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Rapid City Journal- A newspaper editorial board with common sense!!

April 14, 2009 | federal legislation, industry, positive media coverage, regulation | Comments (1)

An editorial from South Dakota’s Rapid City Journal, Find Compromise on Payday Loans

…But the truth probably lies somewhere in between and we hope Congress can ferret it out, regulate the industry and meet the needs of the people who have no other options.

Payday loan operations fill a void. Until any person can walk into a traditional bank or credit union and borrow $100 until his or her next paycheck, payday loans will remain the only option for a lot of folks. We can support keeping the quick, short term cash option in place; but some protection against an exploding, long term debt problem should be part of the equation.