He says he'll never get rich, but he can pay his bills and makes loans to people that otherwise wouldn't get a loan.
He also said that the meltdown in 2007-2008 almost put him under because so many people lost their jobs and had no expectation of getting a new job. People that he dealt with for years just disappeared.
Agreed.
Anyone who can run a loan business with lower rates is absolutely free to do so. If they decide to do so, I am sure they will immediately drive the payday loan companies out of business.
Unless a person is willing to cash in on this obviously lucrative opportunity, he should not criticize those who are in the payday loan business.