Payday loans are high-interest short-term loans, usually over a period of two weeks. One recurring political question is whether or not interest rates on such loans should be capped. Roughly speaking, those in favor of caps want to protect consumers from potentially harmful loans, while those against caps want to let the free market determine what the rate should be.
1.) Watch the video and read the article below.
Oliver, J. (2014). Predatory lending: Last week tonight with John Oliver. HBO.
Retrieved from https://youtu.be/PDylgzybWAw
(Note: the above video contains a high usage of profanity, please omit to view this video if you are offended by such language).
Holland, J. (2016). Rapid City payday lender stops making loans due to new lower interest rates. Rapid City Journal.
2.) Post a response of at least 150 words but not more than 350 words responding to the following.
Be sure to give your answers in complete sentences.