Risk is one aspect. But "transaction costs" are a bigger contributor. APR is a problematic way of looking at this. These are at the extreme end of short term &

Risk is one aspect. But "transaction costs" are a bigger contributor. APR is a problematic way of looking at this. These are at the extreme end of short term & small amounts. IE, a $350 loan payable in 4 weeks. For the APR to appear reasonable on a loan like that, the fee + interest on that loan would need to be <$5. Just conducting the transaction costs more than that. Like I said, I don't think there is no room for improvement, but this article' math is populist nonsense. The market is inherently tricky.