Image by Flickr user swanksalot Image by 20090405-payday.jpg
The State newspaper has a good piece on the ongoing saga about if payday loans should or shouldn't face more regulation, if not outright banned.
Read more stories on this subject in our payday loans topic page. In the past, I've made it clear that I'm no fan of the industry. But I do recognize that there are times when folks do need a small amount of short-term cash.
As such I'm still somewhat on the fence if theses loans should go away entirely, but I think more regulation and lower interest rates are the right way to go. I also think the House's passed legislation to up the limit on loans to $600 is ill-conceived at best.
If the Senate does pass a piece of legislation, it looks like it could well be tougher on the industry than the House's. The two bills would then have to be reconciled.