In the wake of the 2008 financial crisis, lenders and con- sumers alike have had concerns regarding the state of the credit market. Traditional banks have tightened restrictions on lending, making it more difficult to obtain credit, especially when the need arises very suddenly and unexpectedly.

For consumers who do not meet banks’ lending criteria, options are limited, especially when the necessary funds are too “small” for the bank, and when borrowers do not have proper credit ratings and cannot obtain credit cards. One option for these individuals is payday lending.

Contrary to popular opinion, the individuals seeking such lending are not undereducated or unemployed; rather, they are normal people who need a short-term loan to cover unexpected expenses.