>There's a bit of a Moral Crusade against payday lenders, because the rates they charge are exorbitant and their customers are poor, and people find that shocki

>There's a bit of a Moral Crusade against payday lenders, because the rates they charge are exorbitant and their customers are poor, and people find that shocking. Since they're so obviously Bad Guys, then it's okay to do things like this to Get Them, right? It absolutely is. They're bottom feeding scum whose profits are driven by the irrational financial decisions that occur under conditions of desperation and panic. >Never mind that a payday loan may be a much better deal than a late payment on something important Never mind that they capitalize on two very common cognitive biases: * Shortened time horizons of the financially distressed (your limbic system kicks in when you panic, causing people to make irrational decisions). * A bias towards optimism in emotionally healthy adults. When payday lenders are prohibited (like in Ohio) the poor end up better off in the long run. Only if you believe the neoclassical, neoliberal fairy tale that is the eternally rational consumer would it make sense to support these scum.