Do payday lenders actually compete on rates? The problem with these services is that people don’t understand the long-term implications of them. Tons of people

Do payday lenders actually compete on rates? The problem with these services is that people don’t understand the long-term implications of them. Tons of people use them and get stuck in an endless cycle of debt, even though roughly zero of them would have thought that was an acceptable outcome at the start. If the customers mostly don’t understand the product then the businesses aren’t competing on price, but rather competing on their ability to fool the customer. And regulation on these businesses are essentially anti-fraud measures.