Take a look at a real, live predator.

A study from George Washington University shows that most payday cash advance loans borrowers “use the credit intelligently.”

In fact, only a tiny fraction of payday loan users said they had trouble getting out of debt because of payday cash advance loans.

A stark contrast

Opponents of payday loans like to throw around the word “predatory” when talking about payday loans. However, people who actually use payday loans don’t seem to feel preyed upon.

“Only about 3 percent of payday loan customers mentioned difficulty of getting out of debt as a reason for being dissatisfied or only partially satisfied with their most recent new payday loan,” the survey says.

Many legislators out there, probably a lot more than 3 percent, are clamoring for “protecting the consumer” and regulating payday loans. Seems to me they are trying to fix something that isn’t broken.

Speaking out in Kansas

One disgruntled consumer wrote a letter to the editor of a Kansas newspaper, saying that payday loans help households, not hurt them.

“Let’s give Kansans a variety of credit options and allow them to choose which are best for them and their families,” wrote Tom Linafelt of Overland Park wrote.

Run out of New Hampshire

New Hampshire previously passed legislation that caps interest rates on payday loans. Companies warned that the regulations would put them out of business, and now it has.

Advance America, a payday loan company with stores across the country, is shutting down all 24 of its New Hampshire locations. Too bad people in New Hampshire now have one fewer place to turn during difficult financial times.

Questioning reality

It seems legislators who want to regulate payday loans have a skewed version of reality. I would be more than willing to bet that none of them has ever taken out a payday loan. Instead of thinking about the situation from a practical standpoint, they are simply looking at numbers and drawing conclusions.

Unfortunately, their lobbying and publicity stunts mean that access to payday cash advance loans is more scarce in a time when many people need them most.