My WSJ Posted Comment To Google's Ad Ban For Payday Lenders

My posted comment to The Wall Street Journal article, "Google Bans Ads for Payday Lenders: Alphabet’s subsidiary says such loans ‘can result in unaffordable payment and high default rates’" by Yuka Hayashi:

Google’s ad ban for payday lending is a sad day for the working poor. A private business trying to meet the needs of the cash-strapped lower income worker living paycheck to paycheck must be bad if it is not part of the lobbying, ex-regulator hiring system called Banking.

Payday lenders for a few dollars meet the needs of the unbanked who have jobs but have bad or no credit histories and probably no bank accounts. Unfortunately, mathematically converting the cost of a business fee into an annual interest expense makes the fee seem astronomical.

I guess Google thinks a $35 overdrawn bank fee every week or two plus interest on an overdraft loan at a bank is preferable because the US says so. Why aren’t bank overdraft fees treated like Payday loans and banned?

If banks were a competitive alternative to payday lenders, payday lenders would not exist. Without payday lenders to meet short-term cash needs, what else is legally available to the workers who are living paycheck to paycheck?