From the Billings Gazette:

Whether a payday loan is a good deal or not depends on the borrower’s circumstances. Sure, it would be preferable to avoid paying a fee to borrow a couple hundred dollars for two weeks. But if the alternative is bank overdraft fees or late charges on credit card accounts, a payday loan may be the better choice.

There’s one more thing for voters to consider. With the regulations that Montana has already placed on payday lenders, 87 licensed businesses statewide employ more than 500 people. If I-164 becomes law, they probably will be out of work on Jan. 1.

Montana law already restricts payday lending to prevent the trap that I-164 purports to fix.