Before, I thought about payday loans were bad. I do not have any idea on how APR works or even what it is or in anyway remotely educated about payday loan. As a background, APR is the annual percentage rate for a loan, which is calculated for a 52-week loan. Using an annual measurement for payday loans does not make any sense since payday loans are two-week loans. Payday loans is not bad, instead it is useful to those who really need them. A very simple computation is like this. You pay 15 percent, no hidden costs of late fees, 15 percent period. Thus having $15 on every $100 borrowed. For me this is not bad.
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