Payday Loans and Predatory Politicians. Modern politicians are finding a ripe old target for populist demagoguing: payday lenders.

Modern politicians have discovered a ripe target that is old populist demagoguing: payday lenders.

In a message on Thursday afternoon, President Obama endorsed brand brand brand new proposed guidelines through the Consumer Financial Protection Bureau to crack straight straight down regarding the payday lending industry. These short-term, high-interest loan providers have recently drawn fire from comedians like Sarah Silverman and HBO’s John Oliver.

Payday lenders lead to a simple punching case. Moneylenders will always be a target that is popular and laws against usury are as old as sin. These loan providers provide a primarily bad clientele, often people who have very woeful credit who represent a higher danger for defaulting in the loan. Plus the kinds of short-term, crisis loans they provide carry double- to triple-digit (annualized) interest levels. Plus »