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Federal legislation of payday advances is really a victory for states’ liberties

Why the government must intervene to limit predatory lending

Back in 2014, during the very very first period of their 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 annual percentage rate (APR), Oliver offered up a revised form of the “Lion King” theme track. “It’s the group of financial obligation!” he sang. “And it screws us all.” Oliver explained that the outrages associated with loan that is payday couldn’t be stopped because “they are extremely great at avoiding legislation.”

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