But the loans are designed and in 80% of cases rolled over into a sequence of short term loans, meaning that looking at the APR is not as unreasonable as it mig

But the loans are designed and in 80% of cases rolled over into a sequence of short term loans, meaning that looking at the APR is not as unreasonable as it might sound for a 2 week loan. Source: CFPB study: https://files.consumerfinance.gov/f/201403_cfpb_report_payday-lending.pdf https://files.consumerfinance.gov/f/201403_cfpb_report_payda... Personal experience: I've taken out payday loans they definitely tried to steer me into rolling them over