It only takes one or two such events before your local bank is unwilling to lend you a nickel, even short term.

The attraction of the payday loan folks may very well be that, at least with them, you know what the terms are up front (at least it seems simple as long as you pay it off each month).

But regulation IS necessary, and the longer the legislature waits to enact it, the harder it will be since this “racket” is growing so profitable that larger banks are starting to move into it, too, and as we well know, THEY have the political connections and clout to prevent legislation from ever being enacted.