One more thing on payday loans
The biggest issue that I have with payday loans isn't the usurious interest rates--and their rates make usury look like a family loan--it's the legal jeopardy you can put yourself in by taking one out. In Louisiana, the collatoral you put down for these loans is a personal check (or at least it was six years ago). If you default on the loan, i.e. they cash the check and it bounces, and it's for more than a hundred dollars, you can be found guilty of a felony. This isn't just a matter of financial problems anymore--this is the equivalent of the return of debtor's prison.