Measures short of an interest rate cap fail to fix payday lending problem: 

The debt trap of payday lending persists even in states that have put restrictions on payday loans while exempting them from interest rate caps.

In "Springing the Debt Trap," CRL finds that high numbers of borrowers are still caught in payday loans for long periods of time, even in states that have passed certain measures intended to stop this cycle. No measure short of an interest rate cap has effectively addressed the repeat borrowing that advocates, policymakers, and the industry itself agree is the central problem with payday lending.