An article in the Montgomery Advertiser summed up recent efforts by certain states to restrict -- or even outlaw -- the availability of payday lending:
"Paternalism -- the belief that adults do not possess the ability to take care of themselves -- is the ideology behind bills being pushed in a number of state legislatures. By putting incredibly stringent restrictions on the service, such bills would effectively ban the practice of short-term "payday" lending, no matter how many people use it responsibly in times of crisis."
And the benefits of payday lending?
"The service allows consumers to borrow against a future paycheck, meaning that the car gets an urgent repair, a critical check doesn't bounce, or the heating bill gets paid. Used responsibly, payday lending can help a borrower stave off financial calamity."
We couldn't have said it better ourselves.
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