I had contemplated doing a slightly more ethical version of short, small-dollar loans (10 weeks and max $500). I initially wanted to do it for a small 5% fee, a

I had contemplated doing a slightly more ethical version of short, small-dollar loans (10 weeks and max $500). I initially wanted to do it for a small 5% fee, and it paid out over 10 payments, with no additional fees or anything like that. But I couldn't make the numbers work with any amount of default rate. Also the statistics on default for the payday loan industry are muddy at best (its claimed to be around 6%). But, victims tend to pull out one loan to pay back another instead of "defaulting", or paying the fee/interest portion of the loan every week to keep out of default.