There has been much talk in recent years about a perceived necessity to control or even remove the payday advance market. According to several new studies, consumers agree that a few changes must be made to payday improvements. However, these studies also demonstrate that consumers overwhelmingly want paycheck improvements to stay accessible to them, even if they remain unchanged and unregulated.

Legislators and customer advocacy groups ought to think about this invaluable customer input before they suggest new legislation to regulate payday lending. The Pew Charitable Trusts' most recent report on cash lending in the united states, which premiered in February 2013, found that even if no modifications are made to payday loans, 3 from 5 payday customers will continue to use these available short-term loans to deal with tough financial conditions.

Nearly all storefront and online payday advance borrowers educated the Pew investigators they would be likely to take out another payday advance later on. Most respondents to the Pew poll suggested that they viewed paycheck advances as a suitable means to escape a financial collapse. A number of payday loan customers report that they'd prefer to experience an internet or storefront payday creditor instead of being required to ask a friend or relative for money.

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