Study: Payday loan users say they have no other options

How do consumers win, if the legislature gets rid of all the competition? Everyone wants banks to offer payday loans. Some do, but most stay away from it b/c of the stigma and they can't charge what they need to.

This Kentucky study is basically saying that people that use payday loans do NOT have any other options. Once again, supply and demand collide.

This study is not pro payday lender, but there are some good facts.

A survey of low-income families in nine Kentucky counties showed that many turned to payday lenders because they couldn’t access traditional loans or other banking services.

You can read the full article at mcclatchydc.com.