Should Payday Loan stores be made illegal in all 50 states?

Only July 1, the state of Oregon passed laws forcing these payday loan companies to treat customers fairly and not charge outrageous interest of 500% or more. Most of the stores left the state. Should the rest of the nation shut down these folks for being legalized loan sharks? or is it up to the borrower to decide where they want to get money from?

Should Payday Loan stores be made illegal in all 50 states?
These companies are predatory in practice by charging such exorbatant rates. They claim that they need such overcharges to sustain there business, due to the amount of default loans which they sustain.





However, for people with bad credit, in an emergency, between paydays, who live paycheck to paycheck and who have no alternative to get a short term loan, these companies can be there only hope for help. Yet sadly depite the intentions of their customers, most end up getting in even worse financial difficulties when the time to pay up is due.





So in my estimation, it's a no win for both sides if we shut them down. The solution, I'm not sure. Ideas ? Better regulation and control of the fees, and on the customer end, allowing loans only periodically, and having an out situation available to those that default.
Reply:They probably should be shut down but what Oregon did was very effective. It capped the interest at 36% You can read more at this site:


http://www.1-800badcredit.com/payday-loa...
Reply:The borrower has to decide. It is not rocket science after all....Everybody knows that they charge outrages interest.
Reply:don't go for pay per day loan.... since interest rate is high
Reply:The loan company is not forcing anyone to accept their terms. As long as they are upfront with their potential customers %26amp; not hiding their fees, it should be the consumers choice.
Reply:yes they are just a loan shark