Here is an older, but still relevant article titled In Defense of Payday Lending by Tom Lehman, Professor of Economics at Indiana Wesleyan University.  In this article published in The Free Market originally Mr. Lehman makes a compelling case that payday loans are “creative extensions of credit” to households who may otherwise not have access to credit, and that the typical allegations against the payday lending industry are “largely without merit”.

This article includes many interesting aspects, however there are two I want to touch on specifically. First, it is rare that a mainstream bank or credit union, like Kinecta, would venture into an alternative financial service, such as that offered by Nix. Secondly, the trends of bank and credit card fees mentioned in the article are staggering. All in all, this article is a very good read. Enjoy.

Although this isn’t a payday loan topic, it is still worth sharing. A Vancouver Sun columnist was taken to court by Money Mart using a little-known Bills and Exchange Act violation. It seems that even if you put a stop-payment on a cheque which is later cashed at cheque casher, you, the cheque writer, are still liable for the amount on the cheque:
Before writing another cheque, you may want to become familiar with this obscure law