Everyone by now should be well aware of the mix of necessity and usury associated with the payday lending industry.

And, they should also be aware of the feeble attempts to regulate it.

Comedian John Oliver on HBO’s Last Week Tonight, tore apart the industry in the below news segment.

In the clip, he cites examples of interest rates exceeding 1900% in some cases. Yes, you heard that correctly, to which Oliver replies:

“Even the most demanding, abusive football coach only ask for 110%,” he said.

Of course, the real problem with payday loan is it locks the borrower in a never-ending cycle of debt, or so it must feel for the borrower.

The Consumer Financial Protection Bureau presented this graph to show how one payday lender ACE Cash Express looks to capitalize on keeping borrowers in a circle of debt.

“Basically, payday loans are the Lay’s potato chips of finance — you can’t have just one and they’re terrible for you,” Oliver said.

So, why don’t states simply regulate the industry?

Well it’s not that easy. These companies will go to extraordinary lengths to avoid the regulatory oversight.

In Ohio, Oliver cites Cashland Financial Services as avoiding registering as a short-term lender in order to avoid the provisions of the recently enacted Short-Term Loan Law that caps interest rates at 28%.

Instead, Cashland is registered as a mortgage lender, offering mortgages as low as $300. Oliver goes for the throat.

“Why even bother calling yourselves mortgage lenders? Why not just call yourself ‘peanut butter octopus’ companies? You can’t regulate peanut butter octopi; they don’t technically exist,” he said.

Click the video below, or here to pick up at the Cashland part around the 11:25 mark, but be warned, graphic language populates the end of the clip when comedienne Sarah Silverman begins the satirical “Anything Else” campaign.

Again: Not Safe For Work.