This is a warning from August, but it shows what an agency dedicated to alerting consumers about the pitfalls of certain businesses thinks about payday loans.
Read their take here:
“Bottom line, virtually unrestricted payday lending does excessive harm. Whether or not payday loans are restricted, delegitimized or legally vindicated, it's a bad idea to get a payday loan. They almost guarantee financial hardship and have little-to-no benefit for the borrower--even short term.”