From Elizabeth Warren in her latest Huffington Post piece:

There are a number of causes of the rising insecurity of the middle class, but one of the biggest problems right now is that the largely unregulated consumer credit industry has preyed on customers by burying tricks and traps in the fine print and concealing true costs. This is why I believe it is so important for Congress to act on the President’s proposal to create a new Consumer Financial Protection Agency. We need to make the market competitive again and to get rid of the tricks and traps. This will empower families to make good choices and will increase their economic security.

Payday loans have  no tricks or  traps.