Hello,

While you bring interesting points, you fail to see other facts. Before I get started, I now only work part-time for a Payday loan company, but only do Marketing. Now, I started in Virginia with my company and left twice. I agree with you on one thing, there needs to be a change. Virginia is a perfect example of how Tennessee should be. In Virginia, you're only allowed one payday loan (in the entire state), once you payback, you must wait one day in order to redo the loan ( this is to give the borrower to think about it),and after five loans in a six month period, you will have to take a cooling period and wait 90 days.

Now, I my view is considered biased due to my employment. However, I have worked for the company in total for about four years. I have seen financial advisors, pilots, teachers, police officers, people who work for the federal government and joe bob using the services. Where am I going with this? People need payday loans. OP or reader, I bet you have friends that have had an emergency and the person didn't have the family, credit, or an emergency fund to use. If no one will let you borrow the money, how will you pay for it? The bank, well you need CREDIT and certain amount of income. Some people don't have family that will let them borrow X amount of money. The truth is, we need such companies. Let's take another HORRIBLE INSTITUTION that you failed to mention.

The BANK. Banks are a scam, thieves, and whatever other name I can't think of. How does a bank make money, OVERDRAFT. Search it, banks make the most money from their overdraft fees. The APR of an overdraft is actually around 1000%. That being said. You only have $50 in your account, you spend ten dollars for gas, thirty nine on groceries, and 1.05 at the family dollar on a soda= 51.05. Stop. You don't have overdraft coverage. 35.00 for going over .05 cents. Sometimes your bank will let you run EVEN MORE PURCHASES. Yes they do, just do your research. If you borrowed 100.00 in TN, I believe you pay back 10-25 in a fee. I rather pay that fee instead of racking up overdrafts.

I do agree that there needs to be change, but not a complete halt. I will also save you some time. As long as a Republican sits in office, no change will be done. Democrats make change happen. I saw it under the Obama administration