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spoke out against placing restrictions on payday lending, arguing that “misguided paternalistic regulation that deprives consumers of access to payday loans would probably force lots of 350 Payday No Teletrack Loans to turn to a lot more expensive lenders or to do without emergency funds”. And down the same lines, Dr J. R. Clark, University of Tennessee Chattanooga, writing inside the September 2, 2008 issue of Exchange Magazine, points out that “there is significant academic and market evidence that high-interest lending like payday loans, despite their considerable — some would say astronomical — expense, raises the welfare of borrowers. Predatory loans, on another hand, are loans obtained from the lender through deception or fraud, and don't improve the welfare of borrowers. It is often a disservice to the public to confuse loans which are truly predatory with those 350 Payday No Teletrack Loans are simply expensive.” What kind of consumer helps to make the most utilization of payday loans? Contrary to a common perception that payday lenders target the poor, recent findings seem to indicate that payday loans are attracting more “middle class” customers. Marketing research data published by Comscore rolling around in its July 2010 issue of ComScore Marketer showed that “the largest percentage of (individuals seeking short-term credit on the internet) earn between $50k-$74k.” The the next occasion I think about payday lending, I am going to place the topic in its proper perspective by remembering my plumber and his awesome tools. The tools don't exist to ensure I can love them or hate them. They exist so that an extremely specific problem might be solved. For that purpose they're wonderful. For some other purpose these are useless. A payday loan could be the awkward-looking tool that I can call upon if so when I actually need it. And just like the plumber, I am normally the one in control; if I know the way to use it wisely, then I can definitely allow it to be try to my advantage.


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