Gov't exists to protect life, liberty and property.
That is a correct statement.
Then why would you support the taking of property and taking of liberty by government from the payday lenders?
Government is not forcing the borrowers to initiate such loans with lenders, which of course would be government taking property and liberty from the borrowers if such laws existed.
I almost certain you would have a problem with government mandating whom you can borrow from and how much the cost of that borrowing will be.