I personally think payday lending should be banned nationwide. The thing is, there are people that depend on that sort of resource or small loans so what is a better way to do this that doesn't lead to bad outcomes?
There was all the hoopla over Muhummad Yunas and microloans back in the day and P2P lending now. I assume there will be some sort of blockchain P2P lending soon as well.
Also, I used to watch Dirty Jobs every now and then and sometimes the environment or role would look pretty gross but I can't imagine having to be one of these people as a job. Swimming in real filth is probably better for the soul than swimming in this immoral filth.
The problem is that this just moves the lending into the black market, and victims get even less protection.
The thing is, there are people that depend on that sort of resource or small loans so what is a better way to do this that doesn't lead to bad outcomes?
In the following country analysis, I was surprised to see Canada set a limit of 60%/yr, which seems incredibly high. Japan seems to have a decent policy.
I think the tech may be there but being able to make it publicly accessible and understandable will be the major hurdle.