These legislators believe that Texas grownups are too stupid to understand what they're doing, so the government should prohibit them from making deals they might regret later. That's exactly what government should NOT be doing.
Taking out a payday loan is probably a bad idea for most people. If your credit is that bad, you probably should do more saving and less borrowing. But human beings have rights, and one of those rights is to make a deal, wise or unwise.
Legislators should work to secure our rights, not prevent us from exercising them. Let's elect Libertarian legislators who will do just that.