones is special. I saw their YT channel with a video titled "666 is coming," so.... I wouldn't trust them.

[@ZhangtheGreat]

DaCamponTwee And the only trustworthy newspaper is The Onion.

[@DrTechnoNightmare]

+ZhangtheGreat Well... to be fair the only reason you can trust the onion is because you can always be 100% sure if something is true on there.

[@proggaming5314]

That Ebola joke hits different now

[@Cloiss_]

It's actually amazing how many KZbin comment sections I've sorted by new to see the obligatory corona-related comments.

[@charlieputzel7735]

Just about every Ebola joke hits different now.

[@Collin1215]

Laughing in covid-19

[@blipmachine]

This Corona joke hits differently now.

[@immortalsun]

​@@blipmachine This comment about a corona joke hitting differently now hits differently now.

[@kellercorrield7733]

Hey John I just want to say that in 2014 when this came out i was in my econ class in high school and with segment got me some extra credit. Thanks for helping me pass

[@Anghellik9]

That Texas debate was the greatest part of the piece. "Do you know the meaning of the term "Conflict of interest"?"

[@gou0630]

no they dont lol, when rick perry started to ban abortion clinics because, "he respected the sanctity of life" the only abortion clinics left was *drum roll..... his SISTER's clinics! that charged from to $2, 000 for an abortion!! thats how much pro life they are ;), so why would be any different with any other business?

[@AW-nz4gl]

@@gou0630 Got a source on this?

[@gou0630]

@@AW-nz4gl The proposal states that clinics providing this service have to be like hospitals and if you google Texas Ambulatory center you will see that MILLA PERRY is the chairman of it, is like a really convenient coincidence. Closing small clinics making her clinic the only one in miles🤔

[@theblindprogrammer]

The phrase is both insulting and accusotary at the same time.

[@AshHanna]

at the 9:09 mark, dude whistles, hilarious...dunno why, but that cracked me up

[@clyax113]

Ash Hanna Aye, me too. They should hire a person, or set it up like jury duty, where a person has to make smart comments aloud during a debate over any act, bill, etc. just for the purpose of making it entertaining. We could argue that we need the slight stupidity and crudeness to get the American people interested so they'll do it, and then volunteer on our off time whenever we get board (not saying we don't have more important or productive things to do, just interesting thinking. Also, I will not debate this, just trying to have fun with it). Anything cool I missed?

[@ArielGTAcS]

Ash Hanna First, I laughed, then, by the end of the video, I went to check on the comments, found yours, and laughed more. This is awesome.

[@MrPiccoloku]

clyax113 That's actually fucking brilliant. WHY ARE YOU NOT FAMOUS!?

[@clyax113]

Sir Fur Yet..... *wink* -_^

[@luislaurencio]

my parents were on this shit until i started working and helped them to get out of this shit

[@zohraatash7453]

You are a good son!

[@xiv1496]

Glad to hear that you bailed out your old pals. many dudes wouldn't do that shit.

[@10350radu]

+Azeus XIV ghccswssatg v

[@FishFreddy]

+luis laurencio Why is your government allowing this? Because it provides a very short term financial solution but them becomes financially unethical. It is praying on the financial desperate but destroys those same people when they came. This kind of construction isn't allowed here because it is unethical economical bullshit. Exploiting people who are desperate. That is just horrible.

[@luislaurencio]

FreddyFish because here in usa there is a free market which is good, but then bad people use it as a way to make more money, its not the government fault, its the greed of the rich people

[@SigmentKurosai]

5:27 is, of course, the moment that got John his role as Zazu.

[@factsabouturmum9250]

Whenever I see a celebrity working as a spokesman for a lending agency I automatically assume that they spent all their celebrity money, took out loans, and are working for the agency to pay them back. It probably isn't true, I know, but I'm still going to believe it, because it's funny.

[@Onigirli]

Love it! lol

[@crazytosh1]

That circle is something you'd use to explain the term "vicious circle" to someone.

[@Minecraftiscewl]

+crazytosh *cycle? vicious cycle?

[@crazytosh1]

Minecraftiscewl I don't think the difference is relevant, but sure.

[@sakinakins]

+crazytosh I think it is relevant. Cycle is a more universal term and easier to understand. When you said cycle, most people would probably be like "A vicious shape"

[@crazytosh1]

en.wikipedia.org/wiki/Virtuous_circle_and_vicious_circle

[@supafly0345]

+Sakinah Ibisomi i think that time you meant circle

[@Amaror2]

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.

[@Randompotatoes-qs7bm]

Old comment but I want to remind people you can negotiate medical bills! You can apply for financial hardship with the hospital and often your bill will be massively reduced or forgiven. If not you can also get on a payment play of $5 a month or something. Point is: you have some say in this!

[@Amaror2]

@@Randompotatoes-qs7bm I am not from america, I don't need advice like this. I can go to a Hospital right now and the charge will be zero. The fact that payment plans or financial hardship applications are something that is needed in your healthcare system is just a sign of how broken it is.

[@HuseinRaja]

@@Randompotatoes-qs7bm The fact that you think this is an acceptable solution proves how broken the USA healthcare system is

[@SugarandSarcasm]

@@Randompotatoes-qs7bmI don’t really see the point of charging people so much only for it to be forgiven. That just seems like a waste of paper

[@antanis]

To sugarandsarcasms question, the reason the bills are structured the way they are is insurance. The contracts the hospitals have with insurance companies require the initial billing to exactly match what they would give the insurance company. It's not actually what the insurance company pays anyway, but when it's structured that way, the hospital can take the difference and claim it as a loss on thier taxes. As to the others, as much as our system is extremely broken, and it is, just saying that it's broken doesn't help the people who are in need of that psa. Negotiating your bills down is a valuable tool for the people our broken system impacts the most.

[@outistynnanyt5153]

Two new phrases from this episode: “I call Dingo” and “Where one mole falls, another shall rise”

[@taylorcarson8893]

Bella isn't even on Team Bella.

[@JoshSweetvale]

All the more reason.

[@crescentmom]

+Taylor Carson The author published a pretty much genderbended version of Twilight called Life and Death.

[@taylorcarson8893]

I know. I haven't read it.

[@imveryangryitsnotbutter]

+Taylor Carson I was gonna say, I'm pretty sure Bella _does_ need a man to define her. Or just any human being in general.

[@TheSilverPhoenix100]

+Taylor Carson Im on team fireplace...best place for those books

[@TwinkieDevils]

And that's why I borrow from the Italian mafia

[@paulrramirez]

The Italian Mafia will treat you with more dignity and respect. I wouldn't wipe my ass with the scum that operate payday loans for fear that I would contaminate my ass.

[@JenniNoMercy]

Yeah.....BTW, Tony REAAAAALLY wants his money back. You got 48 hours. After that? Well.... You'll be getting a visit from the Cash Fairy

[@bobjoe109]

Probably get better rates

[@kristopherbarker3282]

BTW, where's my money.

[@apparentsymmetry]

Love going through these old videos - John Oliver is a national treasure!

[@Disgruntled_Fork]

I was stationed in Norfolk, VA eons ago when I was in the Navy. There were so many payday loan locations down there, and they'd become such a huge problem, that sailors were banned from going in them.

[@RasenRendanX]

that is probably the greatest ad i have ever seen in my life.

[@agp11001]

+RasenRendan X Have you seen the masterpiece that is the ad for Jesus Christ Bail Bonds?

[@RasenRendanX]

Mr. Pilgrim imma look that up since u suggested it lol

[@kght222]

indeed, "payday loans" are just legalized loan sharks. if the industry were regulated and cleaned up it might have a place, but as it stands it is designed to essentially enslave the "customer". (and customer is in quotes because it is backwards industry, the customer is the product and the investors are the customer)

[@faviocastellanos8753]

O.O never thought of it the way very good point sir

[@rurutuM]

if you can't beat them, join them. start your own loan shark company

[@kght222]

rurutu M i need investors to start with, and for that i need to be rich. it is a comedic conundrum, to get money i need to have the money to do it in the first place. gotta love banking.

[@dangerouslytalented]

actually, the investors are liable to be ripped off too. If the managers of the payday lenders are going to rip off their customers, they are probably going to work out ways to rip off investors too, for example, charging the investors every single time the victims... er customers go bankrupt, as well as packaging a whole bunch of bad loans as dirivatives, and taking all the best loans for themselves. These conmen are experts on ripping EVERYBODY off.

[@mikenicoletti4251]

dangerouslytalented That's not typically the way it works. They are working FOR the investors, you don't keep investors happy, investors pull out. It's only the people at the bottom, in this case the customers, who are at risk.

[@roamingmillennial2200]

I live in Arizona and had to take out a payday loan to avoid becoming homeless after losing my job. I took out a title loan on my car for 1500 and intended to pay it back after two weeks when I knew I would have some money again... I ended up paying out 5000 after everything was said and done. These companies should be illegal and although it was my choice to take out that loan I wish to God I had the better sense at the time to not have done it!

[@chengliu872]

Eli and Jamie C: Then what would happen to people like you? Without that payday loan you could have become homeless.

[@alexanderlenox4329]

Cheng Liu They would become homeless with the loan.

[@M60A3]

I don’t want to be mean and I have never been in your shoes but given the situation you were in, was it really your choice

[@adamroberts9243]

14:04 I would be legitimately afraid of any thug that called themselves "The Cash Fairy"

[@carultch]

Unlike the tooth fairy who pays you for your naturally shed tooth, the cash fairy takes your money by threatening to bash your teeth out of your mouth.

[@Amethyst_Spark]

John Oliver: Analogy King

[@abelcheng2073]

Amethyst Spark just add an r somewhere...

[@bluegum6438]

John Oliver: Analogy Kring

[@sniddee]

John Oliver: one of the sanest men on the Internet.

[@LadyEmaSkye]

Lol

[@firefox7025]

+Nico Martinez Your right he does look like a parrot... ;)

[@0Clewi0]

lol That will never leave him, I have also throw it here and there.

[@twudotJam]

Planet*

[@TheRedRaccoonDog]

Universe.

[@bernardobiritiki]

jesus not even the Mob has 1900% interest rates!

[@bernardobiritiki]

just shows capitalism at its finest

[@xXJeReMiAhXx99]

+bernardobiritiki capitalism only works amazingly if everyone is smart and informed

[@nagasadow637]

+xXJeReMiAhXx99 It only works with strict and honest oversight. Otherwise big companies would shit on whoever they want without any consequences. ( kind of like they do right now.

[@xXJeReMiAhXx99]

+Naga Sadow like I said if everyone was smart and informed it would work and by work I mean these terrible companies would crash and burn in bankruptcy. the strict and honest oversight is unfortunately needed to make up for people's mistakes and lack of foresight.

[@xXJeReMiAhXx99]

+isphus I'd hesitate to call such a huge portion of the population total retards, even though I pretty much agree.

[@truthhurts3524]

“It’s like Dorothy having the power to go home the whole time” 😂😂😂

[@faolan1686]

"I'm on team Bella, she doesn't need a man to define her." No she needs a good writer to define her.

[@themousemage]

I can't help feeling kinder towards those books after reading the horror of Fifty Shades. THOSE are the *worst* books I've ever read. I didn't even know books could *be* that bad. At least the Volturi were sorta cool.

[@nyxthevampire2826]

Fifty shades of grey started off as twilight fanfic

[@leilanidru7506]

faolan1686 that’s fucking hilarious😆😂

[@spongeintheshoe]

@@themousemage Have you read the Turner Diaries?

[@markHolmes81274]

If you read the books, Bella's entire existence revolves around a man ..a sparkly, moody, man...but a man...I guess.

[@toby1248]

they go as high as 2700% APR here in the UK. Absolutely disgusting.

[@jonathantan2469]

Is that before or after regulation? Or did regulation not make any difference?

[@iamamazing1885]

Saw an add for Wonga that was over 3000% - obviously written pretty small at the bottom of the advert

[@lefthanded5473]

Holy flip!

[@andrewhailstorm4081]

iamamazing Those old people lied to us. They LIED!!!

[@prettyhatemachine8887]

Even the worst grey market loan sharks only take 10% interest a month, a certain percentage for each missed payment and if you miss a payment and don't pay the percentage of that missed payment, next missed payment percentage could climb by an additional percentage that usually won't pile above a certain percentage of monthly penalty. So even if you take a loan for one year with the worst penalty agreement out there, and you missed half of your payments which you didn't pay the interest on to stop your penalty interest from piling up, in that case your penalty could only triple itself, so instead of the 120% interest rate over one year, your total rate could only climb up to 240% over 18 months. That is far less than the best payday loan you could find anywhere in the US and the UK combined! Even in the past when some loan sharks would ask for a 30% interest a month, that's still not as bad as 2700% APR.

[@AlexDeLarge1]

This predicted the future. He sang the Circle of Debt song, and now he's Zazu in The Lion King.

[@myquest666420]

Alex Delarge hahaha is he really Zazu?? Because that might be the greatest casting decision ever made. He IS Zazu.

[@AlexDeLarge1]

mike west He’s the best part of the new Lion King, sadly.

[@gateoflion]

this should be required viewing for every American

[@mike111615]

Please make this available in the UK.

[@vonking8596]

It will be after it goes out on sky Atlantic on tuesday

[@mike111615]

von king Has it always been on Sky Atlantic?

[@vonking8596]

I think so.

[@mike111615]

von king Thanks

[@ubitubee]

what do you mean? payday loans are available in the uk too

[@RyanMartinez]

110%: "Hit him in the mouth, Billy! Hit him in the mouth!" 1600%: "Genocide, Billy! Genocide is the only option!" **coach turns into Satan**

[@gigabic7487]

a giant robot hitler-satan

[@houndsfan54]

Ryan Martinez Oh, looks like someone found the genocide button in EU4.

[@lordlucius1341]

DRINK THEIR BLOOD FOR STRENGTH

[@DominusTheOne]

Actually Satan never commited genocide.Someone else though acording to the crhistian fairy tale did.His name started with G I think..

[@lordlucius1341]

mhm izme yea it's the reason why friends hate me when I start talking about them 😂

[@216marketing9]

When that one guy was speaking and someone whistled like a bomb was dropping was so funny.

[@mechengr1731]

It was a good burn. But then she sold out

[@PerovNigma]

I admire the guy who whistled in the background during the court case (assuming they were in the courtroom, not the studio).

[@olibrindy5121]

They were, look a the guy with the moustache behind in the shot.

[@ernie5144]

can you please make the Anything Else video by it self so we spread that shit like wildfire

[@ScottJonesy]

This

[@jesperjohansson6959]

[@NikkexD]

You can direct link to when that part starts. Just right click and copy at current time.

[@jesperjohansson6959]

Not a fan of Google+ Sending a sepcific part of a video doesn't feel as impactful as sending an actual video :(

[@NikkexD]

Yeah i know, but just sayin it's an alternative.

[@varunpuridp]

How can anyone dislike these videos

[@leogrant1681]

+Varun Puri Because Americans hate honesty despite ironically hating being lied to.

[@375Cheytac]

We like honestly, just not the being lied to part. I think anyone would agree that waking up every morning in a country so full of obvious corruption that no one can do a thing about is a little bit disheartening. One of the worst parts is that we were supposed to be the "good guys".

[@redenginner]

Becuase they are payday lenders

[@mookooy]

+Varun Puri over 1000 managed it

[@msparky5104]

This might be a stretch, but it could be some kind of Internet lobbying. If enough people dislike the video (probably because they gain from the thing Oliver is talking about), then people new to the issue could be swayed to not believe him.

[@skoony2995]

Man ive been caught in that loop and then something happens and i took out a payday loan to pay a payday loan. One time i had 4 payday loans going at once it was horrible.

[@seungminlee5933]

After watching hours of John Oliver's segments, I feel like America is broken in every capacity.

[@sonofaman6295]

Thats because it is.

[@mboaz4730]

you would be correct.

[@ryanoconnor5176]

I agree.

[@RLC758]

Seems like it's headed their in a handbasket

[@augustwest5356]

I'm late to this party but as an American I can indeed verify that you are correct. The divide between rich and poor gets bigger everyday and somehow the rich people are playing the victims. AND PEOPLE FALL FOR IT.

[@whensomethingcriesagain]

Why not pass a law defining annual interest rates greater than, say, 70%, as Loan Sharking, which is illegal.

[@powerjbn9283]

+Sam Geuvenen Watch the whole video.

[@powerjbn9283]

+Sam Geuvenen Watch the whole video.

[@whensomethingcriesagain]

***** I have. Multiple times. Your point?

[@dondiemarte]

+Sam Geuvenen Coming from a third-world country this is very surprising to me. Our central bank regulates the LEGAL loan interest rates at 3% per month, even the illegal loan sharks are 20% per month.

[@phantomunit0006]

+Sam Geuvenen Problem is politicians are dumb, generally lazy, and corrupt. If you want it to stop, place a law forbidding any liability to any person at or above a certain annual interest rate. The IRS knows what a liability is, financiers know what a liability is, and any business man will know what a liability is. Any loans you want to make above 100%? Illegal Only issue is that it requires amending on a yearly basis since the economy almost always is growing. Why it won't be done? Well with the them not being smart, many will see government regulation and instantly start bitching because big government imposing itself = bad. Generally lazy, they will not update minimum wage laws to be updated with inflation but will raise their salaries almost every chance they get. You might be thinking that's corrupt, and you'd be right but not as corrupt as having a general citizen consensus only for it to be shutdown by the legislature because either 1) have a business stake in predatory loans (Texas ladies and gentlemen,) or 2) receive lobbying funds from the predatory loan companies. In general, lobbying campaign funds need to be illegal and registered as a felony. Not a white collar 2 year nice jail with fresh green vegetable plucked from the yard type of felony, like a first degree murderers and dropping the soap=anal rape felony. Call it bribing a government official, violation of voter's rights, something. Then tell anyone who is doing it to cease and desist immediately or be made an example of. However that would never happen because it'd require heads on pikes of almost every politician and bringing out the guillotines, coliseum death battles, among other barbaric methods to intimidate any force with any intent on doing that. But the great conservative american motto is if someone doesn't like it here, then they can leave. So maybe along the future what happened with India and the brain drain happens in the US and the country goes to shit, reforms are made, and it becomes bearable to even be called an american

[@briandixie2791]

I just got a cheque in the mail from a class action suit in Canada against Money Mart. A few months ago they sent me an email saying that the company was charging usury rates and were being sued. The records indicated i was a customer during this time period, and did I want to participate. I did. I've cashed the cheque. Go Canada.

[@bonniekruger6245]

+Brian Dixie You're very lucky. These sleezebags are protected by the representatives, congressmen, and women, politicians of all stripes....

[@semmeijer3119]

Bonnie Kruger

[@MarksTournaments]

Brian Dixie how much cash did you get

[@danielegiagheddu7418]

hooo, we have this guys in italy. we call them mafia

[@dontspikemydrink9382]

Or government

[@codyhubbard7223]

@@dontspikemydrink9382 Is there any difference between the Mafia and government in Italy? Or even in the US?

[@dontspikemydrink9382]

@@codyhubbard7223 Duh

[@geo7803]

@@codyhubbard7223 the mafia will eventually put you out of your misery

[@saranghae2808]

😂😂😂

[@MostlyNotDps]

I had a financial client who got stuck with some medical bills for *stuff*. She took out a $500 payday loan, which she wasn't able to pay back (they wanted like 2k). So they offered her to refinance the loan. Which she did. 3k. she got behind. so they offered to refinance the loan. 4500. She got behind. they offered to refinance it. $6,700. Sh'ts insane

[@Stokedhavok]

Damn...

[@edumont88]

Sounds like your client makes terrible decisions. I wouldn't blame the lenders.

[@charlesurias]

I would blame both. They clearly take advantage of people in their worst hours. Maybe it's not illegal, maybe the borrowers are bad with finances, but these type of lenders are heartless scum. Usury laws have been around for a long time; it's old wisdom that some people are both scum and smart, and financially ruin others for their own greed. I'm a pro-capitalist American by the way.

[@edumont88]

Business is business. There are plenty of people who beg to make exceptions or lie or say "I'm about to get a bonus or etc..." and still get declined. What about those people should those businesses have a heart and give them a loan? Businesses involving loans have guidelines or criteria. They need to stick to it. Perhaps pay day loans are a bit more lenient but a business cannot be held accountable for somebody's poor decisions if they've done their part to inform them of the details of said loan.

[@charlesurias]

Pay day loan type businesses shouldn't be legal. Almost everyone agrees on that. But there are too many ways to find loopholes. Just because you can hire lawyers to find some way to make it legal, and call it business, doesn't mean it's right. My main point is that the type of people who go into the payday loan business are some of the least ethical people on the planet, no better than extorting gangsters. The are so many other ways to make money in this country that don't involve this heinous level of preying on the most vulnerable and uninformed.

[@progrockgf]

Here I am, watching old clips from LWT, when I realize it's past 11:30, and boom! New video.

[@faviocastellanos8753]

lol same i wish i had HBO to whatch the entire show

[@KingGeorge7]

There's an entire show!! **orders hbo**

[@build-a-beartwerkshop246]

favio castellanos well worth it.

[@Kobdzio]

Or just watch it on the internet? :/

[@bravenewfilms]

Thank you so much *****, for your work exposing these Poverty Profiteers!

[@giove6677]

The guys on "Hardcore Pawn" use the same type of loan structure but use cheap collateral as a cover. IMO They are taking advantage of people in Detroit and indirectly, government welfare because they know the funds are guaranteed.

[@jacobrowe3166]

Holy shit, John Oliver looks so young

[@immortalsun]

I like ’em young ;)

[@JoshSweetvale]

You can literally go to the mafia for better interest rates.

[@thomash.644]

actually, it's star bucks AND mcdonalds; as in COMBINED. just go back to around the 30 sec. mark.

[@SouKrino]

+Andie Puppie in case the reporter had it correct.

[@unixgnuru]

He did a show on Tele Evangelists

[@MomMominson]

Churches should get into the Payday Loan business.

[@amylivingston4590]

The news clip said "more than Starbucks and McDonalds," but that's actually wrong. There are around 20,000 payday lenders in the country, over 14,000 McDonalds, and over 11,000 Starbucks.

[@blakerichardson8237]

+Amy Livingston yeah but this was also two years ago, and the report that said that had to be at least a few weeks older.

[@ItsKingBeef]

Lol its ironic almost that as im watching this, im sitting in my personal finance class and being forced to watch videos that recommend taking out payday loans

[@goneep]

+Brandon Newkirk Wait wait wait... they're advertising payday loans at a school?

[@havoc467]

+goneep yeah that sounds really illegal

[@robyn7691]

blatant lie. finance classes will not promote or advise payday loans.

[@baslumanauw3856]

Just to clarify, I think that finance class is teaching about toxic debt and how to spot it.

[@u-n-isurvive3030]

+Robyn Singleton If the school was for-profit, then I could see this possibility happening.

[@jctripplesticks]

Thanks to this episode, I don't have to worry about paying for a payday loan! I do really miss that kidney though

[@kukmica6422]

😆👍

[@aztekempire]

How much get for a kidney ?

[@stevie_ily]

"I didn't know there was more of anything than McDonald's, including people and grains of sand." Omg

[@Oblithian]

she's not even standing in a real store.

[@cremetangerine82]

Oblithian Well, if you can’t trust an actress for a business of predatory lending practices...

[@1st_Julianna]

Ever notice that when JO raises an issue, it comes up in newspapers a few weeks later as an issue people really need to deal with?

[@0Clewi0]

few weeks? the internet was full of news related with his segment about puerto rico the next day

[@RagmaticalRachel]

He sure does remind people, but often his stories have been in the news on and off for years.

[@kylestubbs8867]

Yeah, I noticed. It's even got a catchy name: "The John Oliver Effect"

[@1st_Julianna]

I like it! I'm glad it's official.

[@bobbyferg9173]

+Kyle Stubbs speaking of catchy names, I like to call John Oliver: Jo-Ann the Olive

[@jasoncollett2198]

OK I’m watching this in 2024 instead of last week tonight I think I’ll call it past decade tonight! 🎉

[@elaineb7065]

Same here

[@flipina]

I'm with you!

[@AP-yd1wz]

You're not alone.

[@imveryangryitsnotbutter]

11:18 - "Which is like betting a dollar on The Price Is Right. You're technically allowed to do it, but you know, FUCK YOU." That's not a 'fuck you' move at all, though. It's just betting that all the other contestants overbid, and you'll lose if you're wrong. The REAL 'fuck you' move is when you outbid the previous contestant by 1 dollar. And incidentally, that tactic is much more analogous to the 121-day loan term that John just described.

[@farmerboybill]

+I'm Very Angry It's Not Butter I totally agree. I wouldn't hesitate to bid a dollar if I was the last contestant and thought the rest bid too high. I'd also have to try very hard not to punch the face in of someone who bid $1 more than me and won.

[@gamesmaster35v2]

+I'm Very Angry It's Not Butter (#WTFU) LOL god I hate that person. "What's the highest bid Boooob?" I swear I would really have to try hard not to jump over and strangle the life out of someone who did that to me and won.

[@moriellymoproblems7842]

+I'm Very Angry It's Not Butter (#WTFU) How can you defend betting just a dollar but be against betting 1 dollar over the other person's amount? The latter is not only safer, but smarter as opposed to betting just a dollar. And you could've ended up betting higher than them anyways.

[@imveryangryitsnotbutter]

MoRiellyMoProblems Obviously, it's an incredibly shitty thing to do. Any player not last in the turn order has no way to protect themselves from being outbid by $1. You are not outsmarting anyone by using this tactic; you are just falling back on a well-known exploit that has no counter. But more than that, it's literally unethical. If you take a Philosophy 101 class, you learn about the concept of Categorical Imperatives. Put very simply, if you want to judge whether a certain ground rule is ethical, imagine a world where everyone follows that ground rule at every given opportunity. If the world is made better across the board by this, then it's ethical. If it's made worse across the board, then it's unethical. So, imagine an episode of The Price Is Right where every single player is unapologetically opportunistic, to the point that in every round of the bidding game, every player after the first bids exactly $1 above the previous bid. Immediately, all tension in this stage of the game is completely deflated, as it's pretty much a sure thing that the fourth player will win 99.99% of the time; and as such, no player will ever put any thought into their bid, because the winner is determined purely by turn order. The resulting scenario is that the show has dedicated approximately 10 minutes of its 44-minute runtime to a 'game' with a foregone conclusion. Viewership would tank, and it would be hell for advertisers. This is why any rational, reasonable person would never condone the 'outbid by $1' tactic.

[@moriellymoproblems7842]

I'm Very Angry It's Not Butter (#WTFU) Did you just use chicken soup philosophy, apply it incorrectly, and then try to make the argument that 'outbid by $1' in Price Is Right is some how "wrong"? Everything goes in that game show, whether you like it or not. Your argument is anything but rational.

[@Shajirr_]

As the saying goes: "Got no problems? Take a quick loan!"

[@JanZamani]

The bigger issue is that salaries have been stagnant for a while now, while living costs keep going up. It affect people renting more and it's fucking up our society

[@johntracy72]

I've made the mistake of taking out a couple of payday loans. Never again.

[@tinamiller8849]

Were they really that bad?

[@andrewbledsoe131]

@@tinamiller8849 they're aweful

[@andrewbledsoe131]

@@tinamiller8849 quite literally a circle of debt. Take that loan out pay it off next week with high interest. Don't have money that week too. Take out another pay day loan and eventually out won't be able to pay them off immediately

[@Soy_boi]

And it was this rendition of the "Circle of Life" that made disney think, "Yeah, he should be in the live-action Lion King."

[@pleappleappleap]

Was there anything "live-action" about that remake? It's just a different kind of animation.

[@rhyolite_777]

Spelling out an expletive but then bleeping it when it's said. Oh FCC, how responsible and consistent you are.

[@whimsical_me5135]

Someone needs to finish that 'Circle of Debt' song😋

[@Widdekuu91]

5:25 Skip forward 3 years. 10 Jul 2017....John Oliver has joined the cast of Jon Favreau's Lion King movie as Zazu.

[@dralithi]

Skip to 2019 and Gary Elkins lost his Texas House of Representatives seat.

[@mickeyamf]

HAHAHAHAHA CUTE

[@mickeyamf]

@@dralithi also cutw

[@carultch]

People tell him he looks like Zazu...he becomes Zazu.

[@TurlasThe6]

Can someone help me? Not sure where I go to nominate John Oliver for Imperial Lord High Chancellor, President of Earth. There an online form to fill out somewhere?

[@OGBulletMagnet]

Can i be on Team Oliver?

[@idiocyincorporated7635]

I love the whistle at 9:07 when the women calls out "power finance" man.

[@matthewkuchinski1769]

When a state representative has interests in payday loan businesses and keeps his position, then something is really wrong.

[@tomareani512]

I remember my Sgt. warning me about those fuckers when I was still a young boot in the Corps. What is sad is that anywhere you can find a military base, you will find these fuckers out in town in droves. They LOVE preying on the financial problems of young warriors. They don't make much money, but what they DO get comes non stop, and is very consistent. Which means a constant, consistent cash flow from people who desperately need every cent they get. It sickens me that some people just do not have any form of ethics...

[@spongeintheshoe]

And a system with no restrictions rewards that.

[@KaleidoAbridged]

I always thought Edward and Jacob should get together, their personalities are different, their families have opposing interest, they are on the brink of a war, but their love will find a way.

[@TheOrderOfThePurple]

theconfused Ninbikun You need more upvotes

[@gigabic7487]

Do you realize what you have done? Now someone is going to make a fanfic of it and send it to innocent children. Nobody needs to see that.

[@KidTheFail]

You need a visit to fanfiction.net

[@dzmcroy]

Channel Ninbikun I seem to recall that they actually physically repulse each other. They do a lot of shit-talking about how the other one smells bad or something. Yeah, like John, I read the dumb books. -.-

[@leannewho664]

...how does this comment have 78 likes?

[@pepepoopsonthefarright7531]

you certainly can't regulate peanut butter octopus companies trust me, i have tried :/

[@dangerouslytalented]

I tried anything else, and now I have money and my bowels are comfortably voided.

[@peterpiper7441]

Sadly, most people who get Payday loans probably do not watch John Oliver.

[@carultch]

+Peter Piper I think payday lending companies should have to display tables that express the accumulated interest on the loans in the number of Payday candy bars you could buy with that money. #showusyourpeanuts

[@peterpiper7441]

carultch They would have to show the amount of Budweiser and cigarettes you could buy with the money before anyone would pay attention.

[@carultch]

Peter Piper This is an inside joke to another John Oliver episode. But that is another good idea too.

[@RabaalXer0]

+Peter Piper I both watch this and have, many time, participated in payday loans. When you're broke and need to buy food / diapers three days before payday, you're kinda fucked. Shit, I'm still paying off a title loan I did in arizona two years ago.

[@peterpiper7441]

RabaalXer0 Sorry to hear that. I would say there is something seriously wrong with the whole system when people's pay doesn't cover the necessities of life.

[@nicklatino7157]

Thank you John Oliver for warning us about these dangers!

[@GabeMacDonnell]

Thanks, Debbi Wasserman Schultz!

[@tiltedtesseract8210]

"I didn't know there was more of _anything_ in the US than McDonald's, including people and grains of sand!"

[@absolutelydegenerate1900]

i quiet honestly think someone that looked like that and called himself the "cash fairy" is still pretty dam scary

[@markcarrie9318]

DoS Plays IF he can call himself the cash fairy and be completely serious, and have other people take him seriously, then yeah. You should be terrified.

[@phoenixoutoftheash]

he takes your money and leaves your teeth below your pillow, sounds pretty accurate

[@blairbrown4812]

@5:27-5:33 The precise moment that a masochistic Disney Executive decided that John Oliver would be a good fit for the live-action "Lion King."

[@TheJboy88]

It really does terrify me how the government of the most powerful nation on Earth can't ever seem to stop this kind of abuse of power that the big businesses have.

[@gigabic7487]

The reason is because our society is based on semi-restrained capitalism. It has upsides and downsides. We allow things like this, but it gets out of hand way more than it should.

[@Jefferdaughter]

+Gigabic - Or becaue corporations have seized more and more power over the last 100+ yrs, not through legislation or even presidential orders, but through icourt decisions - illicit as the courts do not have the power to make laws, but in effect, they do. Money, power, corruption... same old boring story.

[@WalterTheWalrus]

Not sure how China is supposed to help us but okay

[@Abel-Alvarez]

@@WalterTheWalrus bruh who said china?

[@lazeybonez]

5:27 John Oliver Lion King audition tape leaked

[@jarrettbeese8024]

One day in these court hearings on subjects like this I want to hear a judge say something on the lines of "I call bullshit" I know it's not all that proper but I would like to see it just once.

[@gusparkwood4890]

John Oliver's Southern Drawl and "Loan Shark Voice" are gifts humanity doesn't deserve.😂😂😂😂

[@dragonmares59110]

And this is why you never borrow money, take a loan, mortgage or credit.

[@dirkvet14]

Sarcasm?

[@songofthieves]

Yeah, who needs a house or post-secondary education anyway?

[@dragonmares59110]

D R No.

[@dragonmares59110]

Trainer Auro Where the hell do live to need a loan for education ?

[@bensemusx]

most people can handle those because they don't have a 700% interest rate. my credit card has a 19% rate that maxes out around 26-30%. I'v had it a year and have yet to pay them a cent of interest, i'm 19.

[@Badmunky64]

Why aren't public schools offering personal finance classes? Am I not properly applying the "skills" I learned in calculus?

[@yolandas.6193]

I've always wondered this too. Schools should offer personal finance classes but they don't. It's strange.

[@sagewaterdragon]

Personal Finance classes ARE required - in Missouri, at least.

[@quarkycharms2785]

I had a personal finance class at my public school.

[@yolandas.6193]

QuarkyCharms These classes weren't offered at my high school or any of my friends high schools. Every high school is different. I think the poorer the high school the chance is that the class won't be offered.

[@theretrohousewife]

They don't offer them because the government needs a certain percentage to be dependent and stupid. The the John Oliver types make fun of them on both sides - keeping the populace pitted against each other. Oliver is funny - but he is still totally pushing the slave model of the banking elite.

[@chrislebelmusic1540]

Little did Oliver know that when he sang the "Circle of Debt", he would be playing a character in the live action Lion King lol.

[@Someguy7488]

I was eating lays chips when he started to talk about them # awkward

[@yattaguru]

Thats where my missing bag of lays went...you fucking thief

[@Someguy7488]

lol you mad.... or nah?

[@yattaguru]

nah I took someone's doritos instead

[@Someguy7488]

my nigga

[@gabeartist]

With episodes like this it's nice to watch the internet community gather and point a finger at business practices that most of us find to be amoral, but I always wonder how much impact actually bringing it up has on a topic like this.

[@omy8443]

***** should be Amoral, but you could make a case for immoral.

[@nathonas]

It's certainly a start. First we need the majority of people to realize they are getting screwed...then you can move on from there.

[@litpath3633]

Banks are not any better either

[@danielt.8573]

I could be wrong but I think it doesn't have much impact because many people, even smart people, are lazy and don't act. Elections, manifestations and/or demands do work as long as there is a mass effect. Until something like that happens the best thing is for someone to personally avoid the "motherfuckers". As long as there is market demand there will be supply.

[@omg31693]

Jake Hooper Banks very often times have shady business practices, but the loans they provide are equally as often actually necessary and helpful (car or home)... And they don't have 700% interest rates.

[@angelofsarcasm4924]

I'll never understand where these dislikes come from.

[@0Clewi0]

People that thinks he does look like a parrot

[@brahma0013]

Payday loan companies probably.

[@MrEntinen]

They would never do that. On the basis that it is free publicity

[@danieljames1868]

Well, a few of my libertarian friends nearly throttled me when I mentioned him... In the middle of a high school on senior graduation day...

[@Princessbuttercupish]

you should look at the dislikes on the ones where he criticizes guns or gender inequality...

[@tiorammcdonough7666]

The cash fairy... Comes in the middle of the night when you're sleeping to take money, leaving your teeth under the pillow

[@modurhead]

where is the commercial telling you to save and "not" go into debt?

[@mileswint]

Tommy simonsen No, she didn't say anything about saving. -_-

[@mileswint]

Tommy simonsen Touché, sir.

[@modurhead]

Tommy simonsen its sad when the only public service announcement for consumer protection comes from a comedy show

[@deborahzimmerman6042]

they should really revisit this, there are tons of apps advertises to teens on tiktok that give payday loans, except they don't name them that.

[@tirsden]

I knew payday loan places were bad but... geez. Better off putting a jar in the middle of the living room and expecting it to have money in it tomorrow. Or burn money, because at least you get the entertainment factor (fiiiire).

[@GhostOfAMachine]

Bribery is not punishable in US. That hits hard

[@yavin99]

The same kind of people that own these companies are the same kind of people running the government.

[@andyt2k]

sometimes not the same kind of people, its literally the same people

[@69luca_33]

"An unexpected expense like a doc bill" funny european noises

[@sandeshhonde7557]

Dude you read loan, you turn around and run as fast as you can Advice: if you cant run fast borrow a bike and then run away, it's actually cheaper than any personal loan🤣🤣🤣

[@PSspecialist]

STOP BLAMING THE FUCKING VICTIMS. You know what? Even if it is the victim's fault it your DUTY as a human to protect him. Isn't this what differentiates us from animals? The fact that we protect our weakest members in society. At least that's how it works in the proper European countries

[@beatnickblanket]

***** The Lays potato chip analogy isn't entirely apt, because although overeaters DO buy junk food, the entire market for potato chips is not based AROUND overeaters. The product they offer is marketed to everyone equally. Payday loans are EXCLUSIVELY marketed to the desperately needy and poor, with the full knowledge that they are extremely likely to not be able to pay back the loan quickly. There's a difference.

[@lolallday08]

But even lays at this point tell us things like the calorie and sodium count. These mofos don't tell us jackshit. They lie, they cheat, they steal.

[@thewuurm]

***** No. He even said there's a need for a service like they provide, and I think most of can agree on that. His point was more that we can accept there's a need without allowing the incredibly predatory activity that these companies engage in, not only in terms of their interest rates but also in how they apply hidden charges beyond even the ridiculous interest. To use your analogy, we shouldn't ban potato chips, but we absolutely should (and do!) regulate what can go into them.

[@ObservantHistorian]

***** OK. So how often do you partake of this particular product?

[@allanmacinnis6178]

***** No dude. Not banned. But it needs to be regulated a lot more. What crushes a person is when they cannot pay them back and they get so scared by the pay day loan companies that they end up at another company taking out a loan to pay the 1st one off. Next thing you know, you have 2 companies after you. Trust me I know. Then you have 2 companies pounding NSF fees to your bank account.... and by the time you get paid there is a negative 200 balance in your account. I was able to get myself out of the mess... but it cost me in the thousands.