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Payday Cash Advances: Quick cash overnight?

As the cash advance industry has grown rapidly over the past few years, the usual critics of free-market commerce have found yet another subject to attack. These critics, in many cases continue to claim that payday lending exploits the poor and lower-income customers, leads them into chronic borrowing, preys on their lack of financial sophistication, and generally takes advantage of them.
Payday Cash advances, sometimes known as a "deferred deposit," is a short-term two week loan backed by a post-dated personal check that the borrower agrees to cover with sufficient funds out of their next paycheck. In effect, the borrower issues a post-dated check to the payday lender in exchange for immediate funds, usually averaging the amount of two hundred to three hundred dollars.
These critics propose that the solution is further government regulation of the financial institutions that provide short-term advances, capping off the fees that these companies can charge. But it's not the answer to push for further government intervention because looking back, the rapid growth of the cash advance companies today, were caused by previous government regulations in the consumer finance industry.
The practices are simple and would seem to be a legitimate solution of extending credit to poor and low-income households, who may not be able to obtain loans due to poor credit histories. A recent study shows that cash advance borrowers are more likely to have poorer credit histories than others, and have bounced one or more checks in the past few years. Borrowers are also likely to have had worked with credit counselors in the past.
In conclusion, customers who utilize payday cash services most frequently are also a lot more likely to have been called by a collection agency for bills that were overdue. Payday Cash advance services extend small amounts credit to higher-risk borrowers, and provide loans to households when other financial institutions will not. Within the last few years, this democratization of credit has made small short-term loans available to mass sectors of the population that would not have had access to credit of any kind in the past.