By Karen Shaw Petrou
It is a truth known to all who seek consumer protection from predatory lending that payday lending is a scourge. However, it is also a truth among business analysts that financial institutions will not willingly go broke. Regulated companies will exit a business which cannot generate profit regardless of unmet demand. It is also a truth among business analysts that unregulated companies then rise to meet this demand, often undeterred by the social-welfare scruples that underpin the consumer-protection rules.
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