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Millions of people make use of payday loans every year, and their number is increasing. Yet the payday loan industry is also the favorite whipping boy of several organizations. The allegations against the industry are well known: that they charge a high interest rate, and push low-income people further into debt. There have been arguments for and against this position. Yet the fact is the industry has continued to grow, and more people access their services every year. What is more, some banks have also extended credit lines to payday loan lenders in order to get a finger into the growing pie. The irony is that the banks refuse to lend to people the payday loan industry serve, yet want a portion of the profits. This is a convenient way of making profits without being held accountable for not providing services to the needy. Most people who access payday loans do so because the banks refuse to lend to them because of their bad credit scores. Or because they do not have a credit history -- which is due to no fault of their own -- as in the case of individuals just out of college. Add to that, the payday loan lenders have made it quite easy to get payday cash advances.

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