borrowers through their next payday facing a financial emergency. it can seem like a quick fix. they market it as a quick fix. what we have learned is that it is anything but that. the average annualized interest rate for a payday loan is 400 percent and very severe risk. how can that be? states have usury laws. i remember at one time it was 25 percent was the max you could charge? that is true. historically that has been true. when the declaration of independence was signed all of the signers of the declaration went back to states that had usury that had interest rate limits. but over the years, particularly since the 70s, many states, not all, many states legalized petty lenders went into the states and got legalization of 400 percent. sounds like loan sharking. well, i would say the collection tactics can be