Regulate - Yes
Regulate - No
It is an alternative to a bank, if it's the only place you can borrow money until payday. If I was ever in that position (doG forbid) I'd borrow from a friend or a relative, or sell some silver or jewelry, before I went to one of those lenders, but not everyone can do that.
Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields