"Have you ever considered why there are three inches of Plexiglas between you and a typical payday lender? I'm speculating that once the borrower figures out the annualized interest rate they are being charged, payday lenders fear they may need the kind of protection that only 3 inches of Plexiglas can provide. Their typical rate is $15 per $100 loaned. That's 15% every two weeks, which turns out to be 390% on an annualized basis. Painful as that sounds, it's a bargain compared to rates charged by banks, credit cards and other organizations that extend you credit. Get this: * If your credit card charges you a $37 late fee on a $100 balance that you pay off the following month, that translates into annual interest of 444% * If your bank charges you $25 to cover a $100 check for five days, that translates into annual interest of 1,300%."

- Brian Mullally, CEO and co-founder of GlobeFunder, Dec 2007