CFSA’s Rebecca Adler has a great letter in Tulsa World: 

Moreover, 41 percent of payday advance customers earn between $25,000 and $50,000; while 39 percent report incomes of $40,000 or more. Therefore, the industry doesn’t “thrive” on the poor. In such an economy, the majority of working Americans are living paycheck to paycheck and need payday loans to absorb unexpected expenses. That’s why they often use payday advance more than once a year. In fact, many bounce checks and use overdraft protection at a much higher frequency than the rate at which they use payday loans. Limiting their use only drives consumers to more expensive and less desirable alternatives.

Unregulated Internet lenders hurt the reputation of the industry.    Oklahoma is moving to regulate them.  From the article: 

“That’s an area where we receive a lot of complaints,” said Butch Hooper, administrator of the state Department of Consumer Credit.

There are many dangers with taking out a payday loan over the Internet. Hooper said his agency will propose legislation this year that would declare Internet lending contracts to be null and void if the lender is not licensed

Or at least he was.   According to this article, he was an investor in a company called “Federal Cash Advance” of Oklahoma.    

The Payday Pundit likes Toby, but has more appreciation for the all-time greats like Waylon, Willie, and Merle, not to mention the greatest, Johnny Cash.