If you are in need of a loan, but want to look at some alternative means, click here for some ideas from the Center for Responsible Lending.
Here is the full response from the Online Lenders Alliance, which represents companies who offer Internet payday loans:
Most online lenders believe that state laws do not govern commerce on the Internet but abide by 18 federal lending and consumer protection laws. Federal law needs to be updated to keep pace with innovations in lending technology. The legislation proposed by Senator Merkley, however, would effectively eliminate online access to short-term credit for millions of Americans. We support the bipartisan Consumer Credit Access, Innovation and Modernization Act (HR 1566) which would expand access to safe, online loans to all Americans and create a federal framework for online lenders to be regulated and chartered.