the rate everybody is talking about is 20% a month. By the way, this is the same rate charged on some pawn loans in Texas. The difference is that you've got to do without your TV, golf clubs, etc. with a pawn loan.
BTW, monski and microcapvalue are the same person if you haven't figured it out yet (I can prove it later if you want). Go back and read his message #600. He had absolutely no idea what a payday loan is, and probably still doesn't, yet he jabbered and yacked and whined about how bad they were. Don't let him rattle you, he's one of the least informed posters on this board, trust me.
In his next post he doubted the payday loans would do well because most pawn customers don't have checking accounts. Wrong again, as evidenced by the huge growth to $2.2 million in payday loans in the pawnshops less than 3 months after they started them.