It would be a very very dark day before I used a payday company! Absolute rip off merchants!
Better regulation is required.
Its a double edged sword though, if they were banned then people would use illegal loan sharks!
Always live within your means 
80,000 new customers every month mate, not everyone is out there to rip people off but as you say, eliminate that and you have loan sharks but there are people out there who are very desperate...
With regards to logbook loans there was a massive company that just went under that was doing them, they had over 1.2 million customers and over 700,000 got out of owing them money because of a little clause in terms and conditions
