This whole argument has been rehashed over and over. The argument for allowing payday loans are generally. - If the default rate is very high, then the option

This whole argument has been rehashed over and over. The argument for allowing payday loans are generally. - If the default rate is very high, then the option is high APR payday type loans, or no loans. You just can't provide prime interest rate loans that have 50% default rates. - Saying the APR is 300% is just like saying the cost of living is $30,000 per year because that is the annual cost of a hotel room. Hotels are not meant to be used a year at a time.