Driving to the train this morning I heard an ad on the radio for a loan company that emphasized their LOW rate of 11.39% APR!!!
If that is really considered low for these kinds of loans (payday, etc.), I feel really really sorry for people who need them.
As a side note, for the longest time I didn't understand the whole concept of payday loans and check cashing. They didn't exist in the country where I was born and spent a large part of my childhood in, so when I saw them everywhere in North America I was very puzzled as to their purpose. I even remember asking my husband why people would pay to have their check cashed instead of just putting it into their bank account. He explained that it can take a few days for the check to clear in the bank and some people need the money right away.