Are you short of cash and need a payday type loan and need it quick? Well, some would argue that these payday loans are problematic and one would have a tough time arguing against that obvious statement. Should government outlaw payday loans to protect consumers? Should they add more regulations? Should the payday loan industry be regulated by the Federal Reserve?

Some say that the payday loan should have more regulatory oversight, however, my experience with government regulation is that they botch everything they do. They make one rule or law and they have a built job security adding to it, making exceptions and our courts fill up with lawyers arguing over case law, letter of the law and original intent. Thus government cannot be trusted to make laws like this.

What may end up happening after such a law is made is that these high-risk loans become unavailable to people who may need them in an emergency because businesses will not wish to take the risks associated with the bad debts which are incurred and the fraud they themselves end up with when folks bring in fake paychecks (forged on laser printers), ID and/or stolen paychecks.

Due to government’s absolute piss poor performance at every level, in every endeavor without exception; are we sure we want them making such laws. Why not educate people, students and consumers on how to figure out percentages, credit risks and compounding interest? Will such rules be putting small businesses out of business? Payday loans may not be a good choice, but it is a consumer choice to partake or not, why do we need government making laws and reducing choice. Recommended Reading; Ayn Rand. Think on it.

"Lance Winslow" - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; http://www.WorldThinkTank.net/wttbbs/

Article Source: http://EzineArticles.com/?expert=Lance_Winslow

• Most any large city has a number of small shops offering payday loans. They’re often found in strip centers; sometimes they double as pawn shops. They have a simple business – they lend you money until your next paycheck. The system is pretty convenient; you write them a postdated check for the amount you’re borrowing plus interest. On your next payday, they cash the check and your loan is paid off. What many people who use payday loan services fail to realize is that the interest rates charged by these firms are substantial, often reaching the equivalent of four hundred percent per year!
  
  
• To get a secured loan it can take time for loan approval, as the property will be inspected and appraised. Unsecured loans such as credit cards are usually faster to acquire, however the loan approval time may include a credit check. A credit check involves a lender getting a copy of your credit report to inspect your credit history.
  
  
• Credit card balance transfers
  
  
• All kind of loan – educational loans, auto loans, secured loans, unsecured loans, personal loans and any kind of loans – can be consolidated under debt consolidation mortgage. It is highly appropriate to adopt debt consolidation mortgage if you have numerous debts. However, a prudent step will be to understand debt consolidation if you actually want to apply for it. Debt consolidation mortgage has the capability to be turned in a way so as to allow maximum monetary benefits. Yet, one little error with debt consolidation mortgage and your situation will be back to square one.