This is Julie L. I heard that you are thinking of passing a law banning payday loans in my town. I know that payday loans have high interest rate and it causes debt to some people.
However, I am against to make payday loans illegal. It could make it uncomfortable for some people to live. As you know, only checking account, ID, and job are needed to get a payday loan. Since it is easy to use, it can be helpful for some people who feel desperate under certain condition like emergency situation and enforcing bills. Moreover, there are various kinds of places which people can borrow money, not only payday loan company but also banks, their works, and friends or family.
So, people can choose one which they can manage. Even though they choose the payday loan, since the Truth in Lending Act passed, consumers must be told the cost of all now. Customers know all the facts.
And there are about 25,000 payday loan stores in the U.S. If you make that law, employees who are working for payday loan company may lose their job at once.
Please seriously consider that law.
Regards,
Julie L.