Good comments by jeffc. And the main argument used by people who are using payday lenders as targets of their "consumer activism" - that payday loans carry outrageous triple-digit interest rates - is in fact invalid. You cannot fairly evaluate a payday loan in terms of an annual percentage rate because of the fixed costs involved in making a loan. If payday lenders were limited to a 36% APR, for example - as they are in many states which have effectively outlawed the practice thereby - then a lender could charge no more than $1.38 for two-week, $100 loan, which obviously …
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