Creative work great comment with supportive facts....As adults we deserve choices and do not need others making financial choices for us.
Adults should be given information and be allowed to make a decision about what financial products work best for their families and their individual situations.
Taking away choices does not help consumers.

Payday advance compares favorably to many consumer alternatives, even when expressed as annual percentage rates for two-week terms: $100 payday advance with $15 fee is 391% APR.; $100 bounced check with $55.59 NSF/merchant fee is 1449% APR; $100 credit card balance with $37 late fee is 965% APR; a $100 utility bill with $46.16 late/reconnect fees is 1203% APR; a $100 off-shore Internet payday advance with $25 fee is 651.79% APR; $29 overdraft protection fee on $100 is 755%.
Pushing away payday lenders will only force consumers to use the other, more costly short-term credit products available, such as overdraft protection, late fees on credit cards and other bill payments and off-shore Internet lending.

Customers deserve choices and do not want others making financial choices for them. Adults should be given information and be allowed to make a decision about what financial products work best for their families and their individual situations. Taking away choices does not help consumers. Research shows consumers are harmed when payday lending is no longer an option.

@rherzog: Good point! LOL!

A report by the FDIC found that bank and credit union overdraft fees have APRs ranging from 1067% to 3520%.

The rates of this payday loan weren’t so “unconscionable” when Ms. Mount took the money. This isn’t so much a case of interest rates. The Supreme Court is being asked to deliberate a case of buyer’s remorse.

People have to have responsibility for their actions. Did this woman not read the interest rate or fees when happily taking their money. These places should have more regulations....if you need short term help, credit unions do offer these type of loans without the high interest rates and fees. They will help the low income families.

Once they rule the interest rates are to high, these places with lower interest to acceptable levels and charge a loan origination fee that will be equal to the amount they are getting now. Banks will not help the people that use these,and it is the low income that use these most, that turns into a cycle, putting the customer farther behind.

Perhaps area attorneys general should shift their emphasis on Asian carp eradication to the eradication of loan sharks. Of course, Asian carp don't make political campaign contributions and can't mess up the customary political process. It is a much safer topic on which to concentrate.

There is not enough information in the article to determine who is right or wrong here. If they are indeed charging interest at "446 percent to 1,338 percent" then Payday Loan Stores surely is committing usury. However, if those numbers were calculated based on fees paid, and the consumer agreed to those fees, then they may be correct in their actions.
It's important to remember that these places are offering a service, and no one is forced to go there. Seems to me that, once again, the schools and the parents are falling down on their responsibility to teach children basic financial literacy. This should start in first grade and continue on with more advanced financial education throughout high school and college.

Loan sharks.

Might be a good time to do that since we are missing their biggest supporter in Madison right now.

These places should all be shut down.