To those arguing against regulation and pointing out there's a demand for these loans, you're missing the point. These products are designed to be deliberately

To those arguing against regulation and pointing out there's a demand for these loans, you're missing the point. These products are designed to be deliberately deceptive. They exist to prey on the desperate and uninformed. I honestly don't know the point of the Obama-era rule referenced in this article. To me this is simpler: - "Fees" that scale with the loan size aren't fees. They're interest and should be legally treated as such. This would subject the loans to state usury laws. - Providers should disclose what the annual interest rate is for the loan the borrower is intending to take out. - Payday loans should be prohibited from being mortgage loans. This is an esoteric point but in some states to get around state laws on payday loans, they're treated as mortgage loans. This also adds the problem that someone could lose their house from payday loans. - Come to think of it, primary residences should be excluded from being taken to repay payday loans.