We all know that there are a lot of states in our nation that have some sort of payday legislation, however how many of the laws that have been implemented in these states really created a better situation for the consumers? Consumers have limited resources on getting short term loans, so why does this industry continue to be put under a microscope?
To make matters worse (or better), many critics in the payday loan industry are now focusing their efforts on our nation’s banks. For example, The Minnesota Independent is reporting that many banks are offering advancements on their paychecks. In normal circumstances this sort of “advance” would not be in question, however banks are being able to avoid the scrutiny AND payday legislation that the payday lenders are unfortunately having to face.
So should our nations banks be able to provide “temporary” loans based on a consumer’s paycheck without the same regulations as payday lenders? These loans are very much needed by the consumers, so if the banks are even providing them, why should they not be treated the same just because they “sugar coat” what they call them?

We all know there has been legislation going on with the payday loan industry, however it still does not take away the fact that consumers still need short term loans. If consumers still need a short term loan, like a payday loan or installment loan, then what are they supposed to do if these types of loans are banned in their states? WTAM.com is reporting that in the state of OH they are still struggling with consumers needing loans, but the loans are facing tough scrutiny.
Leadpile Lead Exchange recognizes that there are some state restrictions going on with this industry, but if there is going to be tough regulations, then shouldn’t there be some other type of short term loan that the consumers can look at taking out? If there is one door closing on the consumers, then there needs to be some other options available. What should be the available option to them? Ohio sounds like it might have a challenge on it’s hand to try and figure that out.