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Payday loans borrowers have civil rights. They've got the right to understand what their loan could cost them. They have got the right to give back the money they borrowed before the end of the day if they decide they changed their minds. They have the right to know concerning dispute resolution. The witty thing is they have the right to know so much, that most payday loan stores will give you a couple pages of fine print on your rights and have you sign something at the bottom stating you give up your right to a jury trial and you do so knowingly. In spite of the volumes of information payday loan stores give, people see themselves going to payday loan stores and signing on the dotted lines in any case. It makes one wonder whether knowing is sufficient. How can one know and yet take decision of something that has been compared to usury? Is it unawareness, lack of interest, or something else altogether that keeps the industry in patrons at such a rate that the business seems to be successful while other businesses are struggling?

To convey the issue raises doubts is an understatement. It's difficult to have sympathy for an industry which seems to have flourished while the country is experiencing one of the toughest economic disaster in current memory. The payday loan industry has definitely profited, having become in fact, "$28 billion industry nationally, according to the Center for Responsible Lending" (Associated Press, 2007). As the industry develops, it leaves us wondering how people would readily reimburse 480 percent. Ray Fisman, in The Dismal Science, asks the query "Do human take out payday advance loans as they're worried, or because they don't know the terms?" What Fisman almost asks but doesn't is are individuals stupid or don't they understand that one $500 loan from these establishments probably costs them $2692 a year? These seem to be the same human who then blog queries like, "Is my payday loan place going to have me in prison? Are these businesses preying then on the stupid?

Yet, nobody is forcing them to go. Or are they? It has been suggested that our present financial crisis has made it nearly impractical for the average individual to acquire a loan in any other way. In response to the push for more stringent borrowing practicing, traditional banks are turning away traditional borrowers. Perhaps it is not a coincidental connection between the push by banks to be stricter and the responsiveness of the fringe industry to grow as a conclusion. Cash loan lenders aren't stupid. Like every aggressive child, they understand there is a limit to how far you may push until you get, proverbially, smacked in the head.

President Obama has made a point of declaring that America, to be financially strong, needs to be capable to have credit. If this is the case, we are looking at a new wave of Americans who have been forced out of the credit game, disenfranchiseed by a banking industry that was careless enough to loan to careless consumers forcing mainstream America to pick an even stupider path.

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