Although many lawmakers have moved to slap interest rate caps on companies offering fast loans, experts are wondering if this will really solve the issue or just remove a necessary source of funding for consumers that truly need a fast loan. Although fast loans are derided by many, they remain a necessity for those who cannot get a fast loan from a regular bank.Marc Kilmer of the Buckeye Institute for Public Policy Solutions stated, “It is presumptuous to second-guess the financial decisions of people who take payday loans. Most are not the ignorant borrowers portrayed by the opponents of payday lending. Instead, they are making an informed choice that is rational to them. Only the borrower knows his or her true financial needs and preferences.”"Ohio taxpayers should be wary when politicians begin picking winners and losers in any marketplace. Their new target in Ohio and in other states is the payday lender industry, even though private sector payday loans are a legitimate business with tens of thousands of employees across the country that help provide a proportionate remedy to meet the short-term financial needs of millions of working customers,” said David Hansen, the president of the Buckeye Institute.
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