Actually I think that it’s a very good solution. Many consumers like that they can get such loans easily and take it lightly but when it comes time to pay off the debt these people understand that interest rate is very high and they have to pay a fee so some of them get another pay day loan to fix the problem. Consumers should stay very responsible when they get approved for short term personal loan because if used in a wrong way, such loans can lead to very serious financial problems. As for CFPB, they do a great job trying to make lenders responsible too.