Payday or check cashing loans target the lower income working class people with easy loans with extremely high interest rates. Most of these loans are interest only loans, so people that are forced to use this type of lenders get stuck as they can never afford to pay off. By lowering the interest rate and paying a percentage to the principle with each payment people could start to climb out of debt. Also if these lenders would report to credit bureaus people could start to build up their credit and would be able to obtain better loans in the future at lower interest rates
to summarize.
Lower interest rates.
Report to credit bureaus
pay toward principle.