Payday loan laws

Why are legislators making new laws to regulate payday loans? I think the truth is people really don't understand them. And we fear what we don't understand.

A payday loans is a short term loan. That means you don't have any kind of outstanding balance for more than maybe a month. The annual interest rate is high because the time you have the loan out is so short. You really end up paying about 20-30% of the principal in interest during the life of the loan.

Also, the principal is usually small. Most people only borrow a few hundred dollars. That means 30% isn't a ton of money. They are affordable, they are fast and they are easy. And they give people access to short term credit when it is hard to come by. They also provide jobs to hundreds and thousands of people across the country.

And we want them out of business? Oh no, the banks and their lobbyists do. Politics as usual- special interest groups controlling our government that no longer is of the people, by the people and definitely not for the people. Payday loans are fast cash and should not be regulated out of business.

Payday loans can be found online as well.