One issue with all the payday-lending industry—for regulators, for lenders, when it comes to public interest—is it defies easy intuition that is economic.

One issue with all the payday-lending industry—for regulators, for lenders, when it comes to public interest—is it defies easy intuition that is economic. By way of example, generally in most companies, more competition means lower costs for customers. That maxim certainly helped guide the deregulation associated with fringe financing business…