THe legislation is pretty well useless, as they find ways around the rules.
Charge to put the "loan" on a credit card and charge a fee for the credit card.
Charge a "fee" to use the credit card to access the funds.
Shorten the time period of the loan, sometimes having it come due the day before payday so they can charge "late fees".
Manipulate the paper work to reflect a 21% rate, when it is much higher. Borrow 100 and the loan is recorded as 130 for more interest.
Cash Store and Money Mart were found guilty of charging too much. The settlement required they knock 5 dollars off loans until the money was returned to customers. No loans...........no rebates.
The most nefarious part of payday loans is the disappearance of standard loan companies. The companies who used to make small affordable personal loans over a period of months or years, have all changed to payday loan structures.
Payday loan companies are one of the few places advertising "help wanted" in this area..........so times are booming for them.