Saying, “no matter what kind of loan you take out, that’s not a good thing to do,” suggests that any form of borrowing is wrong. Well, for some people this may hold true but for the vast number of consumers, borrowing is done responsibly.

Personally, I doubt that I would take out a payday loan, but if I did, I would be responsible for acquainting myself with the terms of the loan and I would make sure that I paid everything back on time and with interest.

Clearly, much of the problems over the past few years involved lax lending standards. Some lenders pushed loans through while some consumers were clearly unqualified to borrow — both parties were responsible, but that doesn’t mean that the entire lending industry is at fault.

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I believe that there have been problems with payday loans, especially where the terms of the loan weren’t made clear. Legislation has changed that, making it easier for consumers to understand what they are getting into before taking out a loan.

As with any borrowing option, consumers should read the fine print, ask questions and consider all options before moving forward. Certainly, there are some people who are irresponsible with their borrowing and are quick to cast blame elsewhere for their decisions.