> If you have no access to better credit, payday loans are often the least-worst option.
Just isn't a very relevant argument. The reason you regulate things are because they provide, often strong, value to one or multiple parties but overall negative effects. Either eventually to the parties themselves or society at large. It is essentially a way to control externalities. So you would have to argue that these benefits are greater than the negatives.
> The only credible solution is to improve access to credit for the poor [...]
If payday loans are legitimate there is unlikely to be a need for such a solution.
Just isn't a very relevant argument. The reason you regulate things are because they provide, often strong, value to one or multiple parties but overall negative effects. Either eventually to the parties themselves or society at large. It is essentially a way to control externalities. So you would have to argue that these benefits are greater than the negatives.
> The only credible solution is to improve access to credit for the poor [...]
If payday loans are legitimate there is unlikely to be a need for such a solution.