From what I've heard it seems like about 60% are completely competent loans. It's those other 40% which are roll overs. Note I'm not talking % of customers here

From what I've heard it seems like about 60% are completely competent loans. It's those other 40% which are roll overs. Note I'm not talking % of customers here but % of loans. Yeah, 40 is still bad, but there a legit demand too. Some have suggested that a governmental or other instution needs to be made just to break people out of the cycle and give them a loan at a rate closer to that of credit cards. It's a tricky situation though from a regulatory perspective because you don't want to have those 60% of people who are avoiding massive overdraft fees or dropping credit scores using these services to get stuck with no options. Personally I think if you sign up for a loan you can't pay, that's on you, not really exploitative as some people seem to propose. Take some personal responsibility, you know?