[Dilbert San Diego]

While their interest rates are high, do they serve a purpose; do they help people who are in a financial jam?

As I understand it, these places give you what is supposed to be an advance on your next paycheck.

You have other problems with money, if you find you have to take out an additional loan to pay off the first loan, rather than just use your paycheck to pay off the first loan and be done with it.

[Bob]

If I’m not mistaken, California prohibits using a second payday loan to pay off the first one.

[Jemian]

While their interest rates are high, do they serve a purpose; do they help people who are in a financial jam?

Yes, they do help when there often is no other answer.

[Trailerpark Badass]

It's all math. Is the interest you'll pay more than the late fees/fines/lost wages?

Restricting free markets in order to "protect the vulnerable" is never anything other than rent-seeking/guild behavior.

[generally]

Basically you are renting money for a short period of time.

Ever rent a car? Or a tool from Home Depot? By the time you rent a power tool 3 or 4 times you could have bought it and owned it. Those rates are just as predatory as “money rental” at a payday loan place. Yet I don’t see anyone going after Hertz or Home Depot for their predatory rates.