The payday loan industry reported spending almost $120,000 in the first eight months of 2010 lobbying Kentucky's legislature.
Advocates for the payday loan industry's prey, er, customers, don't have that kind of money to get out their message.
But they do have some compelling facts, if only lawmakers can turn down the volume of special-interest money long enough to listen.
The Consumers' Advisory Council, a body created by the legislature to advise it, is urging lawmakers who convene today to impose a 36 percent interest rate cap on payday lenders.
The council, which held three public hearings last fall, listened to payday lenders, as well. One of the industry's most persuasive arguments is that the exorbitant fees charged by banks on overdrafts and for services are unregulated and that payday loans are a better deal than paying the bank fees.
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